# EDGAR Filing Document

**Accession Number:** 0001572661
**File Stem:** 0001572661-23-000007
**Filing Date:** 2023-2
**Character Count:** 611685
**Document Hash:** aaeb960b8ce0627c60e078beea6910ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001572661-23-000007.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001572661-23-000007

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Principal Exchange-Traded Funds
- **CENTRAL INDEX KEY:** 0001572661
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23029
- **FILM NUMBER:** 23658912

**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 Active High Yield ETF (formerly Principal Active Income ETF) (Series ID: S000049047)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000154646 | Principal Active High Yield ETF (formerly Principal Active Income ETF) | YLD             |

### Principal Quality ETF (Series ID: S000052929)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000166474 | Principal Quality ETF | PSET            |

### Principal Value ETF (Series ID: S000052930)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000166475 | Principal Value ETF | PY              |

### Principal Healthcare Innovators ETF (Series ID: S000054611)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000171494 | Principal Healthcare Innovators ETF | BTEC            |

### Principal Millennial Global Growth ETF (Series ID: S000054612)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000171495 | Principal Millennial Global Growth ETF | GENY            |

### Principal Spectrum Preferred Securities Active ETF (Series ID: S000054767)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000172043 | Principal Spectrum Preferred Securities Active ETF | PREF            |

### Principal U.S. Small-Cap Multi-Factor ETF (Series ID: S000055159)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000173454 | Principal U.S. Small-Cap Multi-Factor ETF | PSC             |

### Principal U.S. Mega-Cap ETF (Series ID: S000059183)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000193921 | Principal U.S. Mega-Cap ETF | USMC            |

### Principal Investment Grade Corporate Active ETF (Series ID: S000061644)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000199630 | Principal Investment Grade Corporate Active ETF | IG              |

### Principal Ultra-Short Active Income ETF (Series ID: S000065179)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000211001 | Principal Ultra-Short Active Income ETF | USI             |

### Principal Spectrum Tax-Advantaged Dividend Active ETF (Series ID: S000068805)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000219817 | Principal Spectrum Tax-Advantaged Dividend Active ETF | PQDI            |

### Principal International Adaptive Multi-Factor ETF (Series ID: S000071620)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000226996 | Principal International Adaptive Multi-Factor ETF | PXUS            |

### Principal U.S. Large-Cap Adaptive Multi-Factor ETF (Series ID: S000071621)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000226997 | Principal U.S. Large-Cap Adaptive Multi-Factor ETF | PLRG            |

### Principal U.S. Small-Cap Adaptive Multi-Factor ETF (Series ID: S000071622)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000226998 | Principal U.S. Small-Cap Adaptive Multi-Factor ETF | PLTL            |

### Principal Real Estate Active Opportunities ETF (Series ID: S000076068)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000235507 | Principal Real Estate Active Opportunities ETF | BYRE            |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 **FORM N-CSR**

 **CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

 **MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number

811-23029

Principal Exchange-Traded Funds

(Exact name of registrant as specified in charter)

<u> 801 Grand Avenue, Des Moines, IA 50309</u>   <br> (Address of principal executive offices) (Zip code)

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

---

| | | |
|:---|:---|:---|
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | 515-235-1719 |
| Date of fiscal year end: | June 30, 2023 |  |
| Date of reporting period: | December 31, 2022 |  |

---

------

 **ITEM 1 – REPORT TO STOCKHOLDERS** <br>

![](principalexchange-tradedx1x1.jpg) <br>

------

![](principalexchange-tradedx2x1.jpg) <br>

------

![](principalexchange-tradedx3x1.jpg) <br>

------

**Table of Contents**

---

| | |
|:---|:---|
| Financial Statements | 1 |
| Notes to Financial Statements | 26 |
| Schedules of Investments | 43 |
| Financial Highlights (Includes performance information) | 146 |
| Shareholder Expense Example | 161 |
| Supplemental Information | 164 |

---

 **Not FDIC or NCUA insured** 

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

------

---

| | | | |
|:---|:---|:---|:---|
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | | |
|  | <br>**Principal**<br> **Active High**<br> **Yield ETF** | <br> **Principal**<br> **Healthcare**<br> **Innovators**<br> **ETF** | &nbsp;&nbsp;&nbsp; **Principal**<br> **International**<br>&nbsp;&nbsp;&nbsp; **Adaptive**<br> **Multi-Factor** |
| **Investment in securities — at cost** | $208570062 | $84541275 | 13591381 |
| **Investment in affiliated funds — at cost** | $4092183 | $1061503 | $— |
| **Foreign currency — at cost** | $2 | $— | $2436 |
| **Assets** |  |  |  |
| Investment in securities — at value | $185963198 <sup>(a)</sup> | $55624264 <sup>(a)</sup> | 12231753 |
| Investment in affiliated funds — at value | 4092183 | 1061503 |  |
| Foreign currency — at value | 2 |  | 2438 |
| Cash | 244 |  |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 56965 | 381 | 64106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 3150953 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 3293 | 4754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 1417892 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 194684730 | 56690902 | 12298297 |
| **Liabilities** |  |  |  |
| Accrued management and investment advisory fees | 83002 | 21050 | 2682 |
| Accrued distribution | 1407549 |  | 41268 |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 1210891 |  |  |
| Collateral obligation on securities loaned — at value | 4092183 | 1061503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 6793625 | 1082553 | 43950 |
| **Net Assets Applicable to Outstanding Shares** | $187891105 | $55608349 | 12254347 |
| **Net Assets Consist of:** |  |  |  |
| Capital shares and additional paid-in-capital | $226870581 | $105174353 | 22756898 |
| Total distributable earnings (accumulated loss) | (38979476) | (49566004) | (10502551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $187891105 | $55608349 | 12254347 |
| **Net Asset Value Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $187891105 | $55608349 | 12254347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding | 10550000 | 1650001 | 600001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $17.81 | $33.70 | $20.42 |
| <sup>(a)</sup> Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements. | <sup>(a)</sup> Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements. |  |  |

---

* *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | | |
|  | **Principal**<br>&nbsp;&nbsp;**Investment**<br>&nbsp;&nbsp;&nbsp;&nbsp;**Grade**<br>&nbsp;&nbsp;&nbsp;**Corporate**<br>&nbsp;&nbsp;**Active ETF** | <br>**Principal**<br>**Millennial**<br>**Global Growth**<br>&nbsp;&nbsp;**ETF <sup>(a)</sup>** | <br>**Principal**<br>**Quality ETF** |
| **Investment in securities — at cost** | 25073223 | $35616626 | $27931514 |
| **Investment in affiliated funds — at cost** | $94750 | $181795 | $— |
| **Foreign currency — at cost** | $— | $9 | $— |
| **Assets** |  |  |  |
| Investment in securities — at value | 21373602 <sup>(b)</sup> | $25494738 <sup>(b)</sup> | $27410305 |
| Investment in affiliated funds — at value | 94750 | 181795 |  |
| Foreign currency — at value |  | 9 |  |
| Cash | 5539 |  |  |
| Deposits with counterparty | 35765 |  |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 2721 | 50362 | 13198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 219334 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 17 | 805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 77718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 21731728 | 25727709 | 27501221 |
| **Liabilities** |  |  |  |
| Accrued management and investment advisory fees | 3618 | 8849 | 3968 |
| Accrued distribution | 233861 |  | 113128 |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on financial derivative instruments | 2606 |  |  |
| Collateral obligation on securities loaned — at value | 94750 | 181795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 334835 | 190644 | 117096 |
| **Net Assets Applicable to Outstanding Shares** | 21396893 | $25537065 | $27384125 |
| **Net Assets Consist of:** |  |  |  |
| Capital shares and additional paid-in-capital | 97907792 | $44877597 | $38782580 |
| Total distributable earnings (accumulated loss) | (76510899) | (19340532) | (11398455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Assets | 21396893 | $25537065 | $27384125 |
| **Net Asset Value Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | 21396893 | $25537065 | $27384125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding | 1050001 | 650001 | 550001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $20.38 | $39.29 | $49.79 |

---

<sup>(a)</sup> Effective July 15, 2022, Principal Millennials ETF changed its name to Principal Millennial Global Growth ETF. <br> <sup>(b)</sup> Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements.

* *See accompanying notes.* 

------

---

| | | | |
|:---|:---|:---|:---|
| **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | | |
|  | <br> **Principal Real**<br> **Estate Active**<br> **Opportunities**<br> **ETF** | **Principal**<br> **Spectrum**<br> **Preferred**<br> **Securities**<br> **Active ETF** | **Principal**<br> **Spectrum Tax-**<br> **Advantaged**<br> **Dividend**<br> **Active ETF** |
| **Investment in securities — at cost** | $5525305 | $500964290 | $22563172 |
| **Investment in affiliated funds — at cost** | $— | $194448 | $— |
| **Assets** |  |  |  |
| Investment in securities — at value | $4942792 | $452680889 <sup>(a)</sup> | $20496415 |
| Investment in affiliated funds — at value |  | 194448 |  |
| Deposits with counterparty |  |  | 17440 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 28203 | 71315 | 20309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  | 5315996 | 192470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4970995 | 458263416 | 20726634 |
| **Liabilities** |  |  |  |
| Cash overdraft |  | 50 |  |
| Accrued management and investment advisory fees | 2967 | 208146 | 11283 |
| Accrued distribution | 48437 | 1784824 | 101373 |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  | 3457964 |  |
| Collateral obligation on securities loaned — at value |  | 194448 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 51404 | 5645432 | 112656 |
| **Net Assets Applicable to Outstanding Shares** | $4919591 | $452617984 | $20613978 |
| **Net Assets Consist of:** |  |  |  |
| Capital shares and additional paid-in-capital | $5497549 | $517314473 | $23199789 |
| Total distributable earnings (accumulated loss) | (577958) | (64696489) | (2585811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | $4919591 | $452617984 | $20613978 |
| **Net Asset Value Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4919591 | $452617984 | $20613978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding | 220001 | 26500005 | 1150001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $22.36 | $17.08 | $17.93 |
| <sup>(a)</sup> Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements. | <sup>(a)</sup> Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements. |  |  |

---

* *See accompanying notes.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | | |
|  |  | <br>**Principal**<br>**Ultra-Short**<br>**Active Income**<br>**ETF** | **Principal U.S.**<br>**Large-Cap**<br>**Adaptive**<br>**Multi-Factor**<br>**ETF** | <br>**Principal U.S.**<br>**Mega-Cap ETF** |
| **Investment in securities — at cost** |  | $7313413 | $6869377 | $1081471058 |
| **Assets** |  |  |  |  |
| Investment in securities — at value |  | $7218457 | $5720615 | $1065813114 |
| Cash |  |  | 7 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | 1351 | 5978 | 741232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 29595 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income |  | 241 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 15617 | 2255668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement from Advisor |  |  |  | 29511 |
|  | Total Assets | 7249644 | 5742217 | 1068839525 |
| **Liabilities** |  |  |  |  |
| Accrued management and investment advisory fees |  | 1176 | 795 | 147554 |
| Accrued distribution |  | 25815 | 24082 | 4104800 |
|  | Total Liabilities | 26991 | 24877 | 4252354 |
| **Net Assets Applicable to Outstanding Shares** |  | $7222653 | $5717340 | $1064587171 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital shares and additional paid-in-capital |  | $7597223 | $13268491 | $1121026882 |
| Total distributable earnings (accumulated loss) |  | (374570) | (7551151) | (56439711) |
|  | Total Net Assets | $7222653 | $5717340 | $1064587171 |
| **Net Asset Value Per Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets |  | $7222653 | $5717340 | $1064587171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding |  | 300001 | 250001 | 29450001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share |  | $24.08 | $22.87 | $36.15 |

---

* *See accompanying notes.* 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Statements of Assets and Liabilities** | **Statements of Assets and Liabilities** |  |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | | |
|  |  | **Principal U.S.**<br>**Small-Cap**<br>**Adaptive**<br>**Multi-Factor**<br>**ETF** | <br>**Principal U.S.**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap**<br>**Multi-Factor**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF** | <br>**Principal Value**<br>&nbsp;&nbsp;**ETF** |
| **Investment in securities — at cost** |  | $5519157 | $253966718 | $56149298 |
| **Investment in affiliated funds — at cost** |  | $— | $839358 | $— |
| **Assets** |  |  |  |  |
| Investment in securities — at value |  | $5570654 | $232524039 <sup>(a)</sup> | $57263659 |
| Investment in affiliated funds — at value |  |  | 839358 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | 6817 | 351746 | 107824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income |  |  | 1407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 27741 | 830668 | 341637 |
|  | Total Assets | 5605212 | 234547218 | 57713120 |
| **Liabilities** |  |  |  |  |
| Cash overdraft |  |  | 75 |  |
| Accrued management and investment advisory fees |  | 980 | 81604 | 8369 |
| Accrued distribution |  | 30593 | 1179528 | 409965 |
| Collateral obligation on securities loaned — at value |  |  | 839358 |  |
|  | Total Liabilities | 31573 | 2100565 | 418334 |
| **Net Assets Applicable to Outstanding Shares** |  | $5573639 | $232446653 | $57294786 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital shares and additional paid-in-capital |  | $6262759 | $454764453 | $81149005 |
| Total distributable earnings (accumulated loss) |  | (689120) | (222317800) | (23854219) |
|  | Total Net Assets | $5573639 | $232446653 | $57294786 |
| **Net Asset Value Per Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets |  | $5573639 | $232446653 | $57294786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued and outstanding |  | 250001 | 5950001 | 1400001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share |  | $22.29 | $39.07 | $40.92 |

---

<sup>(a)</sup> Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements. <br>

* *See accompanying notes.* 

------

---

| | | | |
|:---|:---|:---|:---|
| **Statements of Operations** | **Statements of Operations** |  |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| **Six Months Ended December 31, 2022 (unaudited)** | **Six Months Ended December 31, 2022 (unaudited)** | | |
|  | <br>**Principal**<br> **Active High**<br> **Yield ETF** | <br> **Principal**<br> **Healthcare**<br> **Innovators**<br> **ETF** | **Principal**<br> **International**<br> **Adaptive**<br> **Multi-Factor**<br> **ETF** |
| **Net Investment Income (Loss)** |  |  |  |
| Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend | $160314 | $28511 | $163395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding tax |  |  | (14102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 7506654 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending — net | 13786 | 38384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income | 7680754 | 66895 | 149293 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management and investment advisory fees | 485635 | 126248 | 14846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 485635 | 126248 | 14846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | 7195119 | (59353) | 134447 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (2413683) | (13029358) | (1694944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | (1207322) | 297798 | (319766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | (688) |
| Change in unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 10113424 | 15209927 | 2341284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 6492419 | 2478367 | 327737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | $13687538 | $2419014 | $462184 |

---

* *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| **Statements of Operations** | **Statements of Operations** |  |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| **Six Months Ended December 31, 2022 (unaudited)** | **Six Months Ended December 31, 2022 (unaudited)** | | |
|  | **Principal**<br> **Investment**<br> **Grade**<br> **Corporate**<br> **Active ETF** | <br> **Principal**<br> **Millennial**<br> **Global Growth**<br> **ETF <sup>(a)</sup>** | <br>**Principal**<br> **Quality ETF** |
| **Net Investment Income (Loss)** |  |  |  |
| Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend | $85001 | $215366 | $251601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding tax |  | (5424) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 2287846 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending — net | 1570 | 8511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income | 2374417 | 218453 | 251601 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management and investment advisory fees | 132164 | 50977 | 27229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 132164 | 50977 | 27229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | 2242253 | 167476 | 224372 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (6626204) | (206452) | (22492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | (56221905) |  | 1588878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (208) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (202687) |  |  |
| Change in unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 64271632 | 709277 | 775262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (38456) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 1182380 | 502788 | 2341648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | $3424633 | $670264 | $2566020 |
| <sup>(a)</sup> Effective July 15, 2022, Principal Millennials ETF changed its name to Principal Millennial Global Growth ETF. | <sup>(a)</sup> Effective July 15, 2022, Principal Millennials ETF changed its name to Principal Millennial Global Growth ETF. | <sup>(a)</sup> Effective July 15, 2022, Principal Millennials ETF changed its name to Principal Millennial Global Growth ETF. |  |

---

* *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| **Statements of Operations** | **Statements of Operations** |  |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| **Six Months Ended December 31, 2022 (unaudited)** | **Six Months Ended December 31, 2022 (unaudited)** | | |
|  | <br> **Principal Real**<br> **Estate Active**<br> **Opportunities**<br> **ETF** | **Principal**<br> **Spectrum**<br> **Preferred**<br> **Securities**<br> **Active ETF** | **Principal**<br> **Spectrum Tax-**<br> **Advantaged**<br> **Dividend**<br> **Active ETF** |
| **Net Investment Income (Loss)** |  |  |  |
| Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend | $82119 | $199655 | $79194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  | 8080266 | 484945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending — net |  | 1396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income | 82119 | 8281317 | 564139 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management and investment advisory fees | 17364 | 1047424 | 64191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 17364 | 1047424 | 64191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | 64755 | 7233893 | 499948 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (12544) | (522966) | (101999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | (4305378) |  |
| Change in unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (430779) | 4844451 | (193180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (443323) | 16107 | (295179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | $(378568) | $7250000 | $204769 |

---

* *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statements of Operations** |  |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| **Six Months Ended December 31, 2022 (unaudited)** | **Six Months Ended December 31, 2022 (unaudited)** | | |
|  | <br>**Principal**<br>**Ultra-Short**<br>**Active Income**<br>**ETF** | **Principal U.S.**<br>**Large-Cap**<br>**Adaptive**<br>**Multi-Factor**<br>**ETF** | <br>**Principal U.S.**<br>**Mega-Cap ETF** |
| **Net Investment Income (Loss)** |  |  |  |
| Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend | $7483 | $60640 | $9518424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding tax |  | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 108518 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending — net | 1058 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | 117059 | 60631 | 9518424 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and investment advisory fees | 7329 | 5071 | 907255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Gross Expenses | 7329 | 5071 | 907255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reimbursement from Advisor |  |  | (181451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Expenses | 7329 | 5071 | 725804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | 109730 | 55560 | 8792620 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions | 29 | (567711) | (35478442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions |  | (1310311) | 63022903 |
| Change in unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6013 | 1910905 | (17769837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 6042 | 32883 | 9774624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | $115772 | $88443 | $18567244 |

---

* *See accompanying notes.* 

------

---

| | | | |
|:---|:---|:---|:---|
| **Statements of Operations** | **Statements of Operations** |  |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| **Six Months Ended December 31, 2022 (unaudited)** | **Six Months Ended December 31, 2022 (unaudited)** | | |
|  | **Principal U.S.**<br>**Small-Cap**<br>**Adaptive**<br>**Multi-Factor**<br>**ETF** | <br>**Principal U.S.**<br>**Small-Cap**<br>**Multi-Factor**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF** | <br>**Principal Value**<br>**ETF** |
| **Net Investment Income (Loss)** |  |  |  |
| Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend | $60440 | $4382460 | $1326215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding tax | (73) | (4126) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending — net |  | 22090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | 60367 | 4400424 | 1326215 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and investment advisory fees | 5482 | 756247 | 80333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 5482 | 756247 | 80333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | 54885 | 3644177 | 1245882 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions | (345295) | (19924763) | 165964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions |  | (33162491) | 3284310 |
| Change in unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 481497 | 85470497 | 6312213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 136202 | 32383243 | 9762487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | $191087 | $36027420 | $11008369 |

---

* *See accompanying notes.* 

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |
| **(unaudited)** | | |
|  | **Principal Active High Yield ETF** | **Principal Active High Yield ETF** |
|  | **Period ended**<br> **December 31, 2022** | **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $7195119 | $10370892 |
| Net realized gain (loss) | (3621005) | 22688033 |
| Change in unrealized appreciation (depreciation) | 10113424 | (58007435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 13687538 | (24948510) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (9230411) | (11667484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (9230411) | (11667484) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | (35340963) | 22948323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (30883836) | (13667671) |
| **Net Assets** |  |  |
| Beginning of period | 218774941 | 232442612 |
| End of period | $187891105 | $218774941 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $145405761 | $102653195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (180746724) | (79704872) |
| Net Increase (Decrease) | $(35340963) | $22948323 |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 8000000 | 3700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (9800000) | (2500000) |
| Net Increase (Decrease) | (1800000) | 1200000 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal Healthcare Innovators ETF** | **Principal Healthcare Innovators ETF** |
|  | **Period ended**<br> **December 31, 2022** | &nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $(59353) | $(293184) |
| Net realized gain (loss) | (12731560) | 4792287 |
| Change in unrealized appreciation (depreciation) | 15209927 | (65363644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 2419014 | (60864541) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments |  | (861124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends |  | (861124) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | (85820) | (61196542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | 2333194 | (122922207) |
| **Net Assets** |  |  |
| Beginning of period | 53275155 | 176197362 |
| End of period | $55608349 | $53275155 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $1657546 | $2777910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1743366) | (63974452) |
| Net Increase (Decrease) | $(85820) | $(61196542) |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (50000) | (1300000) |
| Net Increase (Decrease) |  | (1250000) |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal International Adaptive Multi-** | **Principal International Adaptive Multi-** |
|  | **Factor ETF** | |
|  | **Period ended**<br> **December 31, 2022** | &nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $134447 | $2037402 |
| Net realized gain (loss) | (2015398) | (9062479) |
| Change in unrealized appreciation (depreciation) | 2343135 | (2677086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 462184 | (9702163) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (387969) | (1862278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (387969) | (1862278) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | (2021334) | (21352130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (1947119) | (32916571) |
| **Net Assets** |  |  |
| Beginning of period | 14201466 | 47118037 |
| End of period | $12254347 | $14201466 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $— | $133715469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (2021334) | (155067599) |
| Net Increase (Decrease) | $(2021334) | $(21352130) |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  | 5400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (100000) | (6600000) |
| Net Increase (Decrease) | (100000) | (1200000) |

---

* *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal Investment Grade Corporate** | **Principal Investment Grade Corporate** |
|  | **Active ETF** | |
|  | **Period ended**<br> **December 31, 2022** | &nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $2242253 | $11547215 |
| Net realized gain (loss) | (63050796) | (5080997) |
| Change in unrealized appreciation (depreciation) | 64233176 | (76159657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 3424633 | (69693439) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (3902873) | (15584122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (3902873) | (15584122) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | (347151172) | (26967396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (347629412) | (112244957) |
| **Net Assets** |  |  |
| Beginning of period | 369026305 | 481271262 |
| End of period | $21396893 | $369026305 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $15350096 | $37903794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (362501268) | (64871190) |
| Net Increase (Decrease) | (347151172) | $(26967396) |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 700000 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (16550000) | (2600000) |
| Net Increase (Decrease) | (15850000) | (1100000) |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal Millennial Global** | **Principal Millennial Global** |
|  | **Growth ETF (a)** | **Growth ETF (a)** |
|  | **Period ended**<br> **December 31, 2022** | &nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $167476 | $2886044 |
| Net realized gain (loss) | (206660) | (14685302) |
| Change in unrealized appreciation (depreciation) | 709448 | (22104977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 670264 | (33904235) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (469801) | (2817266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (469801) | (2817266) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | 1729551 | (66070744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | 1930014 | (102792245) |
| **Net Assets** |  |  |
| Beginning of period | 23607051 | 126399296 |
| End of period | $25537065 | $23607051 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $1729551 | $45979391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (112050135) |
| Net Increase (Decrease) | $1729551 | $(66070744) |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 50000 | 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  | (2100000) |
| Net Increase (Decrease) | 50000 | (1300000) |

---

<sup>(a)</sup> Effective July 15, 2022, Principal Millennials ETF changed its name to Principal Millennial Global Growth ETF. <br>

* *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal Quality ETF** | **Principal Quality ETF** |
|  | **Period ended**<br> **December 31, 2022** | &nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $224372 | $891275 |
| Net realized gain (loss) | 1566386 | (5551421) |
| Change in unrealized appreciation (depreciation) | 775262 | (3671471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 2566020 | (8331617) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (452729) | (811956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (452729) | (811956) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | (20218116) | (3853104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (18104825) | (12996677) |
| **Net Assets** |  |  |
| Beginning of period | 45488950 | 58485627 |
| End of period | $27384125 | $45488950 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $— | $144698544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (20218116) | (148551648) |
| Net Increase (Decrease) | (20218116) | $(3853104) |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  | 2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (400000) | (2750000) |
| Net Increase (Decrease) | (400000) | (150000) |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal Real Estate Active** | **Principal Real Estate Active** |
|  | **Opportunities ETF** | **Opportunities ETF** |
|  | **Period ended**<br> **December 31, 2022** | **Period ended**<br> **June 30, 2022 <sup>(a)</sup>** |
| **Operations** |  |  |
| Net investment income (loss) | $64755 | $21660 |
| Net realized gain (loss) | (12544) | 22299 |
| Change in unrealized appreciation (depreciation) | (430779) | (151734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | (378568) | (107775) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (91438) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (91438) |  |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions |  | 5497372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (470006) | 5389597 |
| **Net Assets** |  |  |
| Beginning of period | 5389597 |  |
| End of period | $4919591 | $5389597 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $— | $5497372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
| Net Increase (Decrease) | $— | $5497372 |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  | 220001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
| Net Increase (Decrease) |  | 220001 |
| <sup>(a)</sup> Period from May 18, 2022, date operations commenced, through June 30, 2022. |  |  |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |
| **(unaudited)** | | |
|  | **Principal Spectrum Preferred Securities** | **Principal Spectrum Preferred Securities** |
|  | **Active ETF** | |
|  | **Period ended**<br> **December 31, 2022** | **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $7233893 | $12966742 |
| Net realized gain (loss) | (4828344) | (1783750) |
| Change in unrealized appreciation (depreciation) | 4844451 | (66719754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 7250000 | (55536762) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (10051871) | (16461144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (10051871) | (16461144) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | 110463081 | 53621546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | 107661210 | (18376360) |
| **Net Assets** |  |  |
| Beginning of period | 344956774 | 363333134 |
| End of period | $452617984 | $344956774 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $163944255 | $119885173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (53481174) | (66263627) |
| Net Increase (Decrease) | $110463081 | $53621546 |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 9500000 | 5950000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (3050000) | (3500000) |
| Net Increase (Decrease) | 6450000 | 2450000 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal Spectrum Tax-Advantaged** | **Principal Spectrum Tax-Advantaged** |
|  | **Dividend Active ETF** | **Dividend Active ETF** |
|  | **Period ended**<br> **December 31, 2022** | **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $499948 | $942323 |
| Net realized gain (loss) | (101999) | 28895 |
| Change in unrealized appreciation (depreciation) | (193180) | (3438648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 204769 | (2467430) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (678877) | (1220956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (678877) | (1220956) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions |  | 2129041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (474108) | (1559345) |
| **Net Assets** |  |  |
| Beginning of period | 21088086 | 22647431 |
| End of period | $20613978 | $21088086 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $— | $2129041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
| Net Increase (Decrease) | $— | $2129041 |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
| Net Increase (Decrease) |  | 100000 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal Ultra-Short Active Income** | **Principal Ultra-Short Active Income** |
|  | **ETF** | |
|  | **Period ended**<br> **December 31, 2022** | **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $109730 | $47739 |
| Net realized gain (loss) | 29 | (54767) |
| Change in unrealized appreciation (depreciation) | 6013 | (112386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 115772 | (119414) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (129216) | (97102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (129216) | (97102) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | (1202413) | (1993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (1215857) | (218509) |
| **Net Assets** |  |  |
| Beginning of period | 8438510 | 8657019 |
| End of period | $7222653 | $8438510 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $— | $1209257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1202413) | (1211250) |
| Net Increase (Decrease) | $(1202413) | $(1993) |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (50000) | (50000) |
| Net Increase (Decrease) | (50000) |  |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal U.S. Large-Cap Adaptive** | **Principal U.S. Large-Cap Adaptive** |
|  | **Multi-Factor ETF** | **Multi-Factor ETF** |
|  | **Period ended**<br> **December 31, 2022** | **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $55560 | $1150353 |
| Net realized gain (loss) | (1878022) | (3811836) |
| Change in unrealized appreciation (depreciation) | 1910905 | (3432631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 88443 | (6094114) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (219383) | (1000323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (219383) | (1000323) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | (6901309) | (9997947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (7032249) | (17092384) |
| **Net Assets** |  |  |
| Beginning of period | 12749589 | 29841973 |
| End of period | $5717340 | $12749589 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $— | $172626760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (6901309) | (182624707) |
| Net Increase (Decrease) | $(6901309) | $(9997947) |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  | 6400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (300000) | (7000000) |
| Net Increase (Decrease) | (300000) | (600000) |

---

* *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |
| **(unaudited)** | | |
|  | **Principal U.S. Mega-Cap ETF** | **Principal U.S. Mega-Cap ETF** |
|  | **Period ended**<br> **December 31, 2022** | &nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $8792620 | $29571207 |
| Net realized gain (loss) | 27544461 | 318629005 |
| Change in unrealized appreciation (depreciation) | (17769837) | (388433052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 18567244 | (40232840) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (15443347) | (31378545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (15443347) | (31378545) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | (305963574) | (519025943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (302839677) | (590637328) |
| **Net Assets** |  |  |
| Beginning of period | 1367426848 | 1958064176 |
| End of period | $1064587171 | $1367426848 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $21895359 | $564035727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (327858933) | (1083061670) |
| Net Increase (Decrease) | $(305963574) | $(519025943) |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 600000 | 13400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8500000) | (25400000) |
| Net Increase (Decrease) | (7900000) | (12000000) |

---

* *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal U.S. Small-Cap Adaptive** | **Principal U.S. Small-Cap Adaptive** |
|  | **Multi-Factor ETF** | **Multi-Factor ETF** |
|  | **Period ended**<br> **December 31, 2022** | **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $54885 | $96711 |
| Net realized gain (loss) | (345295) | (365590) |
| Change in unrealized appreciation (depreciation) | 481497 | (561664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 191087 | (830543) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (80693) | (108910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (80693) | (108910) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | 110394 | (939453) |
| **Net Assets** |  |  |
| Beginning of period | 5463245 | 6402698 |
| End of period | $5573639 | $5463245 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |
| Net Increase (Decrease) | $— | $— |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |
| **(unaudited)** | | |
|  | **Principal U.S. Small-Cap Multi-Factor** | **Principal U.S. Small-Cap Multi-Factor** |
|  | **ETF** | |
|  | **Period ended**<br> **December 31, 2022** | &nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $3644177 | $15920622 |
| Net realized gain (loss) | (53087254) | 179835384 |
| Change in unrealized appreciation (depreciation) | 85470497 | (330521307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 36027420 | (134765301) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (6083134) | (17721353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (6083134) | (17721353) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | (413762151) | (859252127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (383817865) | (1011738781) |
| **Net Assets** |  |  |
| Beginning of period | 616264518 | 1628003299 |
| End of period | $232446653 | $616264518 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $7822271 | $472542832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (421584422) | (1331794959) |
| Net Increase (Decrease) | $(413762151) | $(859252127) |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 200000 | 10150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (10450000) | (28650000) |
| Net Increase (Decrease) | (10250000) | (18500000) |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**<br> **Principal Exchange-Traded Funds**<br> **(unaudited)** | | |
|  | **Principal Value ETF** | **Principal Value ETF** |
|  | **Period ended**<br> **December 31, 2022** | **Year ended**<br> **June 30, 2022** |
| **Operations** |  |  |
| Net investment income (loss) | $1245882 | $4657810 |
| Net realized gain (loss) | 3450274 | (17125428) |
| Change in unrealized appreciation (depreciation) | 6312213 | (7994936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | 11008369 | (20462554) |
| **Dividends to Shareholders** |  |  |
| From net investment income and net realized gain on investments | (3830372) | (2251380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends | (3830372) | (2251380) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in capital share transactions | (165758468) | 194090855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (158580471) | 171376921 |
| **Net Assets** |  |  |
| Beginning of period | 215875257 | 44498336 |
| End of period | $57294786 | $215875257 |
| **Capital Share Transactions** |  |  |
| Dollars: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | $33354466 | $371175106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (199112934) | (177084251) |
| Net Increase (Decrease) | (165758468) | $194090855 |
| Shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold | 850000 | 8700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5000000) | (4200000) |
| Net Increase (Decrease) | (4150000) | 4500000 |

---

 *See accompanying notes.*

------

---

| | |
|:---|:---|
| **Notes to Financial Statements** | **Notes to Financial Statements** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| **1. Organization** |  |
| The Principal Exchange-Traded Funds (the "Trust") is a statutory trust organized under the laws of the State of | The Principal Exchange-Traded Funds (the "Trust") is a statutory trust organized under the laws of the State of |
| Delaware in 2013 and is authorized to have multiple series or portfolios. The Trust is an open-end management | Delaware in 2013 and is authorized to have multiple series or portfolios. The Trust is an open-end management |
| investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust | investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust |
| currently consists of fifteen series, Principal Active High Yield ETF, Principal Healthcare Innovators ETF, Principal | currently consists of fifteen series, Principal Active High Yield ETF, Principal Healthcare Innovators ETF, Principal |
| International Adaptive Multi-Factor ETF, Principal Investment Grade Corporate Active ETF, Principal Millennial | International Adaptive Multi-Factor ETF, Principal Investment Grade Corporate Active ETF, Principal Millennial |
| Global Growth ETF, Principal Quality ETF, Principal Real Estate Active Opportunities ETF, Principal Spectrum | Global Growth ETF, Principal Quality ETF, Principal Real Estate Active Opportunities ETF, Principal Spectrum |
| Preferred Securities Active ETF, Principal Spectrum Tax-Advantaged Dividend Active ETF, Principal Ultra-Short | Preferred Securities Active ETF, Principal Spectrum Tax-Advantaged Dividend Active ETF, Principal Ultra-Short |
| Active Income ETF, Principal U.S. Large-Cap Adaptive Multi-Factor ETF, Principal U.S. Mega-Cap ETF, Principal | Active Income ETF, Principal U.S. Large-Cap Adaptive Multi-Factor ETF, Principal U.S. Mega-Cap ETF, Principal |
| U.S. Small-Cap Adaptive Multi-Factor ETF, Principal U.S. Small-Cap Multi-Factor ETF and Principal Value ETF | U.S. Small-Cap Adaptive Multi-Factor ETF, Principal U.S. Small-Cap Multi-Factor ETF and Principal Value ETF |
| (collectively, the "Funds" and individually, a "Fund"). The shares of the Funds are referred to herein as "Shares". | (collectively, the "Funds" and individually, a "Fund"). The shares of the Funds are referred to herein as "Shares". |
| Each of the Funds is an investment company and applies specialized accounting and reporting under Accounting | Each of the Funds is an investment company and applies specialized accounting and reporting under Accounting |
| Standards Codification Topic 946, *Financial Services - Investment Companies*. The Funds have not provided financial | Standards Codification Topic 946, *Financial Services - Investment Companies*. The Funds have not provided financial |
| support and are not contractually required to provide financial support to any investee. | support and are not contractually required to provide financial support to any investee. |
| The Trust issues and redeems Shares at net asset value ("NAV") only with Authorized Participants ("APs") and only | The Trust issues and redeems Shares at net asset value ("NAV") only with Authorized Participants ("APs") and only |
| in aggregations of 50,000 Shares with the exception of Principal International Adaptive Multi-Factor ETF and | in aggregations of 50,000 Shares with the exception of Principal International Adaptive Multi-Factor ETF and |
| Principal Real Estate Active Opportunities ETF which are issued and redeemed in aggregations of 100,000 shares and | Principal Real Estate Active Opportunities ETF which are issued and redeemed in aggregations of 100,000 shares and |
| 20,000 shares, respectively (each a "Creation Unit" or multiples thereof "Creation Unit Aggregations"), which is | 20,000 shares, respectively (each a "Creation Unit" or multiples thereof "Creation Unit Aggregations"), which is |
| subject to change. The Trust issues and redeems Creation Unit Aggregations in exchange for portfolio securities and/or | subject to change. The Trust issues and redeems Creation Unit Aggregations in exchange for portfolio securities and/or |
| cash, plus a fixed and/or variable transaction fee. |  |
| Shares trade on exchanges at market prices that may be below, at, or above NAV. Shares are listed on the respective | Shares trade on exchanges at market prices that may be below, at, or above NAV. Shares are listed on the respective |
| exchanges as listed below: |  |
| **Fund** | **Exchange** |
| &nbsp;&nbsp; Principal Active High Yield ETF | NYSE Arca |
| &nbsp;&nbsp; Principal Healthcare Innovators ETF | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; Principal International Adaptive Multi-Factor ETF | Cboe BZX Exchange, Inc. |
| &nbsp;&nbsp; Principal Investment Grade Corporate Active ETF | NYSE Arca |
| &nbsp;&nbsp; Principal Millennial Global Growth ETF | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; Principal Quality ETF | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; Principal Real Estate Active Opportunities ETF | NYSE Arca |
| &nbsp;&nbsp; Principal Spectrum Preferred Securities Active ETF | NYSE Arca |
| &nbsp;&nbsp; Principal Spectrum Tax-Advantaged Dividend Active ETF | NYSE Arca |
| &nbsp;&nbsp; Principal Ultra-Short Active Income ETF | NYSE Arca |
| &nbsp;&nbsp; Principal U.S. Large-Cap Adaptive Multi-Factor ETF | Cboe BZX Exchange, Inc. |
| &nbsp;&nbsp; Principal U.S. Mega-Cap ETF | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; Principal U.S. Small-Cap Adaptive Multi-Factor ETF | Cboe BZX Exchange, Inc. |
| &nbsp;&nbsp; Principal U.S. Small-Cap Multi-Factor ETF | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; Principal Value ETF | The Nasdaq Stock Market LLC |
| Effective July 22, 2020, Principal Spectrum Preferred Securities Active ETF issued a 5 to 1 stock split. The stock | Effective July 22, 2020, Principal Spectrum Preferred Securities Active ETF issued a 5 to 1 stock split. The stock |
| split has been retroactively reflected on the Financial Highlights. |  |
| Effective September 1, 2021, Principal Active Income ETF changed its name to Principal Active High Yield ETF. In | Effective September 1, 2021, Principal Active Income ETF changed its name to Principal Active High Yield ETF. In |
| addition to the name change, the Board of Trustees authorized a 2 for 1 stock split effective after the close of trading | addition to the name change, the Board of Trustees authorized a 2 for 1 stock split effective after the close of trading |
| on August 30, 2021. The stock split has been retroactively reflected on the Financial Highlights. | on August 30, 2021. The stock split has been retroactively reflected on the Financial Highlights. |
| 26 | 26 |

---

------

---

| | |
|:---|:---|
| **Notes to Financial Statements** | **Notes to Financial Statements** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| **1. Organization (continued)** |  |
| Effective October 29, 2021, the following Funds changed their names as shown below: | Effective October 29, 2021, the following Funds changed their names as shown below: |
| **Previous Name** | **New Name** |
| &nbsp;&nbsp; Principal Healthcare Innovators Index ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Healthcare Innovators ETF |
| &nbsp;&nbsp; Principal Millennials Index ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Millennials ETF |
| Principal Real Estate Active Opportunities ETF initial investment and commencement of operations was May 18, | Principal Real Estate Active Opportunities ETF initial investment and commencement of operations was May 18, |
| 2022. |  |
| Effective July 8, 2022 and July 15, 2022, Principal U.S. Small-Cap Multi-Factor ETF and Principal Healthcare | Effective July 8, 2022 and July 15, 2022, Principal U.S. Small-Cap Multi-Factor ETF and Principal Healthcare |
| Innovators ETF changed from passively managed funds to actively managed funds, respectively. | Innovators ETF changed from passively managed funds to actively managed funds, respectively. |
| Effective July 15, 2022, Principal Millennials ETF changed its name to Principal Millennial Global Growth ETF and | Effective July 15, 2022, Principal Millennials ETF changed its name to Principal Millennial Global Growth ETF and |
| changed from passively managed fund to actively managed fund. | changed from passively managed fund to actively managed fund. |
| **2. Significant Accounting Policies** |  |
| The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("U.S. | The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("U.S. |
| GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and | GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and |
| liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported | liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported |
| amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The | amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The |
| following summarizes the significant accounting policies of the Funds: | following summarizes the significant accounting policies of the Funds: |
| **Security Valuation.** The Funds may invest in series of Principal Funds, Inc. and other investment funds, which may | **Security Valuation.** The Funds may invest in series of Principal Funds, Inc. and other investment funds, which may |
| include money market funds and other registered open-end investment companies. Investments in registered open-end | 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 NAV per share on the day of valuation. | investment companies are valued at the respective fund's closing 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 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 | 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. | ("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 | 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 | 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 | 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, | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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. | 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 | 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 | Funds do not determine NAV, for example, weekends and other customary national U.S. holidays, the Fund's NAV |
| could be significantly affected on days when shares are not able to be issued or redeemed by APs. | could be significantly affected on days when shares are not able to be issued or redeemed by APs. |
| Certain securities issued by companies in emerging market countries may have more than one quoted valuation at any | 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 | 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 | 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, | 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 | or any sub-advisor, is authorized to make such determinations subject to such oversight by the Board of Trustees, as |
| 27 | 27 |

---

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **2. Significant Accounting Policies (continued)**<br>may occasionally be necessary.

 **Currency Translation.** Foreign holdings are translated to U.S. dollars using the exchange rate at the daily close of the New York Stock Exchange. The identified cost of the Funds' holdings is translated at approximate rates prevailing when acquired. Income and expense amounts are translated at approximate rates prevailing when received or paid, with daily accruals of such amounts reported at approximate rates prevailing at the date of valuation. Since the carrying amount of the foreign securities is determined based on the exchange rate and market values at the close of the period, it is not practicable to isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities during the period.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between trade and settlement dates on security transactions, and the difference between the amount of dividends, interest income, interest expense, and foreign withholding taxes recorded on the books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies arise from changes in the exchange rate relating to assets and liabilities, other than investments in securities, purchased and held in non-U.S. denominated currencies.

The following Funds held securities denominated in foreign currencies that exceeded 5% of net assets of the respective Fund as of December 31, 2022:

---

| | |
|:---|:---|
| **Principal International Adaptive Multi-Factor ETF** | |
| Australian Dollar | 7.16% |
| British Pound Sterling | 13.99% |
| Canadian Dollar | 11.98% |
| Euro | 25.56% |
| Japanese Yen | 19.51% |
| Swiss Franc | 8.27% |
| **Principal Millennial Global Growth ETF** |  |
| Euro | 12.81% |

---

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

Distributions from Real Estate Investment Trusts ("REITs") may be characterized as ordinary income, capital gain, or a return of capital to the Funds. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates are used in reporting the character of income and distributions for financial statement purposes. Principal Real Estate Active Opportunities ETF receives substantial distributions from holdings in REITs.

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

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

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **2. Significant Accounting Policies (continued)**

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

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

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

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more likely than not" that each tax position would be sustained upon examination by a taxing authority based on the technical merits of their position. Tax positions not deemed to meet the "more likely than not" threshold would be recorded as a tax benefit or expense in the current year. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as tax expense on the Statements of Operations. During the period ended December 31, 2022, the Funds did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the last three years, once a return is filed. No examinations are in progress at this time.

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

 **Recent Accounting Pronouncements.** In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, *Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting*, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing London Inter-Bank Offered Rate ("LIBOR") or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 *Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848* which updates and clarifies ASU No. 2020-04. The amendments in this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Management expects these ASUs will not have a material impact on the Funds' financial statements.

In June 2022, the FASB issued ASU No. 2022-03, *Fair Value Measurement (Topic 820); Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions*, which provides clarifying guidance that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Management expects the ASU will not have a material impact on the Funds' financial statements.

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **2. Significant Accounting Policies (continued)**

 **Tracking Basket Structure.** Principal Real Estate Active Opportunities ETF operates pursuant to an exemptive order from the Securities and Exchange Commission ("SEC") and does not publicly disclose its complete portfolio holdings each business day. Instead, the Fund publishes each business day on its website a "Tracking Basket" which is designed to closely track the daily performance of the Fund but is not the Fund's actual portfolio. The Fund's Tracking Basket structure may affect the price at which shares of the Fund trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the Fund at or close to the Fund's NAV, there is a risk that market prices will vary significantly from NAV.

 **3. Operating Policies**

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

 **Cross Trades.** The Funds may engage in cross trades. A cross trade is a purchase or sale transaction between affiliated portfolios executed directly or through an intermediary. Mutual funds and other managed portfolios may be considered affiliated if they have a common investment advisor, so a fund may be considered affiliated with any portfolio for which the fund's sub-advisor acts as an investment advisor. Such transactions are permissible provided that the conditions of Rule 17a-7 under the 1940 Act are satisfied. For the period ended December 31, 2022, the Funds did not engage in cross trades.

 **Deposits with Counterparty.** Cash pledged as collateral is reflected as an asset on the Statements of Assets and Liabilities as deposits with counterparty. There are a variety of security types which require varying levels of pledged collateral. Customer account agreements govern cleared derivatives transactions such as futures contracts. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. As of December 31, 2022, deposits with counterparty for Principal Investment Grade Corporate Active ETF and Principal Spectrum Tax-Advantaged Dividend Active ETF were $35,765 and $17,440 respectively.

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **3. Operating Policies (continued)**

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

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

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

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

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

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

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **3. Operating Policies (continued)**

 **Senior Floating Rate Interests.** The Fund may invest in senior floating rate interests (bank loans). Senior floating rate interests hold the most senior position in the capital structure of a business entity (the "Borrower"), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Borrowers of senior floating rate interests are typically rated below investment grade, which means they are more likely to default than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the Fund and there can be no assurance that the liquidation of any collateral would satisfy the Borrower's obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

Senior floating rate interests pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the LIBOR rate.

Senior floating rate interests generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for the Borrower to repay, prepayments of senior floating rate interests may occur. As a result, the actual remaining maturity of senior floating rate interests may be substantially less than stated maturities shown in the Schedule of Investments.

In connection with the senior floating rate interests, the Fund may also enter into unfunded loan commitments. All or a portion of the loan commitments may be unfunded. The Fund is obligated to fund these commitments at the Borrower's discretion. Therefore, the Fund must have funds sufficient to cover its contractual obligation. Unfunded loan commitments are marked to market daily and the unrealized gain or loss is shown as a separate line item called unrealized gain or loss on unfunded commitments on the statement of assets and liabilities and included in the net change in unrealized appreciation/(depreciation) of investments on the statements of operations, as applicable. As of period end, the unfunded loan commitments are categorized as Level 2 within the disclosure hierarchy. As of December 31, 2022, there were no unfunded loan commitments.

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

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

As of December 31, 2022, series of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. owned the following percentages, in aggregate, of the outstanding Shares of the Funds listed below:

---

| | |
|:---|:---|
| <br> **Fund** | **Total Percentage of**<br> **Outstanding Shares Owned** |
| Principal Active High Yield ETF | 28.85% |
| Principal U.S. Mega-Cap ETF | 80.81 |
| Principal U.S. Small-Cap Multi-Factor ETF | 83.19 |

---

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **3. Operating Policies (continued)**

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset Derivatives**<br> **December 31, 2022** | | **Liability Derivatives**<br> **December 31, 2022** | | |
| <br>**Derivatives not accounted for as hedging instruments** | **Statement of Assets and**<br> **Liabilities Location** | <br> **Fair Value** | **Statement of Assets and**<br> **Liabilities Location** | <br> **Fair Value** | |
| **Principal Investment Grade Corporate Active ETF** |  |  |  |  |  |
| Interest rate contracts | Receivables, Total |  | Payables, Total |  |  |
|  | distributable earnings |  | distributable earnings |  |  |
|  | (accumulated loss) | $13369 \* | (accumulated loss) | $(9629) |) \* |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging instruments** | <br>**Location of Gain or (Loss) on**<br> **Derivatives Recognized in**<br> **Statement of Operations** | **Net Realized Gain or**<br> **(Loss) on Derivatives**<br> **Recognized in**<br> **Statement of**<br> **Operations** | **Net Change in Unrealized**<br> **Appreciation**<br> **(Depreciation) of**<br> **Derivatives Recognized in**<br> **Statement of Operations** |
| **Principal Investment Grade Corporate Active ETF** |  |  |  |
| Interest rate contracts | Futures contracts | $(202687) | $(38456) |

---

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **3. Operating Policies (continued)**

The following table includes a summary of the monthly average outstanding notional by derivative instrument type for the period ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| **Contract Type** | **Derivative Type** | **Average Notional** |
| **Principal Investment Grade Corporate Active ETF** |  |  |
| Interest rate contracts | Futures — Short | $4156899 |
|  | Futures — Long | 2839791 |
| **4. Fair Valuation** |  |  |

---

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

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

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

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

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

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

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.

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **4. Fair Valuation (continued)**

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

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

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

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

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

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

The following is a summary of the inputs used as of December 31, 2022, in valuing the Funds' securities carried at fair value:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Level 1 —**<br> **Quoted**<br> **Prices** | **Level 2 —**<br> **Other**<br> **Significant**<br> **Observable**<br> **Inputs** | <br> **Level 3 —**<br> **Significant**<br> **Unobservable**<br> **Inputs** | | <br>**Totals (Level 1,2,3)** |
| **Principal Active High Yield ETF** |  |  |  |  |  |
| Bonds\* | $— $| 163417703 | $— | — $| 163417703 |
| Senior Floating Rate Interests\* |  | 15290363 |  |  | 15290363 |
| Investment Companies | 11347315 |  |  |  | 11347315 |
| Total investments in securities | $11347315 | $178708066 | $— | — $| 190055381 |
| **Principal Healthcare Innovators ETF** |  |  |  |  |  |
| Common Stocks\* | $55506135 | $— $|  | — $| 55506135 |
| Investment Companies | 1179632 |  |  |  | 1179632 |
| Total investments in securities | $56685767 | $— $|  | — $| 56685767 |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** |  |  |  |  |
| Common Stocks\* | $12115748 | $— $|  | — $| 12115748 |
| Preferred Stocks\* | 50001 |  |  |  | 50001 |
| Investment Companies | 66004 |  |  |  | 66004 |
| Total investments in securities | $12231753 | $— $|  | — $| 12231753 |
| **Principal Investment Grade Corporate Active ETF** | **Principal Investment Grade Corporate Active ETF** |  |  |  |  |
| Bonds\* | $— $| 21106358 | $— | — $| 21106358 |
| Investment Companies | 361994 |  |  |  | 361994 |
| Total investments in securities | $361994 | $21106358 | $— | — $| 21468352 |
| Derivative Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest rate contracts |  |  |  |  |  |
| Futures | $13369 | $— $|  | — $| 13369 |
| Derivative Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest rate contracts |  |  |  |  |  |
| Futures | $(9629) | — $|  | — $| (9629) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| **4. Fair Valuation (continued)**<br>**Fund** | <br>&nbsp;&nbsp;&nbsp;&nbsp; **Level 1 —**<br>&nbsp;&nbsp;&nbsp;&nbsp; **Quoted**<br> **Prices** | <br> **Level 2 —**<br> **Other**<br> **Significant**<br> **Observable**<br> **Inputs** | <br>**Level 3 —**<br> **Significant**<br> **Unobservable**<br> **Inputs** | | <br>**Totals (Level 1,2,3)** |
| **Principal Millennial Global Growth ETF** |  |  |  |  |  |
| Common Stocks\* | $25430712 | $— $|  | — $| 25430712 |
| Investment Companies | 245821 |  |  |  | 245821 |
| Total investments in securities | $25676533 | $— $|  | — $| 25676533 |
| **Principal Quality ETF** |  |  |  |  |  |
| Common Stocks\* | $27319709 | $— $|  | — $| 27319709 |
| Investment Companies | 90596 |  |  |  | 90596 |
| Total investments in securities | $27410305 | $— $|  | — $| 27410305 |
| **Principal Real Estate Active Opportunities ETF** | **Principal Real Estate Active Opportunities ETF** |  |  |  |  |
| Common Stocks\* | $4917495 | $— $|  | — $| 4917495 |
| Investment Companies | 25297 |  |  |  | 25297 |
| Total investments in securities | $4942792 | $— $|  | — $| 4942792 |
| **Principal Spectrum Preferred Securities Active ETF** | **Principal Spectrum Preferred Securities Active ETF** |  |  |  |  |
| Bonds\* | $— $| 433892562 | $— | — $| 433892562 |
| Investment Companies | 18982775 |  |  |  | 18982775 |
| Total investments in securities | $18982775 | $433892562 | $— | — $| 452875337 |
| **Principal Spectrum Tax-Advantaged Dividend Active ETF** | **Principal Spectrum Tax-Advantaged Dividend Active ETF** |  |  |  |  |
| Preferred Stocks\* | $2278263 | $— $|  | — $| 2278263 |
| Bonds\* |  | 17822177 |  |  | 17822177 |
| Investment Companies | 395975 |  |  |  | 395975 |
| Total investments in securities | $2674238 | $17822177 | $— | — $| 20496415 |
| **Principal Ultra-Short Active Income ETF** |  |  |  |  |  |
| Bonds\* | $— $| 6124359 | $— | — $| 6124359 |
| U.S. Government & Government Agency |  |  |  |  |  |
| Obligations\* |  | 497513 |  |  | 497513 |
| Investment Companies | 596585 |  |  |  | 596585 |
| Total investments in securities | $596585 | $6621872 | $— | — $| 7218457 |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** |  |  |  |  |
| Common Stocks\* | $5701058 | $— $|  | — $| 5701058 |
| Investment Companies | 19557 |  |  |  | 19557 |
| Total investments in securities | $5720615 | $— $|  | — $| 5720615 |
| **Principal U.S. Mega-Cap ETF** |  |  |  |  |  |
| Common Stocks\* | $1062252229 | $— $|  | — $| 1062252229 |
| Investment Companies | 3560885 |  |  |  | 3560885 |
| Total investments in securities | $1065813114 | $— $|  | — $| 1065813114 |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** |  |  |  |  |
| Common Stocks\* | $5554302 | $— $|  | — $| 5554302 |
| Investment Companies | 16352 |  |  |  | 16352 |
| Total investments in securities | $5570654 | $— $|  | — $| 5570654 |
| **Principal U.S. Small-Cap Multi-Factor ETF** |  |  |  |  |  |
| Common Stocks\* | $231620719 | $— $|  | — $| 231620719 |
| Investment Companies | 1742678 |  |  |  | 1742678 |
| Total investments in securities | $233363397 | $— $|  | — $| 233363397 |
| **Principal Value ETF** |  |  |  |  |  |
| Common Stocks\* | $57044635 | $— $|  | — $| 57044635 |
| Investment Companies | 219024 |  |  |  | 219024 |
| Total investments in securities | $57263659 | $— $|  | — $| 57263659 |
| \* For additional detail regarding sector classifications, please see the Schedules of Investments. | \* For additional detail regarding sector classifications, please see the Schedules of Investments. | \* For additional detail regarding sector classifications, please see the Schedules of Investments. |  |  |  |
| 36 | 36 | 36 | 36 | 36 | 36 |

---

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **5. Management Agreement and Transactions with Affiliates**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Fund** | **First**<br> **$500 Million** | **Next**<br> **$500 Million** | **Next**<br> **$500 Million** | **Over**<br> **$1.5 Billion** |
| Principal Healthcare Innovators ETF | 0.42% | 0.40% | 0.38% | 0.37% |
| **Fund** |  |  |  | **All Assets** |
| Principal Active High Yield ETF |  |  |  | 0.39% |
| Principal International Adaptive Multi-Factor ETF |  |  |  | 0.24 |
| Principal Investment Grade Corporate Active ETF |  |  |  | 0.19 |
| Principal Millennial Global Growth ETF |  |  |  | 0.38 |
| Principal Quality ETF |  |  |  | 0.15 |
| Principal Real Estate Active Opportunities ETF |  |  |  | 0.65 |
| Principal Spectrum Preferred Securities Active ETF |  |  |  | 0.55 |
| Principal Spectrum Tax-Advantaged Dividend Active ETF |  |  |  | 0.60 |
| Principal Ultra-Short Active Income ETF |  |  |  | 0.18 |
| Principal U.S. Large-Cap Adaptive Multi-Factor ETF |  |  |  | 0.15 |
| Principal U.S. Mega-Cap ETF |  |  |  | 0.15 |
| Principal U.S. Small-Cap Adaptive Multi-Factor ETF |  |  |  | 0.19 |
| Principal U.S. Small-Cap Multi-Factor ETF |  |  |  | 0.38 |
| Principal Value ETF |  |  |  | 0.15 |

---

Prior to November 1, 2022, the management fee for Principal Millennial Global Growth ETF was 0.45%, 0.43%, 0.41% and 0.40% for the first $500 million, next $500 million, next $500 million and over $1.5 billion, respectively.

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

The limit is expressed as a percentage of average daily net assets attributable to each Fund on an annualized basis during the reporting period. The expenses borne by the Advisor are subject to reimbursement by the Fund through the fiscal year end, provided no reimbursement will be made if it would result in the Fund exceeding the total operating expense limit. Any amount outstanding at the end of the period are shown as an expense reimbursement from Advisor or expense reimbursement to Advisor on the Statements of Assets and Liabilities. The expense limit for Principal U.S. Mega-Cap ETF is 0.12% through October 31, 2023. No other Funds had expense limitation agreements in place during the period.

 **Affiliated Ownership.** At December 31, 2022, Principal Financial Services, Inc. (an affiliate of the Advisor) owned Shares of the Funds as follows:

---

| | |
|:---|:---|
| **Fund** | **Shares** |
| Principal International Adaptive Multi-Factor ETF | 390001 |
| Principal Real Estate Active Opportunities ETF | 199204 |
| Principal Spectrum Tax-Advantaged Dividend Active ETF | 995521 |
| Principal Ultra-Short Active Income ETF | 199681 |
| Principal U.S. Large-Cap Adaptive Multi-Factor ETF | 198571 |
| Principal U.S. Small-Cap Adaptive Multi-Factor ETF | 200965 |

---

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **6. Investment Transactions**

For the period ended December 31, 2022, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments and in-kind transactions) by the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Non-U.S. Government** | **Non-U.S. Government** | **U.S. Government** |
| <br> **Fund** | **Purchases** | **Sales** | **Sales** |
| Principal Active High Yield ETF | $132824876 | 32474606 | $— |
| Principal Healthcare Innovators ETF | 23247044 | 23257993 |  |
| Principal International Adaptive Multi-Factor ETF | 5118871 | 5368353 |  |
| Principal Investment Grade Corporate Active ETF | 45225957 | 73420381 |  |
| Principal Millennial Global Growth ETF | 266741 | 503121 |  |
| Principal Quality ETF | 151377 | 431389 |  |
| Principal Real Estate Active Opportunities ETF | 546231 | 450243 |  |
| Principal Spectrum Preferred Securities Active ETF | 167994518 | 14406651 |  |
| Principal Spectrum Tax-Advantaged Dividend Active ETF | 992597 | 836872 |  |
| Principal Ultra-Short Active Income ETF | 648364 | 2161242 |  |
| Principal U.S. Large-Cap Adaptive Multi-Factor ETF | 3034777 | 3174603 |  |
| Principal U.S. Mega-Cap ETF | 139674872 | 150490804 |  |
| Principal U.S. Small-Cap Adaptive Multi-Factor ETF | 3763284 | 3764623 |  |
| Principal U.S. Small-Cap Multi-Factor ETF | 149043785 | 151702820 |  |
| Principal Value ETF | 963941 | 13204694 |  |
| For the period ended December 31, 2022, in-kind transactions were as follows: | For the period ended December 31, 2022, in-kind transactions were as follows: | For the period ended December 31, 2022, in-kind transactions were as follows: |  |
| **Fund** |  | **Purchases** |  |
| Principal Active High Yield ETF |  | $25197985 | 156522251 |
| Principal Healthcare Innovators ETF |  | 1657751 | 1728305 |
| Principal International Adaptive Multi-Factor ETF |  |  | 1917634 |
| Principal Investment Grade Corporate Active ETF |  | 11641184 | 314840964 |
| Principal Millennial Global Growth ETF |  | 1665043 |  |
| Principal Quality ETF |  |  | 20087911 |
| Principal Spectrum Preferred Securities Active ETF |  | 3861472 | 49540164 |
| Principal U.S. Large-Cap Adaptive Multi-Factor ETF |  |  | 6896659 |
| Principal U.S. Mega-Cap ETF |  | 21685862 | 321237518 |
| Principal U.S. Small-Cap Multi-Factor ETF |  | 7787069 | 419771257 |
| Principal Value ETF |  | 33208994 | 188492106 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| **7. Federal Tax Information** |  |  | | |  |  |  |
| **Distributions to Shareholders.** The federal income tax character of distributions paid for the periods ended June 30, | **Distributions to Shareholders.** The federal income tax character of distributions paid for the periods ended June 30, | **Distributions to Shareholders.** The federal income tax character of distributions paid for the periods ended June 30, | **Distributions to Shareholders.** The federal income tax character of distributions paid for the periods ended June 30, | **Distributions to Shareholders.** The federal income tax character of distributions paid for the periods ended June 30, | **Distributions to Shareholders.** The federal income tax character of distributions paid for the periods ended June 30, | **Distributions to Shareholders.** The federal income tax character of distributions paid for the periods ended June 30, | **Distributions to Shareholders.** The federal income tax character of distributions paid for the periods ended June 30, |
| 2022, and December 31, 2022 was as follows: |  |  |  |  |  |  |  |
|  | **Ordinary Income** | **Ordinary Income** | **Ordinary Income** |  | **Long-Term Capital Gain\*** | **Long-Term Capital Gain\*** | **Long-Term Capital Gain\*** |
|  | **Period ended** | **Period ended** | **Period ended** | **Period ended** | **Period ended** | **Period ended** | **Period ended** |
| **Fund** | **December 31, 2022** | **December 31, 2022** | **June 30, 2022** | **June 30, 2022** | **December 31, 2022** | **December 31, 2022** | **June 30, 2022** |
| Principal Active High Yield ETF | $9230411 | 9230411 | $11667484 | 11667484 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| Principal Healthcare Innovators ETF |  |  |  | 861124 |  |  |  |
| Principal International Adaptive Multi-Factor ETF | 387969 | 387969 | 1862278 | 1862278 |  |  |  |
| Principal Investment Grade Corporate Active ETF | 3902873 | 3902873 | 14949956 | 14949956 |  |  | 634166 |
| Principal Millennial Global Growth ETF | 469801 | 469801 | 2817266 | 2817266 |  |  |  |
| Principal Quality ETF | 452729 | 452729 |  | 811956 |  |  |  |
| Principal Real Estate Active Opportunities ETF |  | 89648 |  |  |  | 1790 |  |
| Principal Spectrum Preferred Securities Active ETF | 10051871 | 10051871 | 16461144 | 16461144 |  |  |  |
| Principal Spectrum Tax-Advantaged Dividend Active ETF | 678877 | 678877 | 1190472 | 1190472 |  |  | 30484 |
| Principal Ultra-Short Active Income ETF | 129216 | 129216 |  | 97102 |  |  |  |
| Principal U.S. Large-Cap Adaptive Multi-Factor ETF | 219383 | 219383 | 1000076 | 1000076 |  |  | 247 |
| Principal U.S. Mega-Cap ETF | 15443347 | 15443347 | 31378545 | 31378545 |  |  |  |
| Principal U.S. Small-Cap Adaptive Multi-Factor ETF |  | 80693 |  | 108590 |  |  | 320 |
| Principal U.S. Small-Cap Multi-Factor ETF | 6083134 | 6083134 | 17721353 | 17721353 |  |  |  |
| Principal Value ETF | 3830372 | 3830372 | 2251380 | 2251380 |  |  |  |
| \* The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be | \* The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be | \* The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be | \* The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be | \* The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be | \* The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be | \* The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be | \* The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be |
| taxed at a 20-percent rate, a 15-percent rate or a 0-percent rate, depending on the shareholder's taxable income). | taxed at a 20-percent rate, a 15-percent rate or a 0-percent rate, depending on the shareholder's taxable income). | taxed at a 20-percent rate, a 15-percent rate or a 0-percent rate, depending on the shareholder's taxable income). | taxed at a 20-percent rate, a 15-percent rate or a 0-percent rate, depending on the shareholder's taxable income). | taxed at a 20-percent rate, a 15-percent rate or a 0-percent rate, depending on the shareholder's taxable income). | taxed at a 20-percent rate, a 15-percent rate or a 0-percent rate, depending on the shareholder's taxable income). |  |  |
| For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income | For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income | For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income | For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income | For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income | For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income | For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income | For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income |
| distributions. |  |  |  |  |  |  |  |
| **Distributable Earnings.** As of June 30, 2022, the components of distributable earnings (accumulated loss) on a | **Distributable Earnings.** As of June 30, 2022, the components of distributable earnings (accumulated loss) on a | **Distributable Earnings.** As of June 30, 2022, the components of distributable earnings (accumulated loss) on a | **Distributable Earnings.** As of June 30, 2022, the components of distributable earnings (accumulated loss) on a | **Distributable Earnings.** As of June 30, 2022, the components of distributable earnings (accumulated loss) on a | **Distributable Earnings.** As of June 30, 2022, the components of distributable earnings (accumulated loss) on a | **Distributable Earnings.** As of June 30, 2022, the components of distributable earnings (accumulated loss) on a | **Distributable Earnings.** As of June 30, 2022, the components of distributable earnings (accumulated loss) on a |
| federal income tax basis were: |  |  |  |  |  |  |  |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed Ordinary Income** |  | **Undistributed Long-Term Capital Gains** |  | **Unrealized** **Appreciation/ (Depreciation)** | **Late Year Ordinary and Post Oct Capital Loss Deferrals** | **Capital Loss Carryforward** |
| Principal Active High Yield ETF | 1330911 | 1330911 | $— |  | (34101619) | $— | $(10665895) |
| Principal Healthcare Innovators ETF |  |  |  | (44347641 | (44347641) | $(62480) | (7574897) |
| Principal International Adaptive Multi-Factor ETF | 254166 |  |  | (3735088 | (3735088) | $— | (7095844) |
| Principal Investment Grade Corporate Active ETF | 1147841 |  |  | (70834424 | (70834424) | $(6346076) |  |
| Principal Millennial Global Growth ETF | 420508 |  |  | (11681534 | (11681534) | $— | (8279969) |
| Principal Quality ETF | 222217 |  |  | (1297630 | (1297630) | $— | (12436333) |
| Principal Real Estate Active Opportunities ETF | 42862 |  | 1790 | (152604 | (152604) | $— |  |
| Principal Spectrum Preferred Securities Active ETF | 1290330 |  |  | (58938366 | (58938366) | $— | (4246582) |
| Principal Spectrum Tax-Advantaged Dividend Active ETF | 100565 |  |  | (2138162 | (2138162) | $(74106) |  |
| Principal Ultra-Short Active Income ETF | 12840 |  |  | (122759 | (122759) | $— | (251207) |
| Principal U.S. Large-Cap Adaptive Multi-Factor ETF | 165718 |  |  | (3075481 | (3075481) | $— | (4510448) |
| Principal U.S. Mega-Cap ETF | 6657730 |  |  | 1614647 | 1614647 | $— | (67835985) |
| Principal U.S. Small-Cap Adaptive Multi-Factor ETF | 26491 |  |  | (432710 | (432710) | $(393295) |  |
| Principal U.S. Small-Cap Multi-Factor ETF | 2613677 |  |  | (107105813 | (107105813) | $— | (147769950) |
| Principal Value ETF | 2701627 |  |  | (5197850 | (5197850) | $— | (28535993) |
| 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** | **Notes to Financial Statements** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |
| **7. Federal Tax Information (continued)** |  |  |  |  |
| **Capital Loss Carryforwards.** For federal income tax purposes, capital loss carryforwards are losses that can be used | **Capital Loss Carryforwards.** For federal income tax purposes, capital loss carryforwards are losses that can be used | **Capital Loss Carryforwards.** For federal income tax purposes, capital loss carryforwards are losses that can be used | **Capital Loss Carryforwards.** For federal income tax purposes, capital loss carryforwards are losses that can be used | **Capital Loss Carryforwards.** For federal income tax purposes, capital loss carryforwards are losses that can be used |
| to offset future capital gains of the Fund. As of June 30, 2022, the Funds had approximate net capital loss carryforwards | to offset future capital gains of the Fund. As of June 30, 2022, the Funds had approximate net capital loss carryforwards | to offset future capital gains of the Fund. As of June 30, 2022, the Funds had approximate net capital loss carryforwards | to offset future capital gains of the Fund. As of June 30, 2022, the Funds had approximate net capital loss carryforwards | to offset future capital gains of the Fund. As of June 30, 2022, the Funds had approximate net capital loss carryforwards |
| as follows: |  |  |  |  |
|  | &nbsp;&nbsp;**No Expiration** |  |  | **Annual** |
| **Fund** | **Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **Limitations\*** | **Limitations\*** |
| Principal Active High Yield ETF | $7039031 | $10665895 | 10665895 | $1874152 |
| Principal Healthcare Innovators ETF | 4713904 | 7574897 | 7574897 |  |
| Principal International Adaptive Multi-Factor ETF | 6905658 | 7095844 | 7095844 |  |
| Principal Millennial Global Growth ETF | 6704798 | 8279969 | 8279969 |  |
| Principal Quality ETF | 11901054 | 12436333 | 12436333 | 294429 |
| Principal Spectrum Preferred Securities Active ETF | 1575986 | 4246582 | 4246582 |  |
| Principal Ultra-Short Active Income ETF | 138959 | 251207 | 251207 |  |
| Principal U.S. Large-Cap Adaptive Multi-Factor ETF | 4479912 | 4510448 | 4510448 |  |
| Principal U.S. Mega-Cap ETF | 67835985 | 67835985 | 67835985 |  |
| Principal U.S. Small-Cap Multi-Factor ETF | 123369770 | 147769950 | 147769950 |  |
| Principal Value ETF | 26347409 | 28535993 | 28535993 | 230798 |
| \* In accordance with IRC Sections 381-384, a portion of certain Funds' losses have been subjected to an annual limitation. | \* In accordance with IRC Sections 381-384, a portion of certain Funds' losses have been subjected to an annual limitation. | \* In accordance with IRC Sections 381-384, a portion of certain Funds' losses have been subjected to an annual limitation. |  |  |
| All of these capital losses were generated in taxable years beginning after the enactment date of the Regulated | All of these capital losses were generated in taxable years beginning after the enactment date of the Regulated | All of these capital losses were generated in taxable years beginning after the enactment date of the Regulated | All of these capital losses were generated in taxable years beginning after the enactment date of the Regulated | All of these capital losses were generated in taxable years beginning after the enactment date of the Regulated |
| Investment Company Modernization Act of 2010 on December 22, 2010, and will be carried forward with no | Investment Company Modernization Act of 2010 on December 22, 2010, and will be carried forward with no | Investment Company Modernization Act of 2010 on December 22, 2010, and will be carried forward with no | Investment Company Modernization Act of 2010 on December 22, 2010, and will be carried forward with no | Investment Company Modernization Act of 2010 on December 22, 2010, and will be carried forward with no |
| expiration and with the character of the loss retained. |  |  |  |  |
| For the year ended June 30, 2022, the Fund utilized capital loss carryforwards as follows: | For the year ended June 30, 2022, the Fund utilized capital loss carryforwards as follows: | For the year ended June 30, 2022, the Fund utilized capital loss carryforwards as follows: |  |  |
| **Fund** | **ST Utilized** | **LT Utilized** | **LT Utilized** |  |
| Principal Active High Yield ETF | 503494 | 3209996 | 3209996 |  |
| **Late-Year Losses.** A regulated investment company may elect to treat any portion of its qualified late-year loss as | **Late-Year Losses.** A regulated investment company may elect to treat any portion of its qualified late-year loss as | **Late-Year Losses.** A regulated investment company may elect to treat any portion of its qualified late-year loss as | **Late-Year Losses.** A regulated investment company may elect to treat any portion of its qualified late-year loss as | **Late-Year Losses.** A regulated investment company may elect to treat any portion of its qualified late-year loss as |
| arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which | arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which | arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which | arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which | arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which |
| occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. | occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. | occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. | occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. | occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. |
| For the taxable year ended June 30, 2022, the Funds intend to defer late-year capital and ordinary losses as follows: | For the taxable year ended June 30, 2022, the Funds intend to defer late-year capital and ordinary losses as follows: | For the taxable year ended June 30, 2022, the Funds intend to defer late-year capital and ordinary losses as follows: | For the taxable year ended June 30, 2022, the Funds intend to defer late-year capital and ordinary losses as follows: | For the taxable year ended June 30, 2022, the Funds intend to defer late-year capital and ordinary losses as follows: |
| **Fund** | **Late Year Ordinary Loss** | **Post October Loss Capital Loss** | **Post October Loss Capital Loss** | **Post October Loss Capital Loss** |
| Principal Healthcare Innovators ETF | (62480 |  |  |  |
| Principal Investment Grade Corporate Active ETF |  | (6346076 | (6346076 |  |
| Principal Spectrum Tax-Advantaged Dividend Active ETF |  |  | (74106) |  |
| Principal U.S. Small-Cap Adaptive Multi-Factor ETF |  |  | (393295) |  |
| 40 | 40 | 40 | 40 | 40 |

---

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **7. Federal Tax Information (continued)**

 **Reclassification of Capital Accounts.** The Funds may record reclassifications in their capital accounts. These reclassifications have no impact on the total net assets of the Funds. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Funds' distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income and net realized gains on investments or from tax return of capital depending on the type of book and tax differences that exist. For the period ended June 30, 2022, the Funds recorded reclassifications as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total**<br> **Distributable Earnings**<br> **(Accumulated Loss)** | <br>**Paid In Capital** |
| Principal Active High Yield ETF | $(18122655) | $18122655 |
| Principal Healthcare Innovators ETF | (8268653) | 8268653 |
| Principal International Adaptive Multi-Factor ETF | 1947488 | (1947488) |
| Principal Investment Grade Corporate Active ETF | 1119112 | (1119112) |
| Principal Millennial Global Growth ETF | 8755193 | (8755193) |
| Principal Quality ETF | (5347733) | 5347733 |
| Principal Real Estate Active Opportunities ETF | (177) | 177 |
| Principal Spectrum Preferred Securities Active ETF | 420840 | (420840) |
| Principal Spectrum Tax-Advantaged Dividend Active ETF | (596) | 596 |
| Principal Ultra-Short Active Income ETF | (1210) | 1210 |
| Principal U.S. Large-Cap Adaptive Multi-Factor ETF | (714159) | 714159 |
| Principal U.S. Mega-Cap ETF | (322508916) | 322508916 |
| Principal U.S. Small-Cap Multi-Factor ETF | (242005320) | 242005320 |
| Principal Value ETF | (9268137) | 9268137 |

---

 **Federal Income Tax Basis.** As of June 30, 2022, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Unrealized**<br> **Appreciation** | <br>&nbsp;&nbsp; **Unrealized**<br> **(Depreciation)** | <br> **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** | &nbsp;&nbsp; **Cost for**<br>&nbsp;&nbsp; **Federal**<br> **Income Tax**<br> **Purposes** |
| Principal Active High Yield ETF | $252 | $(34101871) | $(34101619) | $255295377 |
| Principal Healthcare Innovators ETF | 2533747 | (46881387) | (44347640) | 98732608 |
| Principal International Adaptive Multi-Factor ETF | 70898 | (3806019) | (3735121) | 17830074 |
| Principal Investment Grade Corporate Active ETF | 15915 | (70850339) | (70834424) | 437573083 |
| Principal Millennial Global Growth ETF | 560554 | (12242107) | (11681553) | 36257708 |
| Principal Quality ETF | 864760 | (2162390) | (1297630) | 46761488 |
| Principal Real Estate Active Opportunities ETF | 70464 | (223068) | (152604) | 5521210 |
| Principal Spectrum Preferred Securities Active ETF |  | (58938366) | (58938366) | 403130366 |
| Principal Spectrum Tax-Advantaged Dividend Active ETF | 35886 | (2174048) | (2138162) | 23020020 |
| Principal Ultra-Short Active Income ETF |  | (122759) | (122759) | 8607011 |
| Principal U.S. Large-Cap Adaptive Multi-Factor ETF | 86836 | (3162317) | (3075481) | 15813692 |
| Principal U.S. Mega-Cap ETF | 92823010 | (91208363) | 1614647 | 1365161637 |
| Principal U.S. Small-Cap Adaptive Multi-Factor ETF | 206124 | (638834) | (432710) | 5887994 |
| Principal U.S. Small-Cap Multi-Factor ETF | 18787829 | (125893642) | (107105813) | 728319299 |
| Principal Value ETF | 943803 | (6141653) | (5197850) | 220734528 |

---

------

 **Notes to Financial Statements**<br> **Principal Exchange-Traded Funds**<br> **December 31, 2022 (unaudited)**

 **8. Subsequent Events**

Management has evaluated events or transactions that have occurred through the date the financial statements were issued that would merit recognition or disclosure in the financial statements. On December 31, 2022 the Board of Trustees approved a Plan of Liquidation for Principal Ultra-Short Active Income ETF. Pursuant to the Plan, the Principal Ultra-Short Active Income ETF will liquidate on or about February 24, 2023. There were no additional items requiring adjustment of the financial statements or additional disclosure.

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments**<br> **Principal Active High Yield ETF**<br> **December 31, 2022 (unaudited)**<br>**BONDS — 86.97%** | <br>**Principal**<br> **Amount** | <br>**Value** |
| **Aerospace & Defense — 1.13%** |  |  |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2025 <sup>(a)</sup> | $516000 | $511002 |
| Triumph Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/2025 <sup>(b)</sup> | 1900000 | 1616121 |
|  |  | $2127123 |
| **Airlines — 0.08%** |  |  |
| United Airlines 2016-1 Class B Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/07/2027 | 167782 | 151806 |
| **Auto Manufacturers — 1.87%** |  |  |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/2032 | 1668000 | 1250903 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | 1808000 | 1634455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/2026 | 114000 | 106186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/2026 | 558000 | 514144 |
|  |  | $3505688 |
| **Banks — 1.42%** |  |  |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 3.13%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/01/2025 <sup>(c),(d)</sup> | 3032000 | 2671950 |
| **Chemicals — 2.92%** |  |  |
| Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028 <sup>(a)</sup> | 2628000 | 2232951 |
| Kobe U.S. Midco 2, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, PIK 10.00%; 11/01/2026 <sup>(a),(e)</sup> | 585000 | 409500 |
| Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/2029 <sup>(a),(b)</sup> | 2072000 | 1573075 |
| Tronox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2029 <sup>(a)</sup> | 1521000 | 1264331 |
|  |  | $5479857 |
| **Commercial Services — 5.29%** |  |  |
| Ahern Rentals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/2023 <sup>(a)</sup> | 2130000 | 2130000 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/2026 <sup>(a)</sup> | 1899000 | 1693547 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029 <sup>(a)</sup> | 299000 | 242952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2027 <sup>(a)</sup> | 1925000 | 1853999 |
| WASH Multifamily Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2026 <sup>(a)</sup> | 2487000 | 2343997 |
| ZipRecruiter, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2030 <sup>(a)</sup> | 2033000 | 1676046 |
|  |  | $9940541 |
| **Construction Materials — 1.46%** |  |  |
| Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2028 <sup>(a)</sup> | 3062000 | 2739571 |
| **Diversified Financial Services — 5.77%** |  |  |
| AerCap Holdings NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.54%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/10/2079 <sup>(c)</sup> | 3281000 | 2987186 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| <br> **BONDS (continued)** | **Principal**<br> **Amount** | <br> **Value** |
| **Diversified Financial Services (continued)** |  |  |
| Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/2026 | $2827000 | $2678971 |
| Global Aircraft Leasing Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, PIK 7.25%; 09/15/2024 <sup>(a),(e)</sup> | 2935933 | 2495543 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2030 | 2690000 | 2007116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028 | 729000 | 671285 |
|  |  | $10840101 |
| **Electric — 4.12%** |  |  |
| Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(a)</sup> | 3080000 | 2557167 |
| GenOn Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/15/2020 <sup>(f),(g),(h)</sup> | 3100000 |  |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2032 <sup>(a)</sup> | 2835000 | 2129227 |
| Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 5.74%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/2026 <sup>(a),(c),(d)</sup> | 1303000 | 1185643 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029 <sup>(a)</sup> | 2165000 | 1865400 |
|  |  | $7737437 |
| **Electronics — 1.35%** |  |  |
| Sensata Technologies BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 <sup>(a)</sup> | 345000 | 297562 |
| Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(a)</sup> | 2731000 | 2246630 |
|  |  | $2544192 |
| **Entertainment — 7.93%** |  |  |
| Boyne USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/2029 <sup>(a)</sup> | 3487000 | 3086150 |
| CCM Merger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/2026 <sup>(a)</sup> | 2854000 | 2689381 |
| CDI Escrow Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2030 <sup>(a)</sup> | 2624000 | 2352230 |
| Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 <sup>(a),(b)</sup> | 2673000 | 1984943 |
| International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2029 <sup>(a)</sup> | 3466000 | 3229825 |
| Lions Gate Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2029 <sup>(a)</sup> | 2679000 | 1553276 |
|  |  | $14895805 |
| **Food — 3.53%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/2030 <sup>(a)</sup> | 2065000 | 1842930 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/2025 <sup>(a),(b)</sup> | 2261000 | 2201649 |
| Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 <sup>(a)</sup> | 2903000 | 2271598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/2031 <sup>(a)</sup> | 379000 | 322360 |
|  |  | $6638537 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| <br> **BONDS (continued)** | **Principal**<br> **Amount** | <br> **Value** |
| **Forest Products & Paper — 0.57%** |  |  |
| Mercer International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/2029 | $1289000 | $1077617 |
| **Healthcare — Services — 5.34%** |  |  |
| Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029 <sup>(a)</sup> | 3050000 | 2805085 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 | 1399000 | 1094680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 1852000 | 1565625 |
| CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029 <sup>(a)</sup> | 2640000 | 2208307 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/2028 <sup>(a)</sup> | 2643000 | 2366331 |
|  |  | $10040028 |
| **Home Builders — 1.25%** |  |  |
| Forestar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/15/2026 <sup>(a)</sup> | 526000 | 461139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 <sup>(a)</sup> | 2196000 | 1884091 |
|  |  | $2345230 |
| **Insurance — 0.77%** |  |  |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029 <sup>(a)</sup> | 321000 | 264958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2025 <sup>(a)</sup> | 1281000 | 1176999 |
|  |  | $1441957 |
| **Investment Companies — 0.87%** |  |  |
| Compass Group Diversified Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2029 <sup>(a)</sup> | 1919000 | 1642263 |
| **Iron & Steel — 0.56%** |  |  |
| TMS International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2029 <sup>(a)</sup> | 1482000 | 1060015 |
| **Leisure Time — 1.44%** |  |  |
| Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2026 <sup>(a)</sup> | 2910000 | 2707755 |
| **Media — 7.08%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031 <sup>(a)</sup> | 3041000 | 2439232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 <sup>(a)</sup> | 930000 | 753951 |
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/15/2027 <sup>(a)</sup> | 3331000 | 2980112 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/2029 | 289000 | 186437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026 <sup>(a)</sup> | 13284 | 11189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/2024 | 885000 | 822372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/2028 | 1524000 | 1078230 |
| DISH Network Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 11/15/2027 <sup>(a)</sup> | 473000 | 487143 |
| Scripps Escrow II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2031 <sup>(a)</sup> | 986000 | 790288 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/2026 <sup>(a)</sup> | 2996000 | 2660268 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments**<br> **Principal Active High Yield ETF**<br> **December 31, 2022 (unaudited)**<br>**BONDS (continued)** | <br>**Principal**<br> **Amount** | <br>**Value** |
| **Media (continued)** |  |  |
| UPC Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028 <sup>(a)</sup> | $1226000 | $1088075 |
|  |  | $13297297 |
| **Mining — 2.96%** |  |  |
| Copper Mountain Mining Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/09/2026 <sup>(a)</sup> | 2091973 | 1940305 |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/2027 <sup>(a)</sup> | 772000 | 724308 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031 <sup>(a)</sup> | 1730000 | 1412359 |
| Taseko Mines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2026 <sup>(a)</sup> | 1683000 | 1479928 |
|  |  | $5556900 |
| **Oil & Gas — 6.17%** |  |  |
| Aethon United BR LP/Aethon United Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/15/2026 <sup>(a)</sup> | 2624000 | 2602867 |
| Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/2029 <sup>(a)</sup> | 2070000 | 2081398 |
| Apache Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/2043 | 90000 | 67905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/01/2040 | 1820000 | 1508257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2042 | 133000 | 108626 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/01/2026 <sup>(a)</sup> | 921000 | 893388 |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/2030 <sup>(a)</sup> | 1105000 | 949968 |
| MEG Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/2027 <sup>(a)</sup> | 1803000 | 1838865 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 | 320000 | 322941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 | 1179000 | 1218355 |
|  |  | $11592570 |
| **Oil & Gas Services — 0.96%** |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2028 <sup>(a)</sup> | 1963000 | 1796169 |
| **Packaging & Containers — 1.18%** |  |  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/2029 <sup>(a)</sup> | 345000 | 328009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030 <sup>(a)</sup> | 1083000 | 927017 |
| LABL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028 <sup>(a)</sup> | 222000 | 193422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/01/2029 <sup>(a)</sup> | 968000 | 770985 |
|  |  | $2219433 |
| **Pharmaceuticals — 2.31%** |  |  |
| BellRing Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/2030 <sup>(a)</sup> | 1700000 | 1635825 |
| Jazz Securities DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2029 <sup>(a)</sup> | 3044000 | 2712661 |
|  |  | $4348486 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments**<br> **Principal Active High Yield ETF**<br> **December 31, 2022 (unaudited)**<br>**BONDS (continued)** | <br>**Principal**<br> **Amount** | <br>**Value** |
| **Pipelines — 7.94%** |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 <sup>(a)</sup> | $1786000 | $1632833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 <sup>(a)</sup> | 1130000 | 1068254 |
| CNX Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/2030 <sup>(a)</sup> | 2628000 | 2156708 |
| Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/2027 <sup>(a)</sup> | 2875000 | 2673750 |
| EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2030 <sup>(a)</sup> | 1807000 | 1788388 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2030 <sup>(a)</sup> | 2127000 | 1818417 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2030 <sup>(a)</sup> | 2892000 | 2712068 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/2031 | 1188000 | 1072704 |
|  |  | $14923122 |
| **REITs — 2.44%** |  |  |
| CBL & Associates LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/2026 <sup>(f),(g),(h)</sup> | 6000000 |  |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/2026 <sup>(a)</sup> | 2040000 | 1772352 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2029 <sup>(a)</sup> | 3476000 | 2806383 |
|  |  | $4578735 |
| **Retail — 4.81%** |  |  |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2028 | 614000 | 570191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/2030 <sup>(a)</sup> | 1025000 | 961863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/01/2025 <sup>(a)</sup> | 325000 | 346185 |
| BCPE Ulysses Intermediate, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, PIK 8.50%; 04/01/2027 <sup>(a),(e)</sup> | 702000 | 433774 |
| Dave & Buster's, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/01/2025 <sup>(a)</sup> | 1771000 | 1779855 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 <sup>(a)</sup> | 1332000 | 1127185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2030 <sup>(a)</sup> | 911000 | 734813 |
| LSF9 Atlantis Holdings LLC/Victra Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2026 <sup>(a)</sup> | 1922000 | 1701085 |
| Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/2029 <sup>(a)</sup> | 1095000 | 729166 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/2029 <sup>(a)</sup> | 789000 | 654870 |
|  |  | $9038987 |
| **Telecommunications — 2.28%** |  |  |
| DKT Finance ApS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 06/17/2023 <sup>(a)</sup> | 2111000 | 2084613 |
| Maxar Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 06/15/2027 <sup>(a)</sup> | 2123000 | 2204168 |
|  |  | $4288781 |
| **Transportation — 1.17%** |  |  |
| Watco Cos. LLC/Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2027 <sup>(a)</sup> | 2305000 | 2189750 |

---

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Schedule of Investments** |  | |
|  | **Principal Active High Yield ETF** |  | |
|  | **December 31, 2022 (unaudited)** |  | |
| **BONDS (continued)** | **BONDS (continued)** | | <br>**Value** |
| TOTAL BONDS | TOTAL BONDS |  | $163417703 |
|  |  | **Principal** |  |
| **SENIOR FLOATING RATE INTERESTS — 8.14%** | **SENIOR FLOATING RATE INTERESTS — 8.14%** | **Amount** | **Value** |
| **Airlines — 3.60%** | **Airlines — 3.60%** |  |  |
| AAdvantage Loyalty IP Ltd., 2021 Term Loan | AAdvantage Loyalty IP Ltd., 2021 Term Loan |  |  |
|  | (3-month USD LIBOR + 4.75%), |  |  |
|  | 8.99%, 04/20/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3355000 | $3336648 |
| Mileage Plus Holdings LLC, 2020 Term Loan B | Mileage Plus Holdings LLC, 2020 Term Loan B |  |  |
|  | (3-month USD LIBOR + 5.25%), |  |  |
|  | 1.00%, 06/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1174737 | 1206748 |
| United Airlines, Inc., 2021 Term Loan B | United Airlines, Inc., 2021 Term Loan B |  |  |
|  | (3-month USD LIBOR + 3.75%), |  |  |
|  | 8.11%, 04/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2255564 | 2222994 |
|  |  |  | $6766390 |
| **Forest Products & Paper — 1.71%** | **Forest Products & Paper — 1.71%** |  |  |
| Spectrum Group Buyer, Inc., 2022 Term Loan B | Spectrum Group Buyer, Inc., 2022 Term Loan B |  |  |
|  | (3-month Term Secured Overnight Financing Rate + 6.50%), |  |  |
|  | 9.44%, 05/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3403594 | 3206458 |
| **Insurance — 1.53%** | **Insurance — 1.53%** |  |  |
| Acrisure LLC, 2020 Term Loan B | Acrisure LLC, 2020 Term Loan B |  |  |
|  | (1-month USD LIBOR + 3.50%), |  |  |
|  | 7.88%, 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1640974 | 1536362 |
| Asurion LLC, 2021 2nd Lien Term Loan B3 | Asurion LLC, 2021 2nd Lien Term Loan B3 |  |  |
|  | (1-month USD LIBOR + 5.25%), |  |  |
|  | 9.63%, 01/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1725000 | 1338307 |
|  |  |  | $2874669 |
| **Lodging — 0.61%** | **Lodging — 0.61%** |  |  |
| Fertitta Entertainment LLC, 2022 Term Loan B | Fertitta Entertainment LLC, 2022 Term Loan B |  |  |
|  | (1-month Term Secured Overnight Financing Rate + 4.00%), |  |  |
|  | 8.32%, 01/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1202140 | 1140686 |
| **Packaging & Containers — 0.69%** | **Packaging & Containers — 0.69%** |  |  |
| Valcour Packaging LLC, 2021 1st Lien Term Loan | Valcour Packaging LLC, 2021 1st Lien Term Loan |  |  |
|  | (6-month USD LIBOR + 3.75%), |  |  |
|  | 7.98%, 10/04/2028 | 1588000 | 1302160 |
| TOTAL SENIOR FLOATING RATE INTERESTS | TOTAL SENIOR FLOATING RATE INTERESTS |  | $15290363 |
| **INVESTMENT COMPANIES — 6.04%** | **INVESTMENT COMPANIES — 6.04%** | **Shares Held** | **Value** |
| **Money Market Funds — 6.04%** | **Money Market Funds — 6.04%** |  |  |
| Principal Government Money Market Fund — Class R-6 4.15% <sup>(i),(j),(k)</sup> | Principal Government Money Market Fund — Class R-6 4.15% <sup>(i),(j),(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4092183 | $4092183 |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |  |
| Class 1.29% <sup>(k)</sup> | Class 1.29% <sup>(k)</sup> | 7255132 | 7255132 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |  | $11347315 |
| **Total Investments** | **Total Investments** |  | $**190055381** |
| **Other Assets and Liabilities — (1.15)%** | **Other Assets and Liabilities — (1.15)%** |  | **(2164276)** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** |  | $**187891105** |
| <sup>(a)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | 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 | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these |
|  | securities totaled $136,433,640 or 72.61% of net assets. |  |  |
| <sup>(b)</sup> | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $3,987,219 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $3,987,219 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $3,987,219 or |
|  | 2.12% of net assets. |  |  |
| <sup>(c)</sup> | 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 | 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 | 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. |  |  |
| *See accompanying notes.* | *See accompanying notes.* |  |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Schedule of Investments** | **Schedule of Investments** |  |  |
|  |  | **Principal Active High Yield ETF** | **Principal Active High Yield ETF** |  |  |
|  |  | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |  |  |
| <sup>(d)</sup> | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | 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. | date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end. | date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end. | date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end. | date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end. |
| <sup>(e)</sup> | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. |  |
| <sup>(f)</sup> | Non-income producing security. |  |  |  |  |
| <sup>(g)</sup> | The value of these investments was determined using significant unobservable inputs, in good faith by the Advisor, under | The value of these investments was determined using significant unobservable inputs, in good faith by the Advisor, under | The value of these investments was determined using significant unobservable inputs, in good faith by the Advisor, under | The value of these investments was determined using significant unobservable inputs, in good faith by the Advisor, under | 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. | procedures established and periodically reviewed by the Board of Trustees. | procedures established and periodically reviewed by the Board of Trustees. |  |  |
| <sup>(h)</sup> | Security is defaulted. |  |  |  |  |
| <sup>(i)</sup> | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | 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). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | 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. | Please see Affiliated Securities sub-schedule for transactional information. | Please see Affiliated Securities sub-schedule for transactional information. |  |  |
| <sup>(j)</sup> | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of |
|  | these securities totaled $4,092,183 or 2.18% of net assets. | these securities totaled $4,092,183 or 2.18% of net assets. |  |  |  |
| <sup>(k)</sup> | Current yield shown is as of period end. | Current yield shown is as of period end. |  |  |  |
|  | **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** |  |  |  |
| Sector | Sector |  | Percent |  |  |
| Consumer, Cyclical | Consumer, Cyclical |  | 21.58% |  |  |
| Consumer, Non-cyclical | Consumer, Non-cyclical |  | 16.48% |  |  |
| Energy | Energy |  | 15.07% |  |  |
| Financial | Financial |  | 12.80% |  |  |
| Communications | Communications |  | 9.36% |  |  |
| Basic Materials | Basic Materials |  | 8.72% |  |  |
| Industrial | Industrial |  | 6.98% |  |  |
| Money Market Funds | Money Market Funds |  | 6.04% |  |  |
| Utilities | Utilities |  | 4.12% |  |  |
| Other Assets and Liabilities | Other Assets and Liabilities |  | (1.15)% |  |  |
| **TOTAL NET ASSETS** | **TOTAL NET ASSETS** |  | **100.00%** |  |  |
|  |  | **June 30, 2022** | **Purchases** | **Sales** | **December 31, 2022** |
| **Affiliated Securities** | **Affiliated Securities** | **Value** | **Cost** | **Proceeds** | **Value** |
| Principal Government Money | Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | Market Fund — Class R-6 4.15% | $— | $9715105 | $5622922 | $4092183 |
| Principal Government Money | Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class | Market Fund — Institutional Class |  |  |  |  |
| 4.09 | 4.09% | 5781485 | 33322007 | 39103492 |  |
|  |  | $5781485 | $43037112 | $44726414 | $4092183 |
|  |  |  |  | **Realized Gain** |  |
|  |  |  | **Realized** | **from** | **Change in** |
|  |  |  | **Gain/(Loss) on** | **Capital Gain** | **Unrealized** |
|  |  | **Income <sup>(a)</sup>** | **Investments** | **Distributions** | **Gain/(Loss)** |
| Principal Government Money | Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | Market Fund — Class R-6 4.15% | $— | $— | $— | $— |
| Principal Government Money | Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class | Market Fund — Institutional Class |  |  |  |  |
| 4.09 | 4.09% |  |  |  |  |
|  |  | $— | $— | $— | $— |
| <sup>(a)</sup> | Amount excludes earnings from securities lending collateral. | Amount excludes earnings from securities lending collateral. |  |  |  |
| *See accompanying notes.* | *See accompanying notes.* |  |  |  |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**COMMON STOCKS — 99.82%** | **Schedule of Investments**<br> **Principal Healthcare Innovators ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Biotechnology — 64.49%** |  |  |  |
| 2seventy bio, Inc. <sup>(a)</sup> |  | 6374 | $59724 |
| 4D Molecular Therapeutics, Inc. <sup>(a)</sup> |  | 6955 | 154471 |
| Aadi Bioscience, Inc. <sup>(a)</sup> |  | 4119 | 52847 |
| Absci Corp. <sup>(a)</sup> |  | 18653 | 39171 |
| ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> |  | 24030 | 382558 |
| Adicet Bio, Inc. <sup>(a)</sup> |  | 6545 | 58512 |
| ADMA Biologics, Inc. <sup>(a)</sup> |  | 33393 | 129565 |
| Affimed NV <sup>(a)</sup> |  | 29463 | 36534 |
| Agenus, Inc. <sup>(a)</sup> |  | 45880 | 110112 |
| Akero Therapeutics, Inc. <sup>(a)</sup> |  | 6969 | 381901 |
| Albireo Pharma, Inc. <sup>(a)</sup> |  | 3544 | 76586 |
| Allogene Therapeutics, Inc. <sup>(a)</sup> |  | 21972 | 138204 |
| Allovir, Inc. <sup>(a)</sup> |  | 15104 | 77484 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> |  | 8295 | 1971307 |
| ALX Oncology Holdings, Inc. <sup>(a)</sup> |  | 7043 | 79375 |
| Amicus Therapeutics, Inc. <sup>(a)</sup> |  | 41374 | 505177 |
| AnaptysBio, Inc. <sup>(a)</sup> |  | 4553 | 141097 |
| Anavex Life Sciences Corp. <sup>(a),(b)</sup> |  | 12334 | 114213 |
| ANI Pharmaceuticals, Inc. <sup>(a)</sup> |  | 2886 | 116104 |
| Apellis Pharmaceuticals, Inc. <sup>(a)</sup> |  | 16076 | 831290 |
| Arbutus Biopharma Corp. <sup>(a),(b)</sup> |  | 28201 | 65708 |
| Arcellx, Inc. <sup>(a)</sup> |  | 6981 | 216271 |
| Arcturus Therapeutics Holdings, Inc. <sup>(a)</sup> |  | 4768 | 80865 |
| Arcus Biosciences, Inc. <sup>(a)</sup> |  | 10812 | 223592 |
| Arcutis Biotherapeutics, Inc. <sup>(a)</sup> |  | 9418 | 139386 |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup> |  | 15555 | 630911 |
| Atara Biotherapeutics, Inc. <sup>(a)</sup> |  | 16863 | 55311 |
| Atea Pharmaceuticals, Inc. <sup>(a)</sup> |  | 14584 | 70149 |
| Aurinia Pharmaceuticals, Inc. <sup>(a)</sup> |  | 25261 | 109128 |
| Avidity Biosciences, Inc. <sup>(a)</sup> |  | 8568 | 190124 |
| Axsome Therapeutics, Inc. <sup>(a)</sup> |  | 6483 | 500034 |
| Beam Therapeutics, Inc. <sup>(a)</sup> |  | 10373 | 405688 |
| Berkeley Lights, Inc. <sup>(a)</sup> |  | 17257 | 46249 |
| Bio-Rad Laboratories, Inc., Class A <sup>(a)</sup> |  | 4291 | 1804323 |
| BioCryst Pharmaceuticals, Inc. <sup>(a)</sup> |  | 27585 | 316676 |
| Biohaven Ltd. <sup>(a)</sup> |  | 6642 | 92191 |
| Bluebird Bio, Inc. <sup>(a)</sup> |  | 13410 | 92797 |
| Blueprint Medicines Corp. <sup>(a)</sup> |  | 8823 | 386536 |
| Bridgebio Pharma, Inc. <sup>(a)</sup> |  | 22556 | 171877 |
| C4 Therapeutics, Inc. <sup>(a)</sup> |  | 8630 | 50917 |
| Cara Therapeutics, Inc. <sup>(a)</sup> |  | 9149 | 98260 |
| Caribou Biosciences, Inc. <sup>(a)</sup> |  | 10176 | 63905 |
| Cassava Sciences, Inc. <sup>(a),(b)</sup> |  | 6138 | 181316 |
| Celldex Therapeutics, Inc. <sup>(a)</sup> |  | 7133 | 317918 |
| Celularity, Inc. <sup>(a)</sup> |  | 26869 | 34661 |
| Cerevel Therapeutics Holdings, Inc. <sup>(a)</sup> |  | 23016 | 725925 |
| Chinook Therapeutics, Inc. <sup>(a)</sup> |  | 9684 | 253721 |
| CinCor Pharma, Inc. <sup>(a)</sup> |  | 6533 | 80291 |
| Cogent Biosciences, Inc. <sup>(a)</sup> |  | 10417 | 120420 |
| Crinetics Pharmaceuticals, Inc. <sup>(a)</sup> |  | 8505 | 155641 |
| CTI BioPharma Corp. <sup>(a)</sup> |  | 20292 | 121955 |
| Cullinan Oncology, Inc. <sup>(a)</sup> |  | 7682 | 81045 |
| Cytek Biosciences, Inc. <sup>(a)</sup> |  | 20189 | 206130 |
| Cytokinetics, Inc. <sup>(a)</sup> |  | 14172 | 649361 |
| Day One Biopharmaceuticals, Inc. <sup>(a)</sup> |  | 11230 | 241670 |
| Deciphera Pharmaceuticals, Inc. <sup>(a)</sup> |  | 10396 | 170390 |
| Denali Therapeutics, Inc. <sup>(a)</sup> |  | 19875 | 552724 |
| Design Therapeutics, Inc. <sup>(a)</sup> |  | 8889 | 91201 |

---

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal Healthcare Innovators ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Biotechnology (continued)** |  |  |  |
| DICE Therapeutics, Inc. <sup>(a)</sup> |  | 7034 | $219461 |
| Dyne Therapeutics, Inc. <sup>(a)</sup> |  | 8611 | 99801 |
| Edgewise Therapeutics, Inc. <sup>(a)</sup> |  | 8500 | 75990 |
| Editas Medicine, Inc. <sup>(a)</sup> |  | 11039 | 97916 |
| Eiger BioPharmaceuticals, Inc. <sup>(a)</sup> |  | 9133 | 10777 |
| Emergent BioSolutions, Inc. <sup>(a)</sup> |  | 7902 | 93323 |
| EQRx, Inc. <sup>(a)</sup> |  | 67018 | 164864 |
| Erasca, Inc. <sup>(a)</sup> |  | 19364 | 83459 |
| Esperion Therapeutics, Inc. <sup>(a)</sup> |  | 11903 | 74156 |
| Evolus, Inc. <sup>(a)</sup> |  | 9676 | 72667 |
| Fate Therapeutics, Inc. <sup>(a)</sup> |  | 14603 | 147344 |
| FibroGen, Inc. <sup>(a)</sup> |  | 14267 | 228557 |
| Geron Corp. <sup>(a)</sup> |  | 60155 | 145575 |
| Gossamer Bio, Inc. <sup>(a),(b)</sup> |  | 14896 | 32324 |
| Ideaya Biosciences, Inc. <sup>(a)</sup> |  | 7574 | 137620 |
| IGM Biosciences, Inc. <sup>(a)</sup> |  | 4876 | 82941 |
| Imago Biosciences, Inc. <sup>(a)</sup> |  | 5783 | 207899 |
| ImmunityBio, Inc. <sup>(a),(b)</sup> |  | 59901 | 303698 |
| ImmunoGen, Inc. <sup>(a)</sup> |  | 33871 | 168000 |
| Immunovant, Inc. <sup>(a)</sup> |  | 19860 | 352515 |
| Inhibrx, Inc. <sup>(a)</sup> |  | 6042 | 148875 |
| Inovio Pharmaceuticals, Inc. <sup>(a)</sup> |  | 43715 | 68195 |
| Insmed, Inc. <sup>(a)</sup> |  | 20278 | 405154 |
| Instil Bio, Inc. <sup>(a)</sup> |  | 21717 | 13682 |
| Intellia Therapeutics, Inc. <sup>(a)</sup> |  | 11262 | 392931 |
| Intercept Pharmaceuticals, Inc. <sup>(a)</sup> |  | 6932 | 85749 |
| Intra-Cellular Therapies, Inc. <sup>(a)</sup> |  | 13923 | 736805 |
| Invivyd, Inc. <sup>(a)</sup> |  | 19592 | 29388 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> |  | 20772 | 784558 |
| Iovance Biotherapeutics, Inc. <sup>(a)</sup> |  | 24099 | 153993 |
| IVERIC bio, Inc. <sup>(a)</sup> |  | 17542 | 375574 |
| Karuna Therapeutics, Inc. <sup>(a)</sup> |  | 4884 | 959706 |
| Karyopharm Therapeutics, Inc. <sup>(a)</sup> |  | 14545 | 49453 |
| Keros Therapeutics, Inc. <sup>(a)</sup> |  | 3999 | 192032 |
| Kezar Life Sciences, Inc. <sup>(a)</sup> |  | 11730 | 82579 |
| Kiniksa Pharmaceuticals Ltd., Class A <sup>(a)</sup> |  | 6067 | 90884 |
| Kinnate Biopharma, Inc. <sup>(a)</sup> |  | 8213 | 50099 |
| Kodiak Sciences, Inc. <sup>(a)</sup> |  | 9510 | 68092 |
| Krystal Biotech, Inc. <sup>(a)</sup> |  | 3873 | 306819 |
| Kymera Therapeutics, Inc. <sup>(a)</sup> |  | 8389 | 209389 |
| Lexicon Pharmaceuticals, Inc. <sup>(a)</sup> |  | 33607 | 64189 |
| Ligand Pharmaceuticals, Inc. <sup>(a)</sup> |  | 2577 | 172144 |
| Liquidia Corp. <sup>(a),(b)</sup> |  | 12469 | 79428 |
| MacroGenics, Inc. <sup>(a)</sup> |  | 11759 | 78903 |
| Mersana Therapeutics, Inc. <sup>(a)</sup> |  | 15873 | 93016 |
| Mirati Therapeutics, Inc. <sup>(a)</sup> |  | 8252 | 373898 |
| Monte Rosa Therapeutics, Inc. <sup>(a)</sup> |  | 8512 | 64776 |
| Myriad Genetics, Inc. <sup>(a)</sup> |  | 12254 | 177806 |
| Nektar Therapeutics <sup>(a)</sup> |  | 30877 | 69782 |
| NeoGenomics, Inc. <sup>(a)</sup> |  | 20332 | 187868 |
| NGM Biopharmaceuticals, Inc. <sup>(a)</sup> |  | 14604 | 73312 |
| Nkarta, Inc. <sup>(a),(b)</sup> |  | 8072 | 48351 |
| Novavax, Inc. <sup>(a)</sup> |  | 11917 | 122507 |
| Nurix Therapeutics, Inc. <sup>(a)</sup> |  | 7994 | 87774 |
| Nuvalent, Inc., Class A <sup>(a)</sup> |  | 6860 | 204291 |
| Nuvation Bio, Inc. <sup>(a)</sup> |  | 37692 | 72369 |
| Phathom Pharmaceuticals, Inc. <sup>(a),(b)</sup> |  | 7029 | 78865 |
| Point Biopharma Global, Inc. <sup>(a),(b)</sup> |  | 16659 | 121444 |

---

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal Healthcare Innovators ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Biotechnology (continued)** |  |  |  |
| Praxis Precision Medicines, Inc. <sup>(a)</sup> |  | 15726 | $37428 |
| Precigen, Inc. <sup>(a)</sup> |  | 38054 | 57842 |
| Prothena Corp. PLC <sup>(a)</sup> |  | 6952 | 418858 |
| Provention Bio, Inc. <sup>(a)</sup> |  | 14023 | 148223 |
| PTC Therapeutics, Inc. <sup>(a)</sup> |  | 10531 | 401968 |
| RAPT Therapeutics, Inc. <sup>(a)</sup> |  | 4908 | 97178 |
| Recursion Pharmaceuticals, Inc., Class A <sup>(a)</sup> |  | 24886 | 191871 |
| REGENXBIO, Inc. <sup>(a)</sup> |  | 6792 | 154043 |
| Relay Therapeutics, Inc. <sup>(a)</sup> |  | 17874 | 267038 |
| Replimune Group, Inc. <sup>(a)</sup> |  | 7792 | 211942 |
| REVOLUTION Medicines, Inc. <sup>(a)</sup> |  | 13301 | 316830 |
| Rigel Pharmaceuticals, Inc. <sup>(a)</sup> |  | 42502 | 63753 |
| Rocket Pharmaceuticals, Inc. <sup>(a)</sup> |  | 10252 | 200632 |
| Sage Therapeutics, Inc. <sup>(a)</sup> |  | 8887 | 338950 |
| Sana Biotechnology, Inc. <sup>(a),(b)</sup> |  | 29752 | 117520 |
| Sangamo Therapeutics, Inc. <sup>(a)</sup> |  | 25681 | 80638 |
| Sarepta Therapeutics, Inc. <sup>(a)</sup> |  | 12731 | 1649683 |
| Seagen, Inc. <sup>(a)</sup> |  | 12806 | 1645699 |
| Seer, Inc. <sup>(a)</sup> |  | 10508 | 60946 |
| Sorrento Therapeutics, Inc. <sup>(a)</sup> |  | 73704 | 65302 |
| SpringWorks Therapeutics, Inc. <sup>(a)</sup> |  | 9502 | 247147 |
| Stoke Therapeutics, Inc. <sup>(a)</sup> |  | 6680 | 61656 |
| Sutro Biopharma, Inc. <sup>(a)</sup> |  | 9987 | 80695 |
| Syndax Pharmaceuticals, Inc. <sup>(a)</sup> |  | 8690 | 221160 |
| Tarsus Pharmaceuticals, Inc. <sup>(a)</sup> |  | 4701 | 68917 |
| TG Therapeutics, Inc. <sup>(a)</sup> |  | 23504 | 278052 |
| Theravance Biopharma, Inc. <sup>(a)</sup> |  | 11078 | 124295 |
| TransMedics Group, Inc. <sup>(a)</sup> |  | 4787 | 295454 |
| Travere Therapeutics, Inc. <sup>(a)</sup> |  | 9775 | 205568 |
| Twist Bioscience Corp. <sup>(a)</sup> |  | 8541 | 203361 |
| Ultragenyx Pharmaceutical, Inc. <sup>(a)</sup> |  | 10379 | 480859 |
| Vaxart, Inc. <sup>(a)</sup> |  | 26634 | 25593 |
| Ventyx Biosciences, Inc. <sup>(a)</sup> |  | 8592 | 281732 |
| Vera Therapeutics, Inc. <sup>(a),(b)</sup> |  | 4862 | 94080 |
| Veracyte, Inc. <sup>(a)</sup> |  | 11132 | 264162 |
| Vericel Corp. <sup>(a)</sup> |  | 7318 | 192756 |
| Verve Therapeutics, Inc. <sup>(a)</sup> |  | 9012 | 174382 |
| Viridian Therapeutics, Inc. <sup>(a)</sup> |  | 6168 | 180167 |
| VistaGen Therapeutics, Inc. <sup>(a)</sup> |  | 165962 | 17094 |
| Xencor, Inc. <sup>(a)</sup> |  | 9041 | 235428 |
| Zentalis Pharmaceuticals, Inc. <sup>(a)</sup> |  | 8782 | 176869 |
|  |  |  | $35860837 |
| **Chemicals — 0.10%** |  |  |  |
| Codexis, Inc. <sup>(a)</sup> |  | 12150 | 56619 |
| **Electronics — 0.27%** |  |  |  |
| Mesa Laboratories, Inc. |  | 887 | 147428 |
| **Healthcare — Products — 19.62%** |  |  |  |
| 10X Genomics, Inc., Class A <sup>(a)</sup> |  | 14320 | 521821 |
| Adaptive Biotechnologies Corp. <sup>(a)</sup> |  | 22626 | 172863 |
| Akoya Biosciences, Inc. <sup>(a)</sup> |  | 6516 | 62358 |
| Alphatec Holdings, Inc. <sup>(a)</sup> |  | 16360 | 202046 |
| AngioDynamics, Inc. <sup>(a)</sup> |  | 6771 | 93237 |
| Artivion, Inc. <sup>(a)</sup> |  | 7355 | 89143 |
| AtriCure, Inc. <sup>(a)</sup> |  | 7023 | 311681 |
| Axogen, Inc. <sup>(a)</sup> |  | 7285 | 72704 |
| Axonics, Inc. <sup>(a)</sup> |  | 7187 | 449403 |

---

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal Healthcare Innovators ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Healthcare — Products (continued)** |  |  |  |
| BioLife Solutions, Inc. <sup>(a)</sup> |  | 6842 | $124524 |
| Bionano Genomics, Inc. <sup>(a),(b)</sup> |  | 48142 | 70287 |
| Butterfly Network, Inc. <sup>(a),(b)</sup> |  | 27966 | 68796 |
| Cardiovascular Systems, Inc. <sup>(a)</sup> |  | 6879 | 93692 |
| CareDx, Inc. <sup>(a)</sup> |  | 8484 | 96802 |
| Cerus Corp. <sup>(a)</sup> |  | 29356 | 107149 |
| Cutera, Inc. <sup>(a)</sup> |  | 3123 | 138099 |
| Exact Sciences Corp. <sup>(a)</sup> |  | 25922 | 1283398 |
| Glaukos Corp. <sup>(a)</sup> |  | 7062 | 308468 |
| Inari Medical, Inc. <sup>(a)</sup> |  | 7902 | 502251 |
| Inogen, Inc. <sup>(a)</sup> |  | 3980 | 78446 |
| Inspire Medical Systems, Inc. <sup>(a)</sup> |  | 4209 | 1060163 |
| iRhythm Technologies, Inc. <sup>(a)</sup> |  | 4416 | 413647 |
| MaxCyte, Inc. <sup>(a)</sup> |  | 16923 | 92400 |
| MiMedx Group, Inc. <sup>(a)</sup> |  | 21321 | 59272 |
| NanoString Technologies, Inc. <sup>(a)</sup> |  | 8180 | 65195 |
| Natera, Inc. <sup>(a)</sup> |  | 14333 | 575757 |
| Nevro Corp. <sup>(a)</sup> |  | 5412 | 214315 |
| Novocure Ltd. <sup>(a)</sup> |  | 15279 | 1120715 |
| NuVasive, Inc. <sup>(a)</sup> |  | 7783 | 320971 |
| OraSure Technologies, Inc. <sup>(a)</sup> |  | 14059 | 67764 |
| Orthofix Medical, Inc. <sup>(a)</sup> |  | 3848 | 78999 |
| OrthoPediatrics Corp. <sup>(a)</sup> |  | 3219 | 127891 |
| Pacific Biosciences of California, Inc. <sup>(a)</sup> |  | 33972 | 277891 |
| Paragon 28, Inc. <sup>(a)</sup> |  | 11748 | 224504 |
| PROCEPT BioRobotics Corp. <sup>(a)</sup> |  | 6709 | 278692 |
| Pulmonx Corp. <sup>(a)</sup> |  | 6311 | 53202 |
| Quanterix Corp. <sup>(a)</sup> |  | 6835 | 94665 |
| Quantum-Si, Inc. <sup>(a)</sup> |  | 22459 | 41100 |
| SI-BONE, Inc. <sup>(a)</sup> |  | 5709 | 77642 |
| Silk Road Medical, Inc. <sup>(a)</sup> |  | 5705 | 301509 |
| SomaLogic, Inc. <sup>(a)</sup> |  | 31284 | 78523 |
| Tactile Systems Technology, Inc. <sup>(a)</sup> |  | 4874 | 55954 |
| Treace Medical Concepts, Inc. <sup>(a)</sup> |  | 8524 | 195967 |
| ViewRay, Inc. <sup>(a)</sup> |  | 29504 | 132178 |
| Zimvie, Inc. <sup>(a)</sup> |  | 5747 | 53677 |
|  |  |  | $10909761 |
| **Healthcare — Services — 0.15%** |  |  |  |
| Inotiv, Inc. <sup>(a),(b)</sup> |  | 4397 | 21721 |
| Nano-X Imaging Ltd. <sup>(a)</sup> |  | 8675 | 64022 |
|  |  |  | $85743 |
| **Miscellaneous Manufacturers — 0.19%** |  |  |  |
| Sight Sciences, Inc. <sup>(a)</sup> |  | 8773 | 107118 |
| **Pharmaceuticals — 14.40%** |  |  |  |
| Aclaris Therapeutics, Inc. <sup>(a)</sup> |  | 10389 | 163627 |
| Agios Pharmaceuticals, Inc. <sup>(a)</sup> |  | 8363 | 234833 |
| Alector, Inc. <sup>(a)</sup> |  | 13408 | 123756 |
| Alkermes PLC <sup>(a)</sup> |  | 24360 | 636527 |
| Amneal Pharmaceuticals, Inc. <sup>(a)</sup> |  | 28785 | 57282 |
| Amylyx Pharmaceuticals, Inc. <sup>(a)</sup> |  | 9715 | 358969 |
| Anika Therapeutics, Inc. <sup>(a)</sup> |  | 2637 | 78055 |
| Arvinas, Inc. <sup>(a)</sup> |  | 7929 | 271251 |
| Bioxcel Therapeutics, Inc. <sup>(a),(b)</sup> |  | 5358 | 115090 |

---

 *See accompanying notes.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **Schedule of Investments**<br>**Principal Healthcare Innovators ETF**<br>**December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |  |  |  |
| Chimerix, Inc. <sup>(a)</sup> | Chimerix, Inc. <sup>(a)</sup> |  | 20828 | 38740 |
| Coherus Biosciences, Inc. <sup>(a)</sup> | Coherus Biosciences, Inc. <sup>(a)</sup> |  | 12795 | 101336 |
| Collegium Pharmaceutical, Inc. <sup>(a)</sup> | Collegium Pharmaceutical, Inc. <sup>(a)</sup> |  | 5692 | 132054 |
| Eagle Pharmaceuticals, Inc. <sup>(a)</sup> | Eagle Pharmaceuticals, Inc. <sup>(a)</sup> |  | 2365 | 69129 |
| Elanco Animal Health, Inc. <sup>(a)</sup> | Elanco Animal Health, Inc. <sup>(a)</sup> |  | 69526 | 849608 |
| Enanta Pharmaceuticals, Inc. <sup>(a)</sup> | Enanta Pharmaceuticals, Inc. <sup>(a)</sup> |  | 3269 | 152074 |
| Fulcrum Therapeutics, Inc. <sup>(a)</sup> | Fulcrum Therapeutics, Inc. <sup>(a)</sup> |  | 10008 | 72858 |
| Heron Therapeutics, Inc. <sup>(a),(b)</sup> | Heron Therapeutics, Inc. <sup>(a),(b)</sup> |  | 20637 | 51593 |
| Heska Corp. <sup>(a)</sup> | Heska Corp. <sup>(a)</sup> |  | 1747 | 108594 |
| KalVista Pharmaceuticals, Inc. <sup>(a)</sup> | KalVista Pharmaceuticals, Inc. <sup>(a)</sup> |  | 6777 | 45813 |
| Kura Oncology, Inc. <sup>(a)</sup> | Kura Oncology, Inc. <sup>(a)</sup> |  | 10405 | 129126 |
| Lyell Immunopharma, Inc. <sup>(a)</sup> | Lyell Immunopharma, Inc. <sup>(a)</sup> |  | 37600 | 130472 |
| Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> |  | 2656 | 770904 |
| MannKind Corp. <sup>(a)</sup> | MannKind Corp. <sup>(a)</sup> |  | 41068 | 216428 |
| Mirum Pharmaceuticals, Inc. <sup>(a)</sup> | Mirum Pharmaceuticals, Inc. <sup>(a)</sup> |  | 5996 | 116922 |
| Morphic Holding, Inc. <sup>(a)</sup> | Morphic Holding, Inc. <sup>(a)</sup> |  | 6076 | 162533 |
| Ocugen, Inc. <sup>(a)</sup> | Ocugen, Inc. <sup>(a)</sup> |  | 39256 | 51033 |
| Ocular Therapeutix, Inc. <sup>(a)</sup> | Ocular Therapeutix, Inc. <sup>(a)</sup> |  | 15240 | 42824 |
| Perrigo Co. PLC | Perrigo Co. PLC |  | 19781 | 674334 |
| PMV Pharmaceuticals, Inc. <sup>(a)</sup> | PMV Pharmaceuticals, Inc. <sup>(a)</sup> |  | 7680 | 66816 |
| Prometheus Biosciences, Inc. <sup>(a)</sup> | Prometheus Biosciences, Inc. <sup>(a)</sup> |  | 6134 | 674740 |
| Protagonist Therapeutics, Inc. <sup>(a)</sup> | Protagonist Therapeutics, Inc. <sup>(a)</sup> |  | 8746 | 95419 |
| Reata Pharmaceuticals, Inc., Class A <sup>(a)</sup> | Reata Pharmaceuticals, Inc., Class A <sup>(a)</sup> |  | 5112 | 194205 |
| Relmada Therapeutics, Inc. <sup>(a)</sup> | Relmada Therapeutics, Inc. <sup>(a)</sup> |  | 6744 | 23537 |
| Revance Therapeutics, Inc. <sup>(a)</sup> | Revance Therapeutics, Inc. <sup>(a)</sup> |  | 11126 | 205386 |
| Senseonics Holdings, Inc. <sup>(a)</sup> | Senseonics Holdings, Inc. <sup>(a)</sup> |  | 78525 | 80881 |
| Seres Therapeutics, Inc. <sup>(a)</sup> | Seres Therapeutics, Inc. <sup>(a)</sup> |  | 19920 | 111552 |
| SIGA Technologies, Inc. | SIGA Technologies, Inc. |  | 12033 | 88563 |
| Tricida, Inc. <sup>(a)</sup> | Tricida, Inc. <sup>(a)</sup> |  | 9656 | 1476 |
| Vaxcyte, Inc. <sup>(a)</sup> | Vaxcyte, Inc. <sup>(a)</sup> |  | 9850 | 472307 |
| Y-mAbs Therapeutics, Inc. <sup>(a)</sup> | Y-mAbs Therapeutics, Inc. <sup>(a)</sup> |  | 7219 | 35229 |
|  |  |  |  | 8005876 |
| **Software — 0.36%** | **Software — 0.36%** |  |  |  |
| Outset Medical, Inc. <sup>(a)</sup> | Outset Medical, Inc. <sup>(a)</sup> |  | 7839 | 202403 |
| **Transportation — 0.24%** | **Transportation — 0.24%** |  |  |  |
| CryoPort, Inc. <sup>(a)</sup> | CryoPort, Inc. <sup>(a)</sup> |  | 7513 | 130350 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |  | 55506135 |
| **INVESTMENT COMPANIES — 2.12%** | **INVESTMENT COMPANIES — 2.12%** |  | **Shares Held** | **Value** |
| **Money Market Funds — 2.12%** | **Money Market Funds — 2.12%** |  |  |  |
| Principal Government Money Market Fund — Class R-6 4.15% <sup>(c),(d),(e)</sup> | Principal Government Money Market Fund — Class R-6 4.15% <sup>(c),(d),(e)</sup> | Principal Government Money Market Fund — Class R-6 4.15% <sup>(c),(d),(e)</sup> | 1061503 | 1061503 |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |  |
| Class 1.29% <sup>(e)</sup> | Class 1.29% <sup>(e)</sup> |  | 118129 | 118129 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |  |  | 1179632 |
| **Total Investments** | **Total Investments** |  |  | **56685767** |
| **Other Assets and Liabilities — (1.94)%** | **Other Assets and Liabilities — (1.94)%** |  |  | **(1077418)** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** |  |  | **55608349** |
| <sup>(a)</sup> | Non-income producing security. |  |  |  |
| <sup>(b)</sup> | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $1,029,538 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $1,029,538 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $1,029,538 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $1,029,538 or |
|  | 1.85% of net assets. |  |  |  |
| <sup>(c)</sup> | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | 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). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | 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. | Please see Affiliated Securities sub-schedule for transactional information. |  |  |
| *See accompanying notes.* | *See accompanying notes.* | 54 |  |  |

---

------

 **Schedule of Investments**<br> **Principal Healthcare Innovators ETF**<br> **December 31, 2022 (unaudited)**

<sup>(d)</sup> 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 $1,061,503 or 1.91% of net assets.

<sup>(e)</sup> Current yield shown is as of period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** | |  |  |
| Sector |  | Percent |  |  |
| Consumer, Non-cyclical |  | 98.67% |  |  |
| Money Market Funds |  | 2.12% |  |  |
| Industrial |  | 0.69% |  |  |
| Technology |  | 0.36% |  |  |
| Basic Materials |  | 0.10% |  |  |
| Other Assets and Liabilities |  | (1.94)% |  |  |
| **TOTAL NET ASSETS** |  | **100.00%** |  |  |
|  | **June 30, 2022** | **Purchases** | **Sales** | **December 31, 2022** |
| **Affiliated Securities** | **Value** | **Cost** | **Proceeds** | **Value** |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $— | $2072304 | $1010801 | $1061503 |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% | 1097187 | 11867549 | 12964736 |  |
|  | $1097187 | $13939853 | $13975537 | $1061503 |
|  |  |  | **Realized Gain** |  |
|  |  | **Realized** | **from** | **Change in** |
|  |  | **Gain/(Loss) on** | **Capital Gain** | **Unrealized** |
|  | **Income <sup>(a)</sup>** | **Investments** | **Distributions** | **Gain/(Loss)** |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $— | $— | $— | $— |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% |  |  |  |  |
|  | $— | $— | $— | $— |
| <sup>(a)</sup> Amount excludes earnings from securities lending collateral. | <sup>(a)</sup> Amount excludes earnings from securities lending collateral. |  |  |  |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS — 98.87%** | **Shares Held** | <br>**Value** |
| **Advertising — 0.44%** |  |  |
| Dentsu Group, Inc. | 400 | $12634 |
| Hakuhodo DY Holdings, Inc. | 1200 | 12161 |
| Publicis Groupe SA <sup>(a)</sup> | 251 | 15965 |
| WPP PLC | 1376 | 13644 |
|  |  | $54404 |
| **Aerospace & Defense — 1.22%** |  |  |
| Airbus SE | 177 | 21035 |
| BAE Systems PLC | 3886 | 40215 |
| Dassault Aviation SA | 105 | 17781 |
| Elbit Systems Ltd. | 26 | 4234 |
| MTU Aero Engines AG | 35 | 7575 |
| Rheinmetall AG | 75 | 14937 |
| Safran SA | 122 | 15269 |
| Singapore Technologies Engineering Ltd. | 4100 | 10255 |
| Thales SA | 139 | 17751 |
|  |  | $149052 |
| **Agriculture — 1.28%** |  |  |
| British American Tobacco PLC | 1966 | 77994 |
| Imperial Brands PLC | 1307 | 32724 |
| Japan Tobacco, Inc. | 1400 | 28386 |
| Wilmar International Ltd. | 5900 | 18369 |
|  |  | $157473 |
| **Airlines — 0.34%** |  |  |
| Air Canada <sup>(a)</sup> | 700 | 10024 |
| Deutsche Lufthansa AG <sup>(a)</sup> | 1556 | 12934 |
| Qantas Airways Ltd. <sup>(a)</sup> | 2622 | 10729 |
| Singapore Airlines Ltd. | 2000 | 8257 |
|  |  | $41944 |
| **Apparel — 1.85%** |  |  |
| adidas AG | 66 | 9005 |
| Burberry Group PLC | 578 | 14185 |
| Gildan Activewear, Inc. | 493 | 13501 |
| Hermes International | 11 | 17015 |
| Kering SA | 24 | 12216 |
| LVMH Moet Hennessy Louis Vuitton SE | 214 | 155749 |
| Puma SE | 88 | 5341 |
|  |  | $227012 |
| **Auto Manufacturers — 2.28%** |  |  |
| Bayerische Motoren Werke AG | 259 | 23117 |
| Daimler Truck Holding AG <sup>(a)</sup> | 260 | 8056 |
| Ferrari NV | 65 | 13930 |
| Honda Motor Co. Ltd. | 1300 | 30034 |
| Isuzu Motors Ltd. | 1000 | 11788 |
| Mercedes-Benz Group AG | 257 | 16891 |
| Renault SA <sup>(a)</sup> | 331 | 11081 |
| Stellantis NV | 1610 | 22859 |
| Toyota Motor Corp. | 8100 | 111866 |
| Volkswagen AG | 26 | 4109 |
| Volvo AB, Class B | 620 | 11199 |
| Volvo AB, Class A | 571 | 10840 |
| Volvo Car AB, Class B <sup>(a)</sup> | 768 | 3487 |
|  |  | $279257 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Auto Parts & Equipment — 0.23%** |  |  |
| Cie Generale des Etablissements Michelin SCA | 324 | $9012 |
| NGK Insulators Ltd. | 800 | 10228 |
| Valeo SA | 489 | 8742 |
|  |  | $27982 |
| **Banks — 10.01%** |  |  |
| ABN AMRO Bank NV, GDR <sup>(b)</sup> | 994 | 13753 |
| ANZ Group Holdings Ltd. | 2161 | 34811 |
| Banco Bilbao Vizcaya Argentaria SA | 2385 | 14384 |
| Banco Santander SA | 5515 | 16545 |
| Bank Hapoalim BM | 2071 | 18689 |
| Bank Leumi Le-Israel BM | 2419 | 20170 |
| Bank of Montreal | 644 | 58341 |
| Bank of Nova Scotia | 803 | 39343 |
| Barclays PLC | 6014 | 11525 |
| BNP Paribas SA | 339 | 19324 |
| BOC Hong Kong Holdings Ltd. | 5000 | 17039 |
| CaixaBank SA | 4231 | 16631 |
| Canadian Imperial Bank of Commerce | 384 | 15533 |
| Chiba Bank Ltd. | 1800 | 13194 |
| Commerzbank AG <sup>(a)</sup> | 1468 | 13885 |
| Commonwealth Bank of Australia | 350 | 24449 |
| Concordia Financial Group Ltd. | 3200 | 13411 |
| Credit Agricole SA | 693 | 7293 |
| Danske Bank A/S <sup>(a)</sup> | 874 | 17274 |
| DBS Group Holdings Ltd. | 800 | 20260 |
| Deutsche Bank AG | 938 | 10631 |
| DNB Bank ASA | 583 | 11572 |
| Erste Group Bank AG | 228 | 7297 |
| FinecoBank Banca Fineco SpA | 423 | 7027 |
| Hang Seng Bank Ltd. | 596 | 9911 |
| HSBC Holdings PLC | 15419 | 96131 |
| Israel Discount Bank Ltd., Class A | 3328 | 17496 |
| KBC Group NV | 127 | 8168 |
| Lloyds Banking Group PLC | 46983 | 25793 |
| Macquarie Group Ltd. | 279 | 31715 |
| Mediobanca Banca di Credito Finanziario SpA | 189 | 1818 |
| Mitsubishi UFJ Financial Group, Inc. | 9200 | 62319 |
| Mizrahi Tefahot Bank Ltd. | 436 | 14128 |
| Mizuho Financial Group, Inc. | 2600 | 36769 |
| National Australia Bank Ltd. | 1233 | 25235 |
| National Bank of Canada | 320 | 21561 |
| NatWest Group PLC | 2469 | 7916 |
| Nordea Bank Abp | 1217 | 13025 |
| Oversea-Chinese Banking Corp. Ltd. | 2800 | 25462 |
| Royal Bank of Canada | 971 | 91291 |
| Shizuoka Financial Group, Inc. | 1700 | 13666 |
| Skandinaviska Enskilda Banken AB, Class A | 784 | 9012 |
| Societe Generale SA | 686 | 17242 |
| Standard Chartered PLC | 2264 | 17036 |
| Sumitomo Mitsui Financial Group, Inc. | 1000 | 40354 |
| Svenska Handelsbanken AB, Class A | 1053 | 10606 |
| Swedbank AB, Class A | 661 | 11231 |
| Toronto-Dominion Bank | 1233 | 79835 |
| UBS Group AG | 1046 | 19463 |
| UniCredit SpA | 837 | 11891 |
| United Overseas Bank Ltd. | 1100 | 25213 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Banks (continued)** |  |  |
| Westpac Banking Corp. | 2523 | $40110 |
|  |  | $1226778 |
| **Beverages — 1.95%** |  |  |
| Anheuser-Busch InBev SA | 368 | 22166 |
| Budweiser Brewing Co. APAC Ltd. <sup>(b)</sup> | 1600 | 5032 |
| Carlsberg AS, Class B | 17 | 2259 |
| Coca-Cola Europacific Partners PLC | 420 | 23234 |
| Coca-Cola HBC AG <sup>(a)</sup> | 551 | 13143 |
| Davide Campari-Milano NV | 524 | 5320 |
| Diageo PLC | 1476 | 65131 |
| Endeavour Group Ltd. | 1492 | 6522 |
| Heineken Holding NV | 191 | 14731 |
| Heineken NV | 340 | 31984 |
| JDE Peet's NV | 515 | 14896 |
| Pernod Ricard SA | 90 | 17703 |
| Remy Cointreau SA | 52 | 8772 |
| Treasury Wine Estates Ltd. | 811 | 7515 |
|  |  | $238408 |
| **Biotechnology — 0.50%** |  |  |
| Argenx SE <sup>(a)</sup> | 21 | 7829 |
| Bachem Holding AG, Class B | 74 | 6390 |
| CSL Ltd. | 179 | 35070 |
| Genmab A/S <sup>(a)</sup> | 24 | 10161 |
| Swedish Orphan Biovitrum AB <sup>(a)</sup> | 74 | 1530 |
|  |  | $60980 |
| **Chemicals — 2.73%** |  |  |
| Air Liquide SA | 52 | 7370 |
| Arkema SA | 124 | 11134 |
| BASF SE | 614 | 30490 |
| Brenntag SE | 188 | 12018 |
| Clariant AG <sup>(a)</sup> | 274 | 4341 |
| Covestro AG <sup>(b)</sup> | 179 | 7003 |
| Croda International PLC | 79 | 6307 |
| EMS-Chemie Holding AG | 3 | 2031 |
| Evonik Industries AG | 267 | 5126 |
| Givaudan SA | 4 | 12255 |
| ICL Group Ltd. | 1806 | 13076 |
| Johnson Matthey PLC | 216 | 5554 |
| Mitsubishi Chemical Group Corp. | 2500 | 13043 |
| Mitsui Chemicals, Inc. | 500 | 11334 |
| Nippon Sanso Holdings Corp. | 600 | 8760 |
| Nissan Chemical Corp. | 200 | 8808 |
| Nitto Denko Corp. | 200 | 11658 |
| Nutrien Ltd. | 515 | 37598 |
| OCI NV <sup>(a)</sup> | 370 | 13237 |
| Shin-Etsu Chemical Co. Ltd. | 300 | 37089 |
| Solvay SA | 128 | 12943 |
| Sumitomo Chemical Co. Ltd. | 3300 | 11919 |
| Symrise AG | 94 | 10228 |
| Tosoh Corp. | 900 | 10767 |
| Umicore SA | 346 | 12711 |
| Yara International ASA | 401 | 17625 |
|  |  | $334425 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Commercial Services — 2.53%** |  |  |
| Adecco Group AG <sup>(a)</sup> | 164 | $5402 |
| Adyen NV <sup>(a),(b)</sup> | 8 | 11033 |
| Amadeus IT Group SA <sup>(a)</sup> | 244 | 12681 |
| Ashtead Group PLC | 177 | 10100 |
| Brambles Ltd. | 1082 | 8892 |
| Bureau Veritas SA | 299 | 7877 |
| Dai Nippon Printing Co. Ltd. | 600 | 12115 |
| Edenred | 306 | 16666 |
| Experian PLC | 455 | 15473 |
| GMO Payment Gateway, Inc. | 100 | 8321 |
| IDP Education Ltd. | 232 | 4293 |
| Intertek Group PLC | 292 | 14241 |
| Nuvei Corp. <sup>(a),(b)</sup> | 150 | 3812 |
| Persol Holdings Co. Ltd. | 600 | 12929 |
| Randstad NV | 110 | 6707 |
| Recruit Holdings Co. Ltd. | 1100 | 35010 |
| RELX PLC | 1374 | 38006 |
| Rentokil Initial PLC | 1429 | 8776 |
| Ritchie Bros Auctioneers, Inc. | 174 | 10051 |
| Secom Co. Ltd. | 300 | 17242 |
| Securitas AB, Class B | 1389 | 11575 |
| SGS SA | 4 | 9301 |
| TOPPAN, Inc. | 700 | 10422 |
| Transurban Group | 1552 | 13716 |
| Worldline SA <sup>(a),(b)</sup> | 133 | 5201 |
|  |  | $309842 |
| **Computers — 1.31%** |  |  |
| Bechtle AG | 105 | 3716 |
| Capgemini SE | 122 | 20366 |
| CGI, Inc. <sup>(a)</sup> | 337 | 29048 |
| Check Point Software Technologies Ltd. <sup>(a)</sup> | 133 | 16779 |
| Computershare Ltd. | 466 | 8313 |
| Itochu Techno-Solutions Corp. | 400 | 9357 |
| NEC Corp. | 400 | 14127 |
| Nomura Research Institute Ltd. | 600 | 14241 |
| NTT Data Corp. | 1100 | 16193 |
| Otsuka Corp. | 300 | 9498 |
| SCSK Corp. | 700 | 10673 |
| Teleperformance | 35 | 8344 |
|  |  | $160655 |
| **Construction Materials — 1.34%** |  |  |
| AGC, Inc. | 300 | 10046 |
| Cie de Saint-Gobain | 412 | 20133 |
| CRH PLC | 294 | 11647 |
| Daikin Industries Ltd. | 200 | 30783 |
| Geberit AG | 22 | 10362 |
| HeidelbergCement AG | 119 | 6787 |
| Holcim AG <sup>(a)</sup> | 494 | 25580 |
| Investment AB Latour, Class B | 236 | 4458 |
| James Hardie Industries PLC, CDI <sup>(a)</sup> | 274 | 4925 |
| Kingspan Group PLC | 103 | 5577 |
| Nibe Industrier AB, Class B | 717 | 6672 |
| ROCKWOOL A/S, Class B | 24 | 5642 |
| Sika AG | 51 | 12228 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Construction Materials (continued)** |  |  |
| Xinyi Glass Holdings Ltd. | 5000 | $9314 |
|  |  | $164154 |
| **Distribution/Wholesale — 1.91%** |  |  |
| Bunzl PLC | 688 | 22948 |
| Ferguson PLC | 191 | 24107 |
| IMCD NV | 43 | 6129 |
| ITOCHU Corp. | 1200 | 37909 |
| Marubeni Corp. | 2000 | 23087 |
| Mitsubishi Corp. | 1000 | 32635 |
| Mitsui & Co. Ltd. | 1400 | 41102 |
| Sumitomo Corp. | 1500 | 25099 |
| Toromont Industries Ltd. | 89 | 6423 |
| Toyota Tsusho Corp. | 400 | 14889 |
|  |  | $234328 |
| **Diversified Financial Services — 1.90%** |  |  |
| AerCap Holdings NV <sup>(a)</sup> | 111 | 6474 |
| Amundi SA <sup>(b)</sup> | 200 | 11347 |
| ASX Ltd. | 166 | 7688 |
| Brookfield Asset Management Ltd., Class A <sup>(a)</sup> | 33 | 945 |
| Deutsche Boerse AG | 153 | 26434 |
| Euronext NV <sup>(b)</sup> | 177 | 13104 |
| Futu Holdings Ltd., ADR <sup>(a)</sup> | 105 | 4268 |
| Hong Kong Exchanges & Clearing Ltd. | 500 | 21600 |
| IGM Financial, Inc. | 376 | 10497 |
| Japan Exchange Group, Inc. | 900 | 13012 |
| Julius Baer Group Ltd. | 130 | 7572 |
| London Stock Exchange Group PLC | 274 | 23638 |
| Mitsubishi HC Capital, Inc. | 2200 | 10879 |
| ORIX Corp. | 1300 | 20985 |
| Partners Group Holding AG | 9 | 7950 |
| SBI Holdings, Inc. | 600 | 11507 |
| Schroders PLC | 2051 | 10811 |
| Singapore Exchange Ltd. | 1900 | 12696 |
| TMX Group Ltd. | 118 | 11811 |
|  |  | $233218 |
| **Electric — 3.08%** |  |  |
| Algonquin Power & Utilities Corp. | 656 | 4273 |
| Brookfield Renewable Corp., Class A | 302 | 8313 |
| Canadian Utilities Ltd., Class A | 240 | 6496 |
| CLP Holdings Ltd. | 881 | 6428 |
| E.ON SE | 1369 | 13679 |
| EDP - Energias de Portugal SA | 1901 | 9475 |
| EDP Renovaveis SA | 211 | 4648 |
| Electricite de France SA | 452 | 5806 |
| Elia Group SA | 49 | 6966 |
| Emera, Inc. | 196 | 7491 |
| Endesa SA | 984 | 18575 |
| Enel SpA | 882 | 4749 |
| Engie SA | 2394 | 34309 |
| Fortis, Inc. | 271 | 10844 |
| Fortum Oyj | 459 | 7635 |
| HK Electric Investments & HK Electric Investments Ltd. | 8500 | 5630 |
| Hydro One Ltd. <sup>(b)</sup> | 526 | 14090 |
| Iberdrola SA | 4007 | 46882 |
| Mercury NZ Ltd. | 1603 | 5659 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Electric (continued)** |  |  |
| Meridian Energy Ltd. | 2079 | $6917 |
| National Grid PLC | 2689 | 32424 |
| Northland Power, Inc. | 372 | 10201 |
| Origin Energy Ltd. | 2813 | 14786 |
| Power Assets Holdings Ltd. | 1500 | 8215 |
| Red Electrica Corp. SA | 699 | 12167 |
| RWE AG | 495 | 22037 |
| SSE PLC | 1002 | 20739 |
| Terna - Rete Elettrica Nazionale | 2029 | 14986 |
| Uniper SE | 1218 | 3374 |
| Verbund AG | 111 | 9345 |
|  |  | $377139 |
| **Electrical Components & Equipment — 0.43%** |  |  |
| ABB Ltd. | 683 | 20727 |
| Legrand SA | 158 | 12654 |
| Prysmian SpA | 534 | 19812 |
|  |  | $53193 |
| **Electronics — 1.30%** |  |  |
| Assa Abloy AB, Class B | 396 | 8489 |
| Halma PLC | 251 | 5990 |
| Hirose Electric Co. Ltd. | 100 | 12649 |
| Hoya Corp. | 300 | 29042 |
| Ibiden Co. Ltd. | 300 | 10938 |
| MINEBEA MITSUMI, Inc. | 700 | 10513 |
| Murata Manufacturing Co. Ltd. | 600 | 30119 |
| Nidec Corp. | 300 | 15633 |
| Shimadzu Corp. | 467 | 13326 |
| TDK Corp. | 500 | 16516 |
| Venture Corp. Ltd. | 491 | 6254 |
|  |  | $159469 |
| **Energy — Alternate Sources — 0.01%** |  |  |
| Siemens Gamesa Renewable Energy SA <sup>(a)</sup> | 87 | 1681 |
| **Engineering & Construction — 1.59%** |  |  |
| Acciona SA | 34 | 6256 |
| ACS Actividades de Construccion y Servicios SA | 527 | 15102 |
| Aena SME SA <sup>(a),(b)</sup> | 69 | 8664 |
| Aeroports de Paris <sup>(a)</sup> | 39 | 5227 |
| Auckland International Airport Ltd. <sup>(a)</sup> | 1521 | 7542 |
| Bouygues SA | 243 | 7294 |
| CK Infrastructure Holdings Ltd. | 1000 | 5234 |
| Eiffage SA | 212 | 20860 |
| Ferrovial SA | 625 | 16371 |
| Infrastrutture Wireless Italiane SpA <sup>(b)</sup> | 627 | 6318 |
| Keppel Corp. Ltd. | 1500 | 8131 |
| Lendlease Corp. Ltd. | 1004 | 5359 |
| Skanska AB, Class B | 352 | 5566 |
| Taisei Corp. | 400 | 12953 |
| Vinci SA | 548 | 54724 |
| WSP Global, Inc. | 78 | 9050 |
|  |  | $194651 |
| **Entertainment — 0.39%** |  |  |
| Aristocrat Leisure Ltd. | 408 | 8478 |
| Entain PLC | 401 | 6407 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Entertainment (continued)** |  |  |
| Evolution AB <sup>(b)</sup> | 88 | $8563 |
| Genting Singapore Ltd. | 10900 | 7772 |
| La Francaise des Jeux SAEM <sup>(b)</sup> | 355 | 14281 |
| Lottery Corp. Ltd. <sup>(a)</sup> | 586 | 1787 |
|  |  | $47288 |
| **Food — 5.40%** |  |  |
| Associated British Foods PLC | 341 | 6497 |
| Barry Callebaut AG | 4 | 7912 |
| Carrefour SA | 862 | 14432 |
| Chocoladefabriken Lindt & Spruengli AG | 1 | 10198 |
| CK Hutchison Holdings Ltd. | 3000 | 18007 |
| Coles Group Ltd. | 1485 | 16905 |
| Danone SA | 527 | 27772 |
| Empire Co. Ltd., Class A | 614 | 16171 |
| George Weston Ltd. | 175 | 21712 |
| J Sainsbury PLC | 4906 | 12912 |
| Jeronimo Martins SGPS SA | 770 | 16633 |
| Kerry Group PLC, Class A | 104 | 9378 |
| Kesko Oyj, Class B | 495 | 10926 |
| Koninklijke Ahold Delhaize NV | 866 | 24881 |
| Loblaw Cos. Ltd. | 271 | 23962 |
| MEIJI Holdings Co. Ltd. | 300 | 15407 |
| Metro, Inc. | 435 | 24086 |
| Mowi ASA | 721 | 12305 |
| Nestle SA | 2161 | 250397 |
| Nisshin Seifun Group, Inc. | 1000 | 12595 |
| Orkla ASA | 1523 | 11028 |
| Salmar ASA | 145 | 5695 |
| Saputo, Inc. | 279 | 6907 |
| Seven & i Holdings Co. Ltd. | 600 | 25876 |
| Tesco PLC | 7692 | 20849 |
| WH Group Ltd. <sup>(b)</sup> | 24500 | 14250 |
| Woolworths Group Ltd. | 1057 | 24152 |
|  |  | $661845 |
| **Food Service — 0.27%** |  |  |
| Compass Group PLC | 781 | 18105 |
| Sodexo SA | 161 | 15421 |
|  |  | $33526 |
| **Forest Products & Paper — 0.58%** |  |  |
| Holmen AB, Class B | 104 | 4125 |
| Mondi PLC | 685 | 11673 |
| Oji Holdings Corp. | 2700 | 10924 |
| Smurfit Kappa Group PLC | 351 | 12985 |
| Stora Enso Oyj, Class R | 398 | 5602 |
| UPM-Kymmene Oyj | 314 | 11741 |
| West Fraser Timber Co. Ltd. | 187 | 13503 |
|  |  | $70553 |
| **Gas — 0.61%** |  |  |
| AltaGas Ltd. | 342 | 5905 |
| Enagas SA | 668 | 11101 |
| Hong Kong & China Gas Co. Ltd. | 3250 | 3090 |
| Naturgy Energy Group SA | 431 | 11216 |
| Osaka Gas Co. Ltd. | 800 | 12984 |
| Snam SpA | 2991 | 14494 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Gas (continued)** |  |  |
| Tokyo Gas Co. Ltd. | 800 | $15757 |
|  |  | $74547 |
| **Hand/Machine Tools — 0.40%** |  |  |
| Disco Corp. | 100 | 28764 |
| Fuji Electric Co. Ltd. | 300 | 11498 |
| Schindler Holding AG | 11 | 2069 |
| Schindler Holding AG | 9 | 1624 |
| Techtronic Industries Co. Ltd. | 500 | 5579 |
|  |  | $49534 |
| **Healthcare — Products — 1.02%** |  |  |
| Alcon, Inc. | 58 | 3963 |
| Carl Zeiss Meditec AG <sup>(a)</sup> | 41 | 5174 |
| Cochlear Ltd. | 99 | 13759 |
| Coloplast A/S, Class B | 60 | 7013 |
| Demant A/S <sup>(a)</sup> | 150 | 4158 |
| DiaSorin SpA | 35 | 4886 |
| EssilorLuxottica SA | 31 | 5615 |
| Fisher & Paykel Healthcare Corp. Ltd. | 448 | 6428 |
| Getinge AB, Class A | 282 | 5845 |
| Koninklijke Philips NV | 416 | 6236 |
| Lifco AB, Class B | 294 | 4907 |
| Olympus Corp. | 1000 | 17921 |
| QIAGEN NV <sup>(a)</sup> | 187 | 9410 |
| Sartorius Stedim Biotech | 18 | 5829 |
| Siemens Healthineers AG <sup>(b)</sup> | 149 | 7453 |
| Smith & Nephew PLC | 169 | 2267 |
| Sonova Holding AG | 29 | 6878 |
| Straumann Holding AG | 65 | 7423 |
|  |  | $125165 |
| **Healthcare — Services — 0.61%** |  |  |
| BioMerieux | 51 | 5346 |
| Eurofins Scientific SE | 176 | 12634 |
| Fresenius Medical Care AG & Co. KGaA | 165 | 5399 |
| Fresenius SE & Co. KGaA | 314 | 8823 |
| Lonza Group AG | 25 | 12251 |
| Medibank Pvt Ltd. | 5639 | 11326 |
| Ramsay Health Care Ltd. | 133 | 5859 |
| Sonic Healthcare Ltd. | 645 | 13161 |
|  |  | $74799 |
| **Holding Companies — Diversified — 0.27%** |  |  |
| Jardine Matheson Holdings Ltd. | 383 | 19495 |
| Swire Pacific Ltd., Class A | 1500 | 13202 |
|  |  | $32697 |
| **Home Builders — 0.45%** |  |  |
| Barratt Developments PLC | 1042 | 4998 |
| Daiwa House Industry Co. Ltd. | 800 | 18525 |
| Iida Group Holdings Co. Ltd. | 700 | 10673 |
| Open House Group Co. Ltd. | 300 | 11018 |
| Persimmon PLC | 314 | 4620 |
| Taylor Wimpey PLC | 4034 | 4957 |
|  |  | $54791 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Home Furnishings — 0.77%** |  |  |
| Electrolux AB, Class B | 399 | $5383 |
| SEB SA | 152 | 12732 |
| Sony Group Corp. | 1000 | 76463 |
|  |  | $94578 |
| **Household Products — 0.83%** |  |  |
| Beiersdorf AG | 84 | 9639 |
| Essity AB, Class B | 104 | 2724 |
| L'Oreal SA | 88 | 31425 |
| Unilever PLC | 1153 | 58294 |
|  |  | $102082 |
| **Household Products/Wares — 0.40%** |  |  |
| Henkel AG & Co. KGaA | 211 | 13608 |
| Reckitt Benckiser Group PLC | 506 | 35199 |
|  |  | $48807 |
| **Insurance — 5.67%** |  |  |
| Aegon NV | 2495 | 12654 |
| Ageas SA | 268 | 11883 |
| AIA Group Ltd. | 9200 | 102308 |
| Allianz SE | 153 | 32903 |
| Assicurazioni Generali SpA | 724 | 12877 |
| Aviva PLC | 1418 | 7591 |
| AXA SA | 1939 | 54080 |
| Baloise Holding AG | 84 | 12964 |
| Fairfax Financial Holdings Ltd. | 30 | 17771 |
| Gjensidige Forsikring ASA | 79 | 1550 |
| Great-West Lifeco, Inc. | 335 | 7744 |
| Hannover Rueck SE | 37 | 7347 |
| iA Financial Corp., Inc. | 327 | 19144 |
| Insurance Australia Group Ltd. | 2474 | 8001 |
| Intact Financial Corp. | 215 | 30950 |
| M&G PLC | 2268 | 5151 |
| Manulife Financial Corp. | 2204 | 39311 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 111 | 36121 |
| NN Group NV | 157 | 6413 |
| Phoenix Group Holdings PLC | 975 | 7174 |
| Power Corp. of Canada | 674 | 15854 |
| QBE Insurance Group Ltd. | 2673 | 24441 |
| Sampo Oyj, Class A | 646 | 33760 |
| Sompo Holdings, Inc. | 400 | 17860 |
| Sun Life Financial, Inc. | 532 | 24694 |
| Suncorp Group Ltd. | 2078 | 17034 |
| Swiss Life Holding AG | 33 | 17017 |
| Swiss Re AG | 262 | 24504 |
| Tokio Marine Holdings, Inc. | 1400 | 30162 |
| Tryg A/S | 343 | 8164 |
| Zurich Insurance Group AG | 100 | 47834 |
|  |  | $695261 |
| **Internet — 0.65%** |  |  |
| Adevinta ASA <sup>(a)</sup> | 555 | 3716 |
| Auto Trader Group PLC <sup>(b)</sup> | 1485 | 9256 |
| CyberAgent, Inc. | 1200 | 10680 |
| MonotaRO Co. Ltd. | 700 | 9905 |
| Prosus NV <sup>(a)</sup> | 256 | 17662 |
| Trend Micro, Inc. | 200 | 9357 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Internet (continued)** |  |  |
| United Internet AG | 470 | $9504 |
| ZOZO, Inc. | 400 | 9936 |
|  |  | $80016 |
| **Investment Companies — 0.12%** |  |  |
| EXOR NV <sup>(a)</sup> | 77 | 5630 |
| Groupe Bruxelles Lambert NV | 25 | 1996 |
| Washington H Soul Pattinson & Co. Ltd. | 89 | 1676 |
| Wendel SE | 56 | 5227 |
|  |  | $14529 |
| **Iron & Steel — 0.86%** |  |  |
| ArcelorMittal SA | 585 | 15389 |
| BlueScope Steel Ltd. | 931 | 10674 |
| Fortescue Metals Group Ltd. | 2139 | 29869 |
| JFE Holdings, Inc. | 1000 | 11704 |
| Mineral Resources Ltd. | 126 | 6623 |
| Nippon Steel Corp. | 1100 | 19211 |
| voestalpine AG | 448 | 11884 |
|  |  | $105354 |
| **Leisure Time — 0.28%** |  |  |
| BRP, Inc. | 63 | 4803 |
| Shimano, Inc. | 100 | 15940 |
| Yamaha Motor Co. Ltd. | 600 | 13761 |
|  |  | $34504 |
| **Lodging — 0.29%** |  |  |
| Accor SA <sup>(a)</sup> | 184 | 4599 |
| City Developments Ltd. | 1700 | 10446 |
| Galaxy Entertainment Group Ltd. | 1000 | 6611 |
| InterContinental Hotels Group PLC | 108 | 6194 |
| Sands China Ltd. <sup>(a)</sup> | 2400 | 7963 |
|  |  | $35813 |
| **Machinery — Construction & Mining — 0.83%** |  |  |
| Epiroc AB, Class A | 399 | 7259 |
| Epiroc AB, Class B | 367 | 5896 |
| Hitachi Construction Machinery Co. Ltd. | 400 | 9019 |
| Hitachi Ltd. | 700 | 35688 |
| Komatsu Ltd. | 1100 | 24105 |
| Mitsubishi Heavy Industries Ltd. | 500 | 19941 |
|  |  | $101908 |
| **Machinery — Diversified — 1.27%** |  |  |
| Accelleron Industries AG <sup>(a)</sup> | 59 | 1222 |
| Atlas Copco AB, Class A | 943 | 11125 |
| Atlas Copco AB, Class B | 737 | 7847 |
| CNH Industrial NV | 1119 | 17925 |
| GEA Group AG | 307 | 12554 |
| Husqvarna AB, Class B | 1576 | 11043 |
| Keyence Corp. | 100 | 39180 |
| KION Group AG | 197 | 5645 |
| SMC Corp. | 100 | 42350 |
| Spirax-Sarco Engineering PLC | 49 | 6288 |
|  |  | $155179 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Media — 0.73%** |  |  |
| Bollore SE | 1390 | $7767 |
| Informa PLC | 944 | 7071 |
| Pearson PLC | 500 | 5677 |
| Quebecor, Inc., Class B | 786 | 17531 |
| Shaw Communications, Inc., Class B | 376 | 10833 |
| Thomson Reuters Corp. | 23 | 2624 |
| Vivendi SE | 1478 | 14103 |
| Wolters Kluwer NV | 228 | 23860 |
|  |  | $89466 |
| **Metal Fabrication & Hardware — 0.21%** |  |  |
| SKF AB, Class B | 375 | 5720 |
| Tenaris SA | 754 | 13144 |
| VAT Group AG <sup>(a),(b)</sup> | 23 | 6288 |
|  |  | $25152 |
| **Mining — 4.35%** |  |  |
| Anglo American PLC | 1250 | 48910 |
| Antofagasta PLC | 395 | 7380 |
| Barrick Gold Corp. | 700 | 11999 |
| BHP Group Ltd. | 3890 | 120851 |
| Boliden AB | 575 | 21559 |
| Cameco Corp. | 255 | 5780 |
| Evolution Mining Ltd. | 3336 | 6769 |
| First Quantum Minerals Ltd. | 1095 | 22879 |
| Franco-Nevada Corp. | 100 | 13632 |
| Glencore PLC <sup>(a)</sup> | 8932 | 59650 |
| Lundin Mining Corp. | 1705 | 10464 |
| Norsk Hydro ASA | 2742 | 20521 |
| Northern Star Resources Ltd. | 1064 | 7904 |
| Rio Tinto Ltd. | 440 | 34873 |
| Rio Tinto PLC | 994 | 69674 |
| South32 Ltd. | 7619 | 20750 |
| Sumitomo Metal Mining Co. Ltd. | 400 | 14237 |
| Teck Resources Ltd., Class B | 711 | 26870 |
| Wheaton Precious Metals Corp. | 222 | 8673 |
|  |  | $533375 |
| **Miscellaneous Manufacturers — 0.51%** |  |  |
| Indutrade AB | 266 | 5381 |
| Knorr-Bremse AG | 102 | 5573 |
| Orica Ltd. | 675 | 6921 |
| Siemens AG <sup>(a)</sup> | 218 | 30253 |
| Smiths Group PLC | 741 | 14320 |
|  |  | $62448 |
| **Office & Business Equipment — 0.25%** |  |  |
| FUJIFILM Holdings Corp. | 400 | 20192 |
| Seiko Epson Corp. | 700 | 10273 |
|  |  | $30465 |
| **Oil & Gas — 6.89%** |  |  |
| Aker BP ASA | 560 | 17383 |
| Ampol Ltd. | 768 | 14787 |
| ARC Resources Ltd. | 1300 | 17522 |
| BP PLC | 14785 | 84885 |
| Canadian Natural Resources Ltd. | 1006 | 55865 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Oil & Gas (continued)** |  |  |
| Cenovus Energy, Inc. | 1637 | $31761 |
| DCC PLC | 117 | 5771 |
| ENEOS Holdings, Inc. | 4600 | 15703 |
| Eni SpA | 1844 | 26225 |
| Equinor ASA | 1015 | 36448 |
| Galp Energia SGPS SA | 1013 | 13674 |
| Idemitsu Kosan Co. Ltd. | 500 | 11696 |
| Imperial Oil Ltd. | 413 | 20116 |
| Inpex Corp. | 1500 | 15956 |
| Neste Oyj | 183 | 8427 |
| OMV AG | 267 | 13747 |
| Parkland Corp. | 579 | 12705 |
| Repsol SA | 1959 | 31141 |
| Santos Ltd. | 4420 | 21487 |
| Shell PLC | 5691 | 160032 |
| Suncor Energy, Inc. | 1387 | 43997 |
| TotalEnergies SE | 1899 | 119223 |
| Tourmaline Oil Corp. | 411 | 20738 |
| Woodside Energy Group Ltd. | 1847 | 44567 |
|  |  | $843856 |
| **Packaging & Containers — 0.11%** |  |  |
| CCL Industries, Inc., Class B | 269 | 11491 |
| SIG Group AG <sup>(a)</sup> | 76 | 1660 |
|  |  | $13151 |
| **Pharmaceuticals — 8.73%** |  |  |
| Amplifon SpA | 176 | 5241 |
| Astellas Pharma, Inc. | 200 | 3058 |
| AstraZeneca PLC | 1194 | 161930 |
| Bausch Health Cos., Inc. <sup>(a)</sup> | 700 | 4394 |
| Bayer AG | 906 | 46867 |
| Chugai Pharmaceutical Co. Ltd. | 800 | 20530 |
| Daiichi Sankyo Co. Ltd. | 1300 | 42099 |
| GSK PLC | 3964 | 68894 |
| Hikma Pharmaceuticals PLC | 612 | 11483 |
| Ipsen SA | 139 | 14954 |
| Merck KGaA | 53 | 10263 |
| Novartis AG | 1828 | 165255 |
| Novo Nordisk A/S, Class B | 1276 | 172293 |
| Ono Pharmaceutical Co. Ltd. | 600 | 14095 |
| Orion Oyj, Class B | 152 | 8337 |
| Recordati Industria Chimica e Farmaceutica SpA | 160 | 6637 |
| Roche Holding AG | 36 | 13954 |
| Roche Holding AG | 542 | 170282 |
| Sanofi | 739 | 71069 |
| Takeda Pharmaceutical Co. Ltd. | 1200 | 37589 |
| Teva Pharmaceutical Industries Ltd., ADR <sup>(a)</sup> | 1394 | 12713 |
| UCB SA | 107 | 8425 |
|  |  | $1070362 |
| **Pipelines — 0.75%** |  |  |
| APA Group | 1912 | 14007 |
| Enbridge, Inc. | 738 | 28844 |
| Keyera Corp. | 256 | 5595 |
| Pembina Pipeline Corp. | 781 | 26510 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Pipelines (continued)** |  |  |
| TC Energy Corp. | 415 | $16545 |
|  |  | $91501 |
| **Private Equity — 0.31%** |  |  |
| 3i Group PLC | 512 | 8304 |
| Brookfield Corp. | 131 | 4120 |
| Capitaland Investment Ltd. | 2800 | 7735 |
| EQT AB | 231 | 4883 |
| Eurazeo SE | 181 | 11257 |
| Onex Corp. | 29 | 1398 |
|  |  | $37697 |
| **Real Estate — 1.58%** |  |  |
| Aroundtown SA | 1554 | 3631 |
| Azrieli Group Ltd. | 116 | 7709 |
| CK Asset Holdings Ltd. | 2500 | 15390 |
| Daito Trust Construction Co. Ltd. | 100 | 10317 |
| ESR Group Ltd. <sup>(b)</sup> | 2800 | 5876 |
| Fastighets AB Balder, Classs B <sup>(a)</sup> | 1711 | 7956 |
| FirstService Corp. | 52 | 6368 |
| Hang Lung Properties Ltd. | 1000 | 1955 |
| Henderson Land Development Co. Ltd. | 2000 | 6982 |
| Hongkong Land Holdings Ltd. | 1416 | 6514 |
| Hulic Co. Ltd. | 1300 | 10302 |
| LEG Immobilien SE | 75 | 4886 |
| New World Development Co. Ltd. | 2000 | 5637 |
| REA Group Ltd. | 57 | 4300 |
| Sagax AB, Class B | 228 | 5167 |
| Sekisui House Ltd. | 900 | 16002 |
| Sino Land Co. Ltd. | 8000 | 10003 |
| Sun Hung Kai Properties Ltd. | 1000 | 13683 |
| Swire Properties Ltd. | 4200 | 10676 |
| Swiss Prime Site AG <sup>(a)</sup> | 85 | 7368 |
| UOL Group Ltd. | 2800 | 14048 |
| Vonovia SE | 321 | 7566 |
| Wharf Real Estate Investment Co. Ltd. | 2000 | 11659 |
|  |  | $193995 |
| **REITs — 1.48%** |  |  |
| British Land Co. PLC | 1956 | 9343 |
| Canadian Apartment Properties REIT | 60 | 1891 |
| CapitaLand Ascendas REIT | 6300 | 12888 |
| CapitaLand Integrated Commercial Trust | 5217 | 7946 |
| Covivio | 74 | 4392 |
| Dexus | 1174 | 6195 |
| Gecina SA | 49 | 4991 |
| Goodman Group | 700 | 8274 |
| GPT Group | 1864 | 5330 |
| Klepierre SA <sup>(a)</sup> | 692 | 15948 |
| Land Securities Group PLC | 2092 | 15716 |
| Link REIT | 2200 | 16150 |
| Mapletree Logistics Trust | 5300 | 6292 |
| Mapletree Pan Asia Commercial Trust | 8100 | 10099 |
| Mirvac Group | 4629 | 6713 |
| RioCan Real Estate Investment Trust | 381 | 5946 |
| Scentre Group | 4429 | 8685 |
| Segro PLC | 648 | 5982 |
| Stockland | 5425 | 13408 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **REITs (continued)** |  |  |
| Vicinity Ltd. | 7943 | $10816 |
| Warehouses De Pauw CVA | 154 | 4401 |
|  |  | $181406 |
| **Retail — 2.27%** |  |  |
| Alimentation Couche-Tard, Inc. | 648 | 28476 |
| Canadian Tire Corp. Ltd., Class A | 111 | 11600 |
| Cie Financiere Richemont SA, Class A | 316 | 40976 |
| Dollarama, Inc. | 297 | 17370 |
| Domino's Pizza Enterprises Ltd. | 103 | 4646 |
| H & M Hennes & Mauritz AB, Class B | 557 | 5991 |
| Industria de Diseno Textil SA <sup>(a)</sup> | 437 | 11625 |
| JD Sports Fashion PLC | 6277 | 9573 |
| Kingfisher PLC | 3489 | 9959 |
| McDonald's Holdings Co. Japan Ltd. | 300 | 11418 |
| Moncler SpA | 128 | 6782 |
| Next PLC | 187 | 13126 |
| Nitori Holdings Co. Ltd. | 100 | 12991 |
| Pan Pacific International Holdings Corp. | 700 | 13084 |
| Pandora A/S | 92 | 6464 |
| Reece Ltd. | 426 | 4104 |
| Restaurant Brands International, Inc. | 302 | 19532 |
| Swatch Group AG | 46 | 13084 |
| Swatch Group AG | 207 | 10755 |
| USS Co. Ltd. | 700 | 11174 |
| Welcia Holdings Co. Ltd. | 500 | 11715 |
| Wesfarmers Ltd. | 129 | 4032 |
|  |  | $278477 |
| **Semiconductors — 2.32%** |  |  |
| Advantest Corp. | 300 | 19385 |
| ASM International NV | 25 | 6307 |
| ASML Holding NV | 312 | 168259 |
| Infineon Technologies AG <sup>(a)</sup> | 453 | 13786 |
| Renesas Electronics Corp. <sup>(a)</sup> | 1800 | 16232 |
| STMicroelectronics NV | 263 | 9289 |
| SUMCO Corp. | 800 | 10710 |
| Tokyo Electron Ltd. | 100 | 29625 |
| Tower Semiconductor Ltd. <sup>(a)</sup> | 258 | 11259 |
|  |  | $284852 |
| **Shipbuilding — 0.10%** |  |  |
| Kongsberg Gruppen ASA | 275 | 11666 |
| **Software — 1.06%** |  |  |
| Constellation Software, Inc. | 9 | 14051 |
| Dassault Systemes SE | 256 | 9179 |
| Koei Tecmo Holdings Co. Ltd. | 500 | 9113 |
| Konami Group Corp. | 200 | 9098 |
| Nemetschek SE | 86 | 4390 |
| Open Text Corp. | 400 | 11852 |
| Oracle Corp. Japan | 200 | 12984 |
| Sage Group PLC | 947 | 8536 |
| SAP SE | 98 | 10112 |
| Square Enix Holdings Co. Ltd. | 300 | 14013 |
| Temenos AG | 62 | 3402 |
| TIS, Inc. | 500 | 13258 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Software (continued)** |  |  |
| WiseTech Global Ltd. | 271 | $9364 |
|  |  | $129352 |
| **Telecommunications — 4.03%** |  |  |
| BCE, Inc. | 221 | 9710 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 8700 | 15011 |
| BT Group PLC | 9918 | 13435 |
| Deutsche Telekom AG <sup>(a)</sup> | 3183 | 63504 |
| Elisa Oyj | 143 | 7571 |
| Hikari Tsushin, Inc. | 100 | 14188 |
| HKT Trust & HKT Ltd. | 9000 | 11035 |
| KDDI Corp. | 1200 | 36410 |
| Koninklijke KPN NV | 4563 | 14116 |
| Nice Ltd. <sup>(a)</sup> | 33 | 6384 |
| Nippon Telegraph & Telephone Corp. | 1200 | 34398 |
| Nokia Oyj | 4258 | 19722 |
| Orange SA | 1917 | 19045 |
| Proximus SADP | 458 | 4411 |
| Rogers Communications, Inc., Class B | 217 | 10156 |
| Singapore Telecommunications Ltd. | 5400 | 10361 |
| SoftBank Corp. | 3000 | 34014 |
| SoftBank Group Corp. | 900 | 38705 |
| Spark New Zealand Ltd. | 2268 | 7776 |
| Swisscom AG | 31 | 16984 |
| Tele2 AB, Class B | 658 | 5366 |
| Telecom Italia SpA <sup>(a)</sup> | 23997 | 5556 |
| Telefonaktiebolaget LM Ericsson, Class B | 1238 | 7225 |
| Telefonica Deutschland Holding AG | 4146 | 10221 |
| Telefonica SA <sup>(a)</sup> | 5019 | 18186 |
| Telenor ASA | 673 | 6293 |
| Telia Co. AB | 4247 | 10851 |
| Telstra Group Ltd. | 3289 | 8935 |
| TELUS Corp. | 627 | 12100 |
| Vodafone Group PLC | 21411 | 21805 |
|  |  | $493474 |
| **Toys, Games & Hobbies — 0.43%** |  |  |
| Bandai Namco Holdings, Inc. | 300 | 19005 |
| Nintendo Co. Ltd. | 800 | 33721 |
|  |  | $52726 |
| **Transportation — 2.41%** |  |  |
| AP Moller - Maersk A/S, Class B | 6 | 13491 |
| AP Moller - Maersk A/S, Class A | 6 | 13275 |
| Aurizon Holdings Ltd. | 4808 | 12210 |
| Canadian National Railway Co. | 389 | 46209 |
| Canadian Pacific Railway Ltd. | 613 | 45703 |
| Deutsche Post AG | 695 | 26173 |
| DSV A/S | 147 | 23203 |
| Getlink SE | 430 | 6893 |
| Kuehne + Nagel International AG | 58 | 13499 |
| Mitsui OSK Lines Ltd. | 600 | 15041 |
| MTR Corp. Ltd. | 1500 | 7946 |
| Nippon Yusen KK | 700 | 16588 |
| Poste Italiane SpA <sup>(b)</sup> | 597 | 5832 |
| SG Holdings Co. Ltd. | 700 | 9761 |
| SITC International Holdings Co. Ltd. | 4000 | 8896 |
| TFI International, Inc. | 119 | 11918 |

---

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Schedule of Investments** | |
|  | **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | |
|  |  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Transportation (continued)** | **Transportation (continued)** |  |  |
| Yamato Holdings Co. Ltd. | Yamato Holdings Co. Ltd. | 700 | $11132 |
| ZIM Integrated Shipping Services Ltd. | ZIM Integrated Shipping Services Ltd. | 436 | 7495 |
|  |  |  | $295265 |
| **Water — 0.15%** | **Water — 0.15%** |  |  |
| Severn Trent PLC | Severn Trent PLC | 60 | 1923 |
| United Utilities Group PLC | United Utilities Group PLC | 652 | 7814 |
| Veolia Environnement SA | Veolia Environnement SA | 331 | 8504 |
|  |  |  | $18241 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  | $12115748 |
| **PREFERRED STOCKS — 0.41%** | **PREFERRED STOCKS — 0.41%** | **Shares Held** | **Value** |
| **Auto Manufacturers — 0.22%** | **Auto Manufacturers — 0.22%** |  |  |
| Bayerische Motoren Werke AG | Bayerische Motoren Werke AG |  |  |
|  | 8.79% | 215 | $18308 |
| Volkswagen AG | Volkswagen AG |  |  |
|  | 5.95% | 71 | 8848 |
|  |  |  | $27156 |
| **Electronics — 0.05%** | **Electronics — 0.05%** |  |  |
| Sartorius AG | Sartorius AG |  |  |
|  | 0.36% | 15 | 5932 |
| **Household Products/Wares — 0.14%** | **Household Products/Wares — 0.14%** |  |  |
| Henkel AG & Co. KGaA | Henkel AG & Co. KGaA |  |  |
|  | 3.04% 08/07/2022 | 243 | 16913 |
| TOTAL PREFERRED STOCKS | TOTAL PREFERRED STOCKS |  | $50001 |
| **INVESTMENT COMPANIES — 0.54%** | **INVESTMENT COMPANIES — 0.54%** | **Shares Held** | **Value** |
| **Money Market Fund — 0.54%** | **Money Market Fund — 0.54%** |  |  |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |
| Class 1.29% <sup>(c)</sup> | Class 1.29% <sup>(c)</sup> | 66004 | $66004 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |  | $66004 |
| **Total Investments** | **Total Investments** |  | $**12231753** |
| **Other Assets and Liabilities — 0.18%** | **Other Assets and Liabilities — 0.18%** |  | **22594** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** |  | $**12254347** |
| <sup>(a)</sup> | Non-income producing security. |  |  |
| <sup>(b)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | 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 | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these |
|  | securities totaled $171,156 or 1.40% of net assets. | securities totaled $171,156 or 1.40% of net assets. |  |
| <sup>(c)</sup> | Current yield shown is as of period end. |  |  |
| *See accompanying notes.* | *See accompanying notes.* | 71 |  |

---

------

 **Schedule of Investments**

 **Principal International Adaptive Multi-Factor ETF**

 **December 31, 2022 (unaudited)**

---

| | |
|:---|:---|
| **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** |
| Location | Percent |
| Japan | 19.51% |
| United Kingdom | 13.40% |
| Canada | 11.88% |
| France | 9.18% |
| Switzerland | 8.94% |
| Australia | 7.12% |
| Germany | 5.75% |
| Netherlands | 3.69% |
| Hong Kong | 3.33% |
| Denmark | 2.31% |
| Spain | 2.24% |
| Sweden | 2.04% |
| Singapore | 1.82% |
| Italy | 1.42% |
| Israel | 1.35% |
| Norway | 1.27% |
| Finland | 1.03% |
| Belgium | 0.77% |
| United States | 0.64% |
| Ireland | 0.59% |
| Luxembourg | 0.37% |
| Austria | 0.35% |
| Portugal | 0.32% |
| New Zealand | 0.28% |
| Jordan | 0.09% |
| Mongolia | 0.07% |
| Chile | 0.06% |
| Other Assets and Liabilities | 0.18% |
| **TOTAL NET ASSETS** | **100.00%** |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal Investment Grade Corporate Active ETF** | **Principal Investment Grade Corporate Active ETF** | |
| **December 31, 2022 (unaudited)** |  | |
|  | **Principal** | |
| **BONDS — 98.64%** | **Amount** | <br>**Value** |
| **Aerospace & Defense — 3.39%** |  |  |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/2028 | $195000 | $177086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/2040 | 163000 | 155430 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/2054 | 80000 | 83821 |
| Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/16/2028 | 323000 | 309146 |
|  |  | $725483 |
| **Airlines — 8.94%** |  |  |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028 <sup>(a)</sup> | 563262 | 529451 |
| Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/04/2025 | 592000 | 594201 |
| United Airlines 2016-2 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/07/2030 | 978468 | 790025 |
|  |  | $1913677 |
| **Banks — 24.33%** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 1.06%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/14/2029 <sup>(b)</sup> | 379000 | 318926 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 1.20%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/21/2036 <sup>(b)</sup> | 336000 | 246879 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 1.88%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 10/24/2051 <sup>(b)</sup> | 181000 | 110960 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 1.99%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/10/2028 <sup>(b)</sup> | 193000 | 199267 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 1.94%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/2033 <sup>(b)</sup> | 349000 | 298497 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 1.55%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 09/29/2026 <sup>(b)</sup> | 356000 | 357523 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 2.33%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 11/17/2033 | 54000 | 55709 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.89%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/11/2027 <sup>(a),(b),(c),(d)</sup> | 233000 | 151609 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month U.S. International Swaps and Derivative Association + 2.55%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/2032 <sup>(b)</sup> | 320000 | 267462 |
| First Republic Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/13/2047 | 292000 | 226592 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 1.41%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/2033 <sup>(b)</sup> | 454000 | 368639 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Term Secured Overnight Financing Rate + 0.70%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/2027 <sup>(b)</sup> | 457000 | 397530 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 2.08%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/2033 <sup>(b)</sup> | 205000 | 195186 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 1.43%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/25/2052 <sup>(b)</sup> | 293000 | 180399 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 1.34%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/22/2028 <sup>(b)</sup> | 164000 | 150429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | 143000 | 142569 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal Investment Grade Corporate Active ETF** | **Principal Investment Grade Corporate Active ETF** | |
| **December 31, 2022 (unaudited)** |  | |
|  | **Principal** | |
| **BONDS (continued)** | **Amount** | <br>**Value** |
| **Banks (continued)** |  |  |
| National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 08/21/2030 <sup>(a)</sup> | $486000 | $369982 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 1.63%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/28/2026 <sup>(b)</sup> | 105000 | 107342 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1-year Treasury Constant Maturity Rate + 1.75%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/12/2028 <sup>(a),(b)</sup> | 361000 | 345468 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 2.10%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 06/02/2028 <sup>(b)</sup> | 498000 | 439529 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1-year Treasury Constant Maturity Rate + 2.68%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 08/10/2033 <sup>(b)</sup> | 296000 | 276381 |
|  |  | $5206878 |
| **Beverages — 2.00%** |  |  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2038 | 249000 | 222584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/23/2031 | 206000 | 206092 |
|  |  | $428676 |
| **Biotechnology — 0.49%** |  |  |
| CSL Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/27/2052 <sup>(a)</sup> | 118000 | 105698 |
| **Commercial Services — 1.10%** |  |  |
| CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/15/2030 <sup>(a)</sup> | 287000 | 234390 |
| **Computers — 0.79%** |  |  |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/2052 | 198000 | 168240 |
| **Diversified Financial Services — 3.20%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | 159000 | 133206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 | 158790 | 112261 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2031 | 208000 | 214728 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026 <sup>(a)</sup> | 258000 | 224609 |
| Blackstone Holdings Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/2051 <sup>(a)</sup> | 342 | 199 |
|  |  | $685003 |
| **Electric — 9.64%** |  |  |
| Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2049 | 211000 | 170661 |
| FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/15/2047 | 118000 | 105349 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/2048 | 118000 | 97384 |
| Monongahela Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/15/2027 <sup>(a)</sup> | 134000 | 125914 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/02/2025 <sup>(a)</sup> | 162000 | 144496 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| <br>**BONDS (continued)** | **Principal Investment Grade Corporate Active ETF**<br> **Principal**<br> **Amount** | <br>**Value** |
| **Electric (continued)** |  |  |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/2023 | $254000 | $245826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/2026 <sup>(e)</sup> | 319000 | 292364 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 3.63%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.40%, 03/15/2057 | 479000 | 479000 |
| WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/15/2027 | 331000 | 280758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/27/2025 | 121000 | 120969 |
|  |  | $2062721 |
| **Entertainment — 0.85%** |  |  |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/2062 <sup>(a)</sup> | 248000 | 181043 |
| **Environmental Control — 1.01%** |  |  |
| Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/2033 | 232000 | 215469 |
| **Food — 2.74%** |  |  |
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/02/2052 <sup>(a)</sup> | 185000 | 130781 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049 | 169000 | 146699 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/16/2040 <sup>(a)</sup> | 146000 | 98911 |
| Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 <sup>(a)</sup> | 267000 | 208927 |
| Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/2051 | 736 | 484 |
|  |  | $585802 |
| **Gas — 1.72%** |  |  |
| NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/15/2025 | 408000 | 367810 |
| **Healthcare — Products — 1.34%** |  |  |
| Boston Scientific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/2030 | 335000 | 286153 |
| **Healthcare — Services — 2.32%** |  |  |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/2028 | 366000 | 308922 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/2040 | 172000 | 124784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2053 | 59000 | 63706 |
|  |  | $497412 |
| **Insurance — 5.39%** |  |  |
| Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/09/2031 | 223000 | 174922 |
| Chubb INA Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/03/2026 | 171000 | 163691 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/05/2052 <sup>(a)</sup> | 118000 | 93525 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| <br>**BONDS (continued)** | **Principal Investment Grade Corporate Active ETF**<br> **Principal**<br> **Amount** | <br>**Value** |
| **Insurance (continued)** |  |  |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/01/2031 | $86000 | $62800 |
| Everest Reinsurance Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/2052 | 152000 | 94877 |
| Markel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/01/2047 | 149000 | 116439 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2052 | 77000 | 73300 |
| New York Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/2050 <sup>(a)</sup> | 134000 | 102465 |
| Swiss Re Finance Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.58%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/02/2049 <sup>(a),(b)</sup> | 200000 | 184148 |
| XLIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/31/2045 | 92000 | 86917 |
|  |  | $1153084 |
| **Internet — 2.12%** |  |  |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 12/01/2027 | 349000 | 347843 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/2052 | 134000 | 106483 |
|  |  | $454326 |
| **Media — 2.13%** |  |  |
| Charter Communications Operating LLC/Charter Communications Operating |  |  |
| Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/2032 | 215000 | 158358 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/2047 | 193000 | 154183 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2044 | 187000 | 143674 |
|  |  | $456215 |
| **Mining — 1.56%** |  |  |
| Yamana Gold, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/2031 | 448000 | 334532 |
| **Pharmaceuticals — 6.67%** |  |  |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 | 174000 | 156857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 250000 | 213987 |
| Bayer U.S. Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/25/2038 <sup>(a)</sup> | 279000 | 242748 |
| Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/06/2027 | 439000 | 414779 |
| Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2039 | 118000 | 104992 |
| Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/2028 | 309000 | 293514 |
|  |  | $1426877 |
| **Pipelines — 2.11%** |  |  |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/2030 | 219000 | 193089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2045 | 140000 | 115876 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Principal Investment Grade Corporate Active ETF** | **Principal Investment Grade Corporate Active ETF** | |
|  | **Principal** | |
| **BONDS (continued)** | **Amount** | <br>**Value** |
| **Pipelines (continued)** |  |  |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 | $145000 | $142176 |
|  |  | $451141 |
| **Private Equity — 0.49%** |  |  |
| KKR Group Finance Co. X LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/15/2051 <sup>(a)</sup> | 164000 | 103806 |
| **REITs — 2.42%** |  |  |
| Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2031 | 237000 | 175142 |
| Kimco Realty Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/2032 | 237000 | 196038 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/2029 | 70 | 61 |
| Spirit Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/2031 | 183000 | 146104 |
|  |  | $517345 |
| **Semiconductors — 0.67%** |  |  |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/2028 | 154000 | 143219 |
| **Software — 4.31%** |  |  |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/2049 | 147000 | 119260 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 | 118000 | 107379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2046 | 118000 | 85991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 | 66000 | 68506 |
| Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/14/2032 | 195000 | 172601 |
| VMware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/2027 | 381000 | 368775 |
|  |  | $922512 |
| **Telecommunications — 6.08%** |  |  |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 | 407000 | 274699 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 | 572000 | 503800 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 | 660000 | 523183 |
|  |  | $1301682 |
| **Water — 0.83%** |  |  |
| Essential Utilities, Inc. |  |  |
| 2.40%, 05/01/2031 | 223000 | 177164 |
| TOTAL BONDS |  | $21106358 |
| **INVESTMENT COMPANIES — 1.69%** | **Shares Held** | **Value** |
| **Money Market Funds — 1.69%** |  |  |
| Principal Government Money Market Fund — Class R-6 4.15% <sup>(f),(g),(h)</sup> | 94750 | $94750 |
| *See accompanying notes.* |  |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Schedule of Investments** | **Schedule of Investments** | |
|  | **Principal Investment Grade Corporate Active ETF** | **Principal Investment Grade Corporate Active ETF** | |
|  | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **Shares Held** | <br>**Value** |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** |  |  |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |
| Class 1.29% <sup>(h)</sup> | Class 1.29% <sup>(h)</sup> | 267244 | 267244 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES | $| 361994 |
| **Total Investments** | **Total Investments** | **$** | **21468352** |
| **Other Assets and Liabilities — (0.33)%** | **Other Assets and Liabilities — (0.33)%** |  | **(71459)** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** | **$** | **21396893** |
| <sup>(a)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | 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 | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these |
|  | securities totaled $3,578,170 or 16.72% of net assets. |  |  |
| <sup>(b)</sup> | 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 | 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 | 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. |  |  |
| <sup>(c)</sup> | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | 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. | date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end. |  |
| <sup>(d)</sup> | Security is a contingent convertible security, ("CoCo"). CoCo's are hybrid debt securities that may convert to equity or have | Security is a contingent convertible security, ("CoCo"). CoCo's are hybrid debt securities that may convert to equity or have | 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 | their principal written down upon occurrence of certain "triggers". At the end of the period, the value of these securities | their principal written down upon occurrence of certain "triggers". At the end of the period, the value of these securities |
|  | totaled $151,609 or 0.71% of net assets. |  |  |
| <sup>(e)</sup> | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $92,731 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $92,731 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $92,731 or |
|  | 0.43% of net assets. |  |  |
| <sup>(f)</sup> | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | 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). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | 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. | Please see Affiliated Securities sub-schedule for transactional information. |  |
| <sup>(g)</sup> | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | 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 $94,750 or 0.44% of net assets. |  |  |
| <sup>(h)</sup> | Current yield shown is as of period end. |  |  |
|  | **Portfolio Summary (unaudited)** |  |  |
| Sector | Sector | Percent |  |
| Financial | Financial | 35.83 |  |
| Consumer, Non-cyclical | Consumer, Non-cyclical | 16.66 |  |
| Utilities | Utilities | 12.19 |  |
| Communications | Communications | 10.34 |  |
| Consumer, Cyclical | Consumer, Cyclical | 9.79 |  |
| Technology | Technology | 5.76 |  |
| Industrial | Industrial | 4.40 |  |
| Energy | Energy | 2.11 |  |
| Money Market Funds | Money Market Funds | 1.69 |  |
| Basic Materials | Basic Materials | 1.56 |  |
| Other Assets and Liabilities | Other Assets and Liabilities | (0.33 |  |
| **TOTAL NET ASSETS** | **TOTAL NET ASSETS** | **100.00** |  |
| *See accompanying notes.* | *See accompanying notes.* | 78 |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Schedule of Investments** | **Schedule of Investments** |  | |
| | **Principal Investment Grade Corporate Active ETF** | **Principal Investment Grade Corporate Active ETF** | **Principal Investment Grade Corporate Active ETF** | |
| | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |  | |
| | **June 30, 2022** | **Purchases** | **Sales** | |
| <br>**Affiliated Securities** | **Value** | **Cost** | **Proceeds** | <br>**December 31, 2022**<br> **Value** |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $228148 | 133398 | $94750 |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% | 1398980 | 3608665 | 5007645 |  |
|  | $1398980 | $3836813 | 5141043 | $94750 |
|  |  |  | **Realized Gain** |  |
|  |  | **Realized** | **from** | **Change in** |
|  |  | **Gain/(Loss) on** | **Capital Gain** | **Unrealized** |
|  | **Income <sup>(a)</sup>** | **Investments** | **Distributions** | **Gain/(Loss)** |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |  | $— |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% |  |  |  |  |
|  | $— | $— |  | $— |
| <sup>(a)</sup> Amount excludes earnings from securities lending collateral. | <sup>(a)</sup> Amount excludes earnings from securities lending collateral. |  |  |  |
|  | **Futures Contracts** | **Futures Contracts** |  |  |
|  |  |  |  | **Value and Unrealized** |
|  |  |  | **Notional** | **Appreciation/** |
| **Description and Expiration Date** | **Type** | **Contracts** | **Amount** | **(Depreciation)** |
| U.S. 10 Year CBT; March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short |  | $225183 | $590 |
| U.S. 10 Year Ultra; March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short |  | 362205 | 7360 |
| U.S. 5 Year CBT; March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short |  | 324252 | 463 |
| U.S. Long Bond CBT; March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long |  | 260317 | (9629) |
| U.S. Ultra Bond CBT; March 2023 | Long |  | 800919 | 4956 |
| Total |  |  |  | $3740 |
| *See accompanying notes.* |  |  |  |  |

---

![](principalexchange-tradex83x1.jpg)

------

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.59%** | **Schedule of Investments**<br> **Principal Millennial Global Growth ETF**<br> **December 31, 2022 (unaudited)**<br> **Shares Held** | <br>**Value** |
| **Apparel — 5.71%** |  |  |
| adidas AG | 562 | $76679 |
| Carter's, Inc. | 641 | 47825 |
| Columbia Sportswear Co. | 652 | 57102 |
| Fila Holdings Corp. | 2452 | 64475 |
| Gildan Activewear, Inc. | 1660 | 45460 |
| Kering SA | 210 | 106890 |
| Levi Strauss & Co., Class A | 2978 | 46219 |
| LVMH Moet Hennessy Louis Vuitton SE | 185 | 134643 |
| NIKE, Inc., Class B | 903 | 105660 |
| PVH Corp. | 767 | 54143 |
| Ralph Lauren Corp. | 519 | 54843 |
| SMCP SA <sup>(a),(b)</sup> | 8386 | 58259 |
| Torrid Holdings, Inc. <sup>(a)</sup> | 9712 | 28747 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 21736 | 518404 |
| VF Corp. | 2132 | 58864 |
|  |  | $1458213 |
| **Beverages — 1.98%** |  |  |
| Brown-Forman Corp., Class B | 1837 | 120654 |
| Constellation Brands, Inc., Class A | 537 | 124450 |
| Fevertree Drinks PLC | 2730 | 34028 |
| Monster Beverage Corp. <sup>(a)</sup> | 1544 | 156762 |
| Treasury Wine Estates Ltd. | 7408 | 68645 |
|  |  | $504539 |
| **Building Materials — 0.05%** |  |  |
| Masterbrand, Inc. <sup>(a)</sup> | 1652 | 12473 |
| **Commercial Services — 2.41%** |  |  |
| Aaron's Co., Inc. | 2930 | 35014 |
| Adyen NV <sup>(a),(b)</sup> | 264 | 364100 |
| Global Payments, Inc. | 892 | 88593 |
| GMO Payment Gateway, Inc. | 600 | 49924 |
| Nuvei Corp. <sup>(a),(b)</sup> | 854 | 21700 |
| Paysafe Ltd. <sup>(a)</sup> | 1584 | 22002 |
| PROG Holdings, Inc. <sup>(a)</sup> | 2044 | 34523 |
|  |  | $615856 |
| **Computers — 0.36%** |  |  |
| Apple, Inc. | 703 | 91341 |
| **Construction Materials — 1.00%** |  |  |
| Fortune Brands Innovations, Inc. | 1652 | 94346 |
| Masco Corp. | 2413 | 112615 |
| Mohawk Industries, Inc. <sup>(a)</sup> | 474 | 48452 |
|  |  | $255413 |
| **Diversified Financial Services — 7.07%** | **Diversified Financial Services — 7.07%** |  |
| Coinbase Global, Inc., Class A <sup>(a)</sup> | 3802 | 134553 |
| Discover Financial Services | 6604 | 646069 |
| Futu Holdings Ltd., ADR <sup>(a)</sup> | 12230 | 497150 |
| LexinFintech Holdings Ltd., ADR <sup>(a)</sup> | 150808 | 286535 |
| Lufax Holding Ltd., ADR | 70798 | 137348 |
| Rocket Cos., Inc., Class A | 5292 | 37044 |
| XP, Inc., Class A <sup>(a)</sup> | 4429 | 67941 |
|  |  | $1806640 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments**<br> **Principal Millennial Global Growth ETF**<br> **December 31, 2022 (unaudited)**<br> **COMMON STOCKS (continued)** | <br>**Shares Held** | <br>**Value** |
| **Entertainment — 6.67%** |  |  |
| CTS Eventim AG & Co. KGaA <sup>(a)</sup> | 5771 | $368183 |
| DraftKings, Inc., Class A <sup>(a)</sup> | 3025 | 34455 |
| HYBE Co. Ltd. <sup>(a)</sup> | 2332 | 319970 |
| Universal Music Group NV | 19723 | 475242 |
| Warner Music Group Corp., Class A | 14420 | 504988 |
|  |  | $1702838 |
| **Food — 2.75%** |  |  |
| Albertsons Cos., Inc., Class A | 3690 | 76531 |
| Kroger Co. | 12685 | 565497 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> | 1842 | 59625 |
|  |  | $701653 |
| **Home Builders — 0.82%** |  |  |
| DR Horton, Inc. | 1640 | 146189 |
| Toll Brothers, Inc. | 1252 | 62500 |
|  |  | $208689 |
| **Home Furnishings — 2.19%** |  |  |
| Arhaus, Inc. <sup>(a)</sup> | 6915 | 67421 |
| Sleep Number Corp. <sup>(a)</sup> | 1161 | 30163 |
| Sony Group Corp. | 5100 | 389961 |
| Tempur Sealy International, Inc. | 2107 | 72333 |
|  |  | $559878 |
| **Internet — 30.14%** |  |  |
| AfreecaTV Co. Ltd. | 4876 | 274166 |
| Alphabet, Inc., Class C <sup>(a)</sup> | 5211 | 462372 |
| D-MARKET Elektronik Hizmetler ve Ticaret A/S, ADR <sup>(a),(c)</sup> | 28376 | 18728 |
| eBay, Inc. | 2142 | 88829 |
| Expedia Group, Inc. <sup>(a)</sup> | 2458 | 215321 |
| Farfetch Ltd., Class A <sup>(a)</sup> | 4262 | 20159 |
| Hello Group, Inc., ADR | 68896 | 618686 |
| iQIYI, Inc., ADR <sup>(a)</sup> | 86999 | 461095 |
| JD.com, Inc., ADR | 2391 | 134207 |
| JOYY, Inc., ADR | 16263 | 513748 |
| Kakao Corp. | 1537 | 64543 |
| Kuaishou Technology <sup>(a),(b)</sup> | 55700 | 507016 |
| Lulu's Fashion Lounge Holdings, Inc. <sup>(a)</sup> | 8681 | 21789 |
| Match Group, Inc. <sup>(a)</sup> | 4422 | 183469 |
| Meta Platforms, Inc., Class A <sup>(a)</sup> | 555 | 66789 |
| Naspers Ltd., Class N | 4662 | 774932 |
| Netflix, Inc. <sup>(a)</sup> | 1943 | 572952 |
| Pinterest, Inc., Class A <sup>(a)</sup> | 4964 | 120526 |
| RealReal, Inc. <sup>(a)</sup> | 8107 | 10134 |
| Revolve Group, Inc. <sup>(a)</sup> | 10080 | 224381 |
| Rightmove PLC | 7731 | 47797 |
| Shutterstock, Inc. | 634 | 33424 |
| Snap, Inc., Class A <sup>(a)</sup> | 13323 | 119241 |
| Temple & Webster Group Ltd. <sup>(a),(c)</sup> | 12822 | 40245 |
| Tencent Holdings Ltd. | 2800 | 119814 |
| Tencent Music Entertainment Group, ADR <sup>(a)</sup> | 122655 | 1015583 |
| THG PLC <sup>(a),(c)</sup> | 53179 | 28224 |
| Trip.com Group Ltd., ADR <sup>(a)</sup> | 22965 | 789996 |
| Vipshop Holdings Ltd., ADR <sup>(a)</sup> | 7156 | 97608 |
| Weibo Corp., ADR <sup>(a)</sup> | 2627 | 50228 |
|  |  | $7696002 |

---

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal Millennial Global Growth ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Leisure Time — 2.08%** |  |  |  |
| Camping World Holdings, Inc., Class A |  | 19528 | $435865 |
| Shimano, Inc. |  | 600 | 95642 |
|  |  |  | $531507 |
| **Media — 4.26%** |  |  |  |
| Comcast Corp., Class A |  | 2624 | 91761 |
| Fox Corp., Class B |  | 3360 | 95592 |
| Paramount Global, Class B |  | 12727 | 214832 |
| Sirius XM Holdings, Inc. |  | 18577 | 108490 |
| Vivendi SE |  | 60457 | 576880 |
|  |  |  | $1087555 |
| **Real Estate — 0.39%** |  |  |  |
| REA Group Ltd. |  | 1322 | 99729 |
| **REITs — 3.14%** |  |  |  |
| EastGroup Properties, Inc. |  | 599 | 88688 |
| Equity Residential |  | 1354 | 79886 |
| Prologis, Inc. |  | 759 | 85562 |
| Rexford Industrial Realty, Inc. |  | 1633 | 89227 |
| Segro PLC |  | 44957 | 415022 |
| Warehouses De Pauw CVA |  | 1480 | 42300 |
|  |  |  | $800685 |
| **Retail — 16.70%** |  |  |  |
| Academy Sports & Outdoors, Inc. |  | 1448 | 76078 |
| American Eagle Outfitters, Inc. <sup>(a)</sup> |  | 3502 | 48888 |
| ANTA Sports Products Ltd. |  | 10600 | 138926 |
| Bath & Body Works, Inc. |  | 2547 | 107331 |
| Bed Bath & Beyond, Inc. <sup>(a),(c)</sup> |  | 15916 | 39949 |
| Dick's Sporting Goods, Inc. |  | 570 | 68565 |
| Foot Locker, Inc. |  | 1985 | 75013 |
| Frasers Group PLC <sup>(a)</sup> |  | 7717 | 66239 |
| Goldwin, Inc. |  | 1200 | 87321 |
| H & M Hennes & Mauritz AB, Class B <sup>(c)</sup> |  | 9944 | 106960 |
| Hibbett, Inc. |  | 1289 | 87936 |
| Home Depot, Inc. |  | 2431 | 767856 |
| Industria de Diseno Textil SA |  | 36188 | 962625 |
| Kingfisher PLC |  | 19158 | 54683 |
| Li Ning Co. Ltd. |  | 15771 | 136890 |
| Lowe's Cos., Inc. |  | 611 | 121736 |
| Lululemon Athletica, Inc. <sup>(a)</sup> |  | 338 | 108288 |
| Next PLC |  | 1679 | 117852 |
| Pandora A/S |  | 1371 | 96330 |
| Petco Health & Wellness Co., Inc. <sup>(a)</sup> |  | 3006 | 28497 |
| Qurate Retail, Inc., Series A <sup>(a)</sup> |  | 12364 | 20153 |
| Ryohin Keikaku Co. Ltd. |  | 5330 | 63599 |
| Signet Jewelers Ltd. |  | 8216 | 558688 |
| Starbucks Corp. |  | 1342 | 133126 |
| Truworths International Ltd. |  | 16133 | 52222 |
| Victoria's Secret & Co. <sup>(a)</sup> |  | 1145 | 40968 |
| Williams-Sonoma, Inc. |  | 842 | 96763 |
|  |  |  | $4263482 |
| **Semiconductors — 0.26%** |  |  |  |
| NVIDIA Corp. |  | 456 | 66640 |

---

 *See accompanying notes.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Schedule of Investments** |  | |
|  | **Principal Millennial Global Growth ETF** | **Principal Millennial Global Growth ETF** | **Principal Millennial Global Growth ETF** | |
|  |  | **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | | **Shares Held** | <br>**Value** |
| **Software — 5.80%** | **Software — 5.80%** |  |  |  |
| Bilibili, Inc., ADR <sup>(a)</sup> | Bilibili, Inc., ADR <sup>(a)</sup> |  | 15443 | 365845 |
| DouYu International Holdings Ltd., ADR <sup>(a)</sup> | DouYu International Holdings Ltd., ADR <sup>(a)</sup> |  | 189748 | 265647 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |  | 1224 | 83048 |
| Fiserv, Inc. <sup>(a)</sup> | Fiserv, Inc. <sup>(a)</sup> |  | 1205 | 121789 |
| HUYA, Inc., ADR <sup>(a)</sup> | HUYA, Inc., ADR <sup>(a)</sup> |  | 88319 | 348860 |
| Kakao Games Corp. <sup>(a)</sup> | Kakao Games Corp. <sup>(a)</sup> |  | 985 | 34781 |
| Microsoft Corp. | Microsoft Corp. |  | 400 | 95928 |
| NetEase, Inc., ADR | NetEase, Inc., ADR |  | 1504 | 109236 |
| XD, Inc. <sup>(a)</sup> | XD, Inc. <sup>(a)</sup> |  | 20600 | 57006 |
|  |  |  |  | 1482140 |
| **Telecommunications — 2.94%** | **Telecommunications — 2.94%** |  |  |  |
| AT&T, Inc. | AT&T, Inc. |  | 40781 | 750778 |
| **Toys, Games & Hobbies — 1.34%** | **Toys, Games & Hobbies — 1.34%** |  |  |  |
| Funko, Inc., Class A <sup>(a)</sup> | Funko, Inc., Class A <sup>(a)</sup> |  | 31472 | 343359 |
| **Transportation — 1.53%** | **Transportation — 1.53%** |  |  |  |
| Deutsche Post AG | Deutsche Post AG |  | 2772 | 104389 |
| FedEx Corp. | FedEx Corp. |  | 532 | 92143 |
| RXO, Inc. <sup>(a)</sup> | RXO, Inc. <sup>(a)</sup> |  | 807 | 13880 |
| United Parcel Service, Inc., Class B | United Parcel Service, Inc., Class B |  | 575 | 99958 |
| XPO, Inc. <sup>(a)</sup> | XPO, Inc. <sup>(a)</sup> |  | 807 | 26865 |
| Yamato Holdings Co. Ltd. | Yamato Holdings Co. Ltd. |  | 3400 | 54067 |
|  |  |  |  | 391302 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |  | 25430712 |
| **INVESTMENT COMPANIES — 0.96%** | **INVESTMENT COMPANIES — 0.96%** |  | **Shares Held** | **Value** |
| **Money Market Funds — 0.96%** | **Money Market Funds — 0.96%** |  |  |  |
| Principal Government Money Market Fund — Class R-6 4.15% <sup>(d),(e),(f)</sup> | Principal Government Money Market Fund — Class R-6 4.15% <sup>(d),(e),(f)</sup> | Principal Government Money Market Fund — Class R-6 4.15% <sup>(d),(e),(f)</sup> | 181795 | 181795 |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |  |
| Class 1.29% <sup>(f)</sup> | Class 1.29% <sup>(f)</sup> |  | 64026 | 64026 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |  |  | 245821 |
| **Total Investments** | **Total Investments** |  |  | **25676533** |
| **Other Assets and Liabilities — (0.55)%** | **Other Assets and Liabilities — (0.55)%** |  |  | **(139468)** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** |  |  | **25537065** |
| <sup>(a)</sup> | Non-income producing security. |  |  |  |
| <sup>(b)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | 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 | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these |
|  | securities totaled $951,075 or 3.72% of net assets. | securities totaled $951,075 or 3.72% of net assets. |  |  |
| <sup>(c)</sup> | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $166,491 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $166,491 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $166,491 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $166,491 or |
|  | 0.65% of net assets. |  |  |  |
| <sup>(d)</sup> | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | 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). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | 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. | Please see Affiliated Securities sub-schedule for transactional information. |  |  |
| <sup>(e)</sup> | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | 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 $181,795 or 0.71% of net assets. | these securities totaled $181,795 or 0.71% of net assets. |  |  |
| <sup>(f)</sup> | Current yield shown is as of period end. |  |  |  |
| *See accompanying notes.* | *See accompanying notes.* | 83 |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Schedule of Investments** | **Schedule of Investments** |  |  |
|  | **Principal Millennial Global Growth ETF** | **Principal Millennial Global Growth ETF** | **Principal Millennial Global Growth ETF** |  |
|  | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |  |  |
| **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** | |  |  |
| Location |  | Percent |  |  |
| United States |  | 46.79% |  |  |
| China |  | 22.09% |  |  |
| Spain |  | 3.77% |  |  |
| France |  | 3.43% |  |  |
| Netherlands |  | 3.29% |  |  |
| South Africa |  | 3.24% |  |  |
| United Kingdom |  | 3.16% |  |  |
| Republic Of Korea |  | 2.97% |  |  |
| Japan |  | 2.90% |  |  |
| Germany |  | 2.15% |  |  |
| Singapore |  | 2.01% |  |  |
| Hong Kong |  | 1.95% |  |  |
| Australia |  | 0.82% |  |  |
| Canada |  | 0.69% |  |  |
| Sweden |  | 0.42% |  |  |
| Denmark |  | 0.38% |  |  |
| Brazil |  | 0.26% |  |  |
| Belgium |  | 0.16% |  |  |
| Turkey |  | 0.07% |  |  |
| Other Assets and Liabilities |  | (0.55)% |  |  |
| **TOTAL NET ASSETS** |  | **100.00%** |  |  |
|  | **June 30, 2022** | **Purchases** | **Sales** | **December 31, 2022** |
| **Affiliated Securities** | **Value** | **Cost** | **Proceeds** |  |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $— | $1538875 | $1357080 | $181795 |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% | 988500 | 8567796 | 9556296 |  |
|  | $988500 | $10106671 | $10913376 | $181795 |
|  |  |  | **Realized Gain** |  |
|  |  | **Realized** | **from** | **Change in** |
|  |  | **Gain/(Loss) on** | **Capital Gain** | **Unrealized** |
|  | **Income <sup>(a)</sup>** | **Investments** | **Distributions** | **Gain/(Loss)** |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $— | $— | $— | $— |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% |  |  |  |  |
|  | $— | $— | $— | $— |
| <sup>(a)</sup> Amount excludes earnings from securities lending collateral. | <sup>(a)</sup> Amount excludes earnings from securities lending collateral. |  |  |  |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments**<br> **Principal Quality ETF**<br> **December 31, 2022 (unaudited)**<br> **COMMON STOCKS — 99.77%** | <br>**Shares Held** | <br>**Value** |
| **Advertising — 1.29%** |  |  |
| Interpublic Group of Cos., Inc. | 10632 | $354152 |
| **Aerospace & Defense — 1.58%** |  |  |
| Lockheed Martin Corp. | 888 | 432003 |
| **Apparel — 2.85%** |  |  |
| NIKE, Inc., Class B | 3625 | 424161 |
| Tapestry, Inc. | 9345 | 355858 |
|  |  | $780019 |
| **Auto Manufacturers — 0.14%** |  |  |
| Tesla, Inc. <sup>(a)</sup> | 308 | 37939 |
| **Banks — 4.77%** |  |  |
| Bank of America Corp. | 14705 | 487030 |
| JPMorgan Chase & Co. | 4863 | 652128 |
| SVB Financial Group <sup>(a)</sup> | 728 | 167542 |
|  |  | $1306700 |
| **Biotechnology — 3.46%** |  |  |
| Gilead Sciences, Inc. | 5917 | 507974 |
| Regeneron Pharmaceuticals, Inc. <sup>(a)</sup> | 610 | 440109 |
|  |  | $948083 |
| **Commercial Services — 4.03%** |  |  |
| Gartner, Inc. <sup>(a)</sup> | 1271 | 427234 |
| Moody's Corp. | 1224 | 341031 |
| PayPal Holdings, Inc. <sup>(a)</sup> | 4703 | 334947 |
|  |  | $1103212 |
| **Computers — 5.55%** |  |  |
| Apple, Inc. | 9528 | 1237973 |
| Fortinet, Inc. <sup>(a)</sup> | 5747 | 280971 |
|  |  | $1518944 |
| **Diversified Financial Services — 5.61%** |  |  |
| Ameriprise Financial, Inc. | 1276 | 397308 |
| Mastercard, Inc., Class A | 1585 | 551152 |
| Visa, Inc., Class A | 2823 | 586507 |
|  |  | $1534967 |
| **Electrical Components & Equipment — 1.41%** |  |  |
| AMETEK, Inc. | 2772 | 387304 |
| **Electronics — 6.48%** |  |  |
| Agilent Technologies, Inc. | 2718 | 406749 |
| Allegion PLC | 2860 | 301044 |
| Amphenol Corp., Class A | 4901 | 373162 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 267 | 385935 |
| TE Connectivity Ltd. | 2679 | 307549 |
|  |  | $1774439 |
| **Food — 2.95%** |  |  |
| General Mills, Inc. | 4851 | 406756 |
| Mondelez International, Inc., Class A | 6023 | 401433 |
|  |  | $808189 |

---

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal Quality ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Healthcare — Products — 9.12%** |  |  |  |
| Abbott Laboratories |  | 4142 | $454750 |
| Bio-Techne Corp. |  | 3696 | 306324 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> |  | 930 | 379403 |
| Teleflex, Inc. |  | 1152 | 287574 |
| Thermo Fisher Scientific, Inc. |  | 885 | 487361 |
| Waters Corp. <sup>(a)</sup> |  | 953 | 326479 |
| West Pharmaceutical Services, Inc. |  | 1084 | 255119 |
|  |  |  | $2497010 |
| **Healthcare — Services — 7.52%** |  |  |  |
| Charles River Laboratories International, Inc. <sup>(a)</sup> |  | 1403 | 305714 |
| IQVIA Holdings, Inc. <sup>(a)</sup> |  | 1590 | 325775 |
| Laboratory Corp. of America Holdings |  | 1402 | 330143 |
| Quest Diagnostics, Inc. |  | 2371 | 370919 |
| UnitedHealth Group, Inc. |  | 1370 | 726347 |
|  |  |  | $2058898 |
| **Insurance — 1.33%** |  |  |  |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup> |  | 108 | 33361 |
| Prudential Financial, Inc. |  | 3339 | 332097 |
|  |  |  | $365458 |
| **Internet — 2.89%** |  |  |  |
| Alphabet, Inc., Class A <sup>(a)</sup> |  | 1258 | 110993 |
| Alphabet, Inc., Class C <sup>(a)</sup> |  | 4450 | 394849 |
| Amazon.com, Inc. <sup>(a)</sup> |  | 3394 | 285096 |
|  |  |  | $790938 |
| **Machinery — Diversified — 1.39%** |  |  |  |
| IDEX Corp. |  | 1673 | 381996 |
| **Media — 2.63%** |  |  |  |
| Comcast Corp., Class A |  | 10802 | 377746 |
| FactSet Research Systems, Inc. |  | 853 | 342232 |
|  |  |  | $719978 |
| **Oil & Gas Services — 1.46%** |  |  |  |
| Schlumberger Ltd. |  | 7453 | 398437 |
| **Pharmaceuticals — 11.13%** |  |  |  |
| AbbVie, Inc. |  | 3504 | 566281 |
| Bristol-Myers Squibb Co. |  | 5726 | 411986 |
| Eli Lilly & Co. |  | 1645 | 601807 |
| Merck & Co., Inc. |  | 5447 | 604345 |
| Pfizer, Inc. |  | 10478 | 536893 |
| Zoetis, Inc. |  | 2228 | 326513 |
|  |  |  | $3047825 |
| **REITs — 1.01%** |  |  |  |
| Weyerhaeuser Co. |  | 8937 | 277047 |
| **Retail — 6.05%** |  |  |  |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> |  | 249 | 345485 |
| McDonald's Corp. |  | 1855 | 488848 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> |  | 545 | 459996 |
| Yum! Brands, Inc. |  | 2837 | 363363 |
|  |  |  | $1657692 |

---

 *See accompanying notes.*

86 ![](principalexchange-tradex90x1.jpg) <br>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal Quality ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Semiconductors — 4.72%** | **Semiconductors — 4.72%** |  |  |  |
| Applied Materials, Inc. | Applied Materials, Inc. |  | 3636 | $354074 |
| Lam Research Corp. | Lam Research Corp. |  | 740 | 311022 |
| QUALCOMM, Inc. | QUALCOMM, Inc. |  | 3145 | 345761 |
| Teradyne, Inc. | Teradyne, Inc. |  | 3210 | 280393 |
|  |  |  |  | $1291250 |
| **Software — 7.58%** | **Software — 7.58%** |  |  |  |
| Microsoft Corp. | Microsoft Corp. |  | 7189 | 1724066 |
| Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> |  | 1099 | 350900 |
|  |  |  |  | $2074966 |
| **Telecommunications — 1.78%** | **Telecommunications — 1.78%** |  |  |  |
| Cisco Systems, Inc. | Cisco Systems, Inc. |  | 10248 | 488215 |
| **Transportation — 1.04%** | **Transportation — 1.04%** |  |  |  |
| FedEx Corp. | FedEx Corp. |  | 1640 | 284048 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |  | $27319709 |
| **INVESTMENT COMPANIES — 0.33%** | **INVESTMENT COMPANIES — 0.33%** |  | **Shares Held** | **Value** |
| **Money Market Fund — 0.33%** | **Money Market Fund — 0.33%** |  |  |  |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |  |
| Class 1.29% <sup>(b)</sup> | Class 1.29% <sup>(b)</sup> |  | 90596 | $90596 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |  |  | $90596 |
| **Total Investments** | **Total Investments** |  |  | $**27410305** |
| **Other Assets and Liabilities — (0.10)%** | **Other Assets and Liabilities — (0.10)%** |  |  | **(26180)** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** |  |  | $**27384125** |
| <sup>(a)</sup> | Non-income producing security. |  |  |  |
| <sup>(b)</sup> | Current yield shown is as of period end. |  |  |  |
|  | **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** |  |  |
| Sector | Sector | Percent |  |  |
| Consumer, Non-cyclical | Consumer, Non-cyclical | 38.21% |  |  |
| Technology | Technology | 17.84% |  |  |
| Financial | Financial | 12.72% |  |  |
| Industrial | Industrial | 11.90% |  |  |
| Consumer, Cyclical | Consumer, Cyclical | 9.04% |  |  |
| Communications | Communications | 8.60% |  |  |
| Energy | Energy | 1.46% |  |  |
| Money Market Fund | Money Market Fund | 0.33% |  |  |
| Other Assets and Liabilities | Other Assets and Liabilities | (0.10)% |  |  |
| **TOTAL NET ASSETS** | **TOTAL NET ASSETS** | **100.00%** |  |  |
| *See accompanying notes.* | *See accompanying notes.* | 87 |  |  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal Real Estate Active Opportunities ETF** | **Principal Real Estate Active Opportunities ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS — 99.96%** | **Shares Held** | <br>**Value** |
| **Entertainment — 2.28%** |  |  |
| Marriott Vacations Worldwide Corp. | 832 | $111979 |
| **REITs — 97.68%** |  |  |
| Alexandria Real Estate Equities, Inc. | 1352 | 196946 |
| American Homes 4 Rent, Class A | 6946 | 209352 |
| American Tower Corp. | 1721 | 364611 |
| Crown Castle, Inc. | 1714 | 232487 |
| CubeSmart | 5649 | 227372 |
| DiamondRock Hospitality Co. | 11847 | 97027 |
| Digital Realty Trust, Inc. | 2269 | 227513 |
| Equinix, Inc. | 263 | 172273 |
| Equity LifeStyle Properties, Inc. | 3555 | 229653 |
| Extra Space Storage, Inc. | 1736 | 255504 |
| Gaming & Leisure Properties, Inc. | 3080 | 160437 |
| Invitation Homes, Inc. | 10368 | 307307 |
| Medical Properties Trust, Inc. | 12356 | 137646 |
| Rexford Industrial Realty, Inc. | 6586 | 359859 |
| SBA Communications Corp. | 783 | 219483 |
| Sun Communities, Inc. | 2276 | 325468 |
| Terreno Realty Corp. | 3478 | 197794 |
| Ventas, Inc. | 7171 | 323054 |
| VICI Properties, Inc. | 10228 | 331387 |
| Welltower, Inc. | 3514 | 230343 |
|  |  | $4805516 |
| TOTAL COMMON STOCKS |  | $4917495 |
| **INVESTMENT COMPANIES — 0.51%** | **Shares Held** | **Value** |
| **Money Market Fund — 0.51%** |  |  |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |
| Class 1.29% <sup>(a)</sup> | 25297 | $25297 |
| TOTAL INVESTMENT COMPANIES |  | $25297 |
| **Total Investments** |  | $**4942792** |
| **Other Assets and Liabilities — (0.47)%** |  | **(23201)** |
| **Total Net Assets — 100.00%** |  | $**4919591** |
| <sup>(a)</sup> Current yield shown is as of period end. |  |  |
| **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** |  |
| Sector | Percent |  |
| Financial | 97.68% |  |
| Consumer, Cyclical | 2.28% |  |
| Money Market Fund | 0.51% |  |
| Other Assets and Liabilities | (0.47)% |  |
| **TOTAL NET ASSETS** | **100.00%** |  |
| *See accompanying notes.* | 88 |  |

---

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal Spectrum Preferred Securities Active ETF** | **Principal Spectrum Preferred Securities Active ETF** | |
| **December 31, 2022 (unaudited)** |  | |
|  | **Principal** | |
| **BONDS — 95.86%** | **Amount** | <br>**Value** |
| **Banks — 46.32%** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.76%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/27/2027 <sup>(a),(b)</sup> | $9688000 | $8205066 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.23%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/27/2027 <sup>(a),(b),(c)</sup> | 7811000 | 7664544 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 4.55%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/10/2026 <sup>(a),(b)</sup> | 605000 | 600507 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.98%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/25/2024 <sup>(a),(b)</sup> | 3163000 | 2906742 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.35%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/20/2026 <sup>(a),(b)</sup> | 9142000 | 8130849 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.63%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/20/2026 <sup>(a),(b)</sup> | 3447000 | 2776410 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.55%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/04/2025 <sup>(a),(b)</sup> | 4081000 | 3912659 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.38%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 10/27/2082 | 9085000 | 9445101 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.42%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/18/2026 <sup>(a),(b)</sup> | 6850000 | 5839625 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.60%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/10/2025 <sup>(a),(b)</sup> | 12775000 | 11128558 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 3.91%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/2025 <sup>(a),(b)</sup> | 2022000 | 1821215 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.22%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/2026 <sup>(a),(b)</sup> | 1926000 | 1546113 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 5.31%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 10/06/2025 <sup>(a),(b)</sup> | 4386000 | 4200154 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 3.16%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/06/2024 <sup>(a),(b)</sup> | 2331000 | 2123017 |
| Comerica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 5.29%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/01/2025 <sup>(a),(b)</sup> | 15491000 | 14947266 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.22%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/30/2025 <sup>(a),(b)</sup> | 858000 | 797097 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.92%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/10/2026 <sup>(a),(b)</sup> | 1626000 | 1312995 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.97%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/10/2026 <sup>(a),(b)</sup> | 1284000 | 1046077 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.95%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/10/2026 <sup>(a),(b)</sup> | 8342000 | 6943909 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.62%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/10/2024 <sup>(a),(b)</sup> | 8268000 | 8015614 |
| HSBC Capital Funding Dollar 1 LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 4.98%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.18%, 06/30/2030 <sup>(a),(b)</sup> | 4618000 | 5541581 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (7-year Treasury Constant Maturity Rate + 4.05%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/15/2027 <sup>(a),(b)</sup> | 1807000 | 1616463 |
| &nbsp;&nbsp;&nbsp;&nbsp; (10-year Treasury Constant Maturity Rate + 4.95%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2030 <sup>(a),(b)</sup> | 5776000 | 5361987 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal Spectrum Preferred Securities Active ETF** | **Principal Spectrum Preferred Securities Active ETF** | |
| **December 31, 2022 (unaudited)** |  | |
|  | **Principal** | |
| **BONDS (continued)** | **Amount** | <br>**Value** |
| **Banks (continued)** |  |  |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.85%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/2026 <sup>(a),(b)</sup> | $8739000 | $7482769 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 3.78%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/2024 <sup>(a),(b)</sup> | 7173000 | 7145312 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.68%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2026 <sup>(a),(b)</sup> | 10763000 | 8341433 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.60%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/15/2026 <sup>(a),(b)</sup> | 2820000 | 2234850 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.24%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 09/15/2027 <sup>(a),(b)</sup> | 6480000 | 6332580 |
| SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.20%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2026 <sup>(a),(b)</sup> | 2169000 | 1431583 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.07%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/2026 <sup>(a),(b)</sup> | 5699000 | 3738821 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.07%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 10/31/2082 | 5660000 | 5886400 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.00%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/01/2024 <sup>(a),(b)</sup> | 5435000 | 4892872 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.61%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/2025 <sup>(a),(b)</sup> | 16409000 | 15688645 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.54%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/2027 <sup>(a),(b)</sup> | 12060000 | 9859050 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.45%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/2026 <sup>(a),(b)</sup> | 18871000 | 16517126 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 3.99%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2025 <sup>(a),(b)</sup> | 4376000 | 4222840 |
|  |  | $209657830 |
| **Diversified Financial Services — 10.51%** |  |  |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.87%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2026 <sup>(a),(b)</sup> | 6846000 | 4578263 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.85%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/2026 <sup>(a),(b)</sup> | 9472000 | 7781248 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.16%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/01/2026 <sup>(a),(b)</sup> | 13430000 | 10547662 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.17%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2026 <sup>(a),(b)</sup> | 12599000 | 10929632 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.97%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/2025 <sup>(a),(b)</sup> | 3814000 | 3730092 |
| Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 5.78%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/23/2025 <sup>(a),(b)</sup> | 10305000 | 10001964 |
|  |  | $47568861 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal Spectrum Preferred Securities Active ETF** | **Principal Spectrum Preferred Securities Active ETF** | |
| **December 31, 2022 (unaudited)** |  | |
|  | **Principal** | |
| **BONDS (continued)** | **Amount** | <br>**Value** |
| **Electric — 9.36%** |  |  |
| Algonquin Power & Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.25%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/18/2082 <sup>(a)</sup> | $3010000 | $2438100 |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.68%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2062 <sup>(a)</sup> | 2911000 | 2267978 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.12%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/2050 <sup>(a)</sup> | 2476000 | 2141639 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.20%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/2027 <sup>(a),(b)</sup> | 545000 | 457764 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.99%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/15/2024 <sup>(a),(b)</sup> | 11434000 | 10004750 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.32%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2082 <sup>(a)</sup> | 4346000 | 3174336 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.39%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/16/2024 <sup>(a),(b)</sup> | 7793000 | 7111113 |
| Emera, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 5.44%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2076 <sup>(a)</sup> | 5787000 | 5556793 |
| Enel SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Swap rate + 5.88%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 09/24/2073 <sup>(a),(d)</sup> | 3335000 | 3337763 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.55%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/2082 <sup>(a)</sup> | 4718000 | 3844438 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.73%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2051 <sup>(a)</sup> | 2231000 | 2030210 |
|  |  | $42364884 |
| **Gas — 1.03%** |  |  |
| NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.84%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/2023 <sup>(a),(b)</sup> | 5013000 | 4674623 |
| **Hand/Machine Tools — 0.60%** |  |  |
| Stanley Black & Decker, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.66%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2060 <sup>(a)</sup> | 3210000 | 2731928 |
| **Insurance — 17.47%** |  |  |
| Allstate Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 2.94%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2053 <sup>(a)</sup> | 3210000 | 3017400 |
| American International Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 2.87%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2048 <sup>(a)</sup> | 1192000 | 1138570 |
| Argentum Netherlands BV for Swiss Re Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 3.78%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/2052 <sup>(a)</sup> | 5600000 | 5124000 |
| Argentum Netherlands BV for Zurich Insurance Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.27%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/2048 <sup>(a)</sup> | 4000000 | 3607200 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal Spectrum Preferred Securities Active ETF** | **Principal Spectrum Preferred Securities Active ETF** | |
| **December 31, 2022 (unaudited)** |  | |
|  | **Principal** | |
| **BONDS (continued)** | **Amount** | <br>**Value** |
| **Insurance (continued)** |  |  |
| Cloverie PLC for Zurich Insurance Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 4.92%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/24/2046 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp; 5600000 | $5460000 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.85%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/2052 <sup>(a),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6136000 | 5669877 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.74%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/2025 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | 3299450 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.32%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/2051 <sup>(a),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2612000 | 2127735 |
| Meiji Yasuda Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Swap rate + 4.23%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 10/20/2045 <sup>(a),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3210000 | 3106317 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.58%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/15/2025 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8593000 | 7980749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/08/2068 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | 1648388 |
| Nippon Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.65%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/21/2051 <sup>(a),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4238000 | 3400985 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.60%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/16/2051 <sup>(a),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2393000 | 1913994 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.04%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/01/2050 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8397000 | 7086144 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.16%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/2052 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4634000 | 4216940 |
| Sumitomo Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.75%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/2081 <sup>(a),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3860000 | 3220160 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 4.44%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/20/2073 <sup>(a),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6436000 | 6388150 |
| Voya Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.36%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2023 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6240000 | 6076365 |
| Zurich Finance Ireland Designated Activity Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.78%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/19/2051 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | 4575000 |
|  |  | $79057424 |
| **Oil & Gas — 1.23%** |  |  |
| BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.04%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/22/2025 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | 4202000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.40%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/22/2030 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1575000 | 1378125 |
|  |  | $5580125 |
| **Pipelines — 6.98%** |  |  |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 5.31%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2080 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1845000 | 1668282 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 3.89%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2077 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4782000 | 4391020 |

---

 *See accompanying notes.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Schedule of Investments** | **Schedule of Investments** |  | |
|  | **Principal Spectrum Preferred Securities Active ETF** | **Principal Spectrum Preferred Securities Active ETF** | **Principal Spectrum Preferred Securities Active ETF** | |
|  | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |  | |
|  |  |  | **Principal** | |
| **BONDS (continued)** | **BONDS (continued)** | | **Amount** | <br>**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** |  |  |  |
| Enbridge, Inc. (continued) | Enbridge, Inc. (continued) |  |  |  |
|  | (5-year Treasury Constant Maturity Rate + 4.41%), |  |  |  |
|  | 7.63%, 01/15/2083 <sup>(a)</sup> | $| 5145000 | 5074570 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC |  |  |  |
|  | (3-month USD LIBOR + 3.03%), |  |  |  |
|  | 5.25%, 08/16/2077 <sup>(a)</sup> |  | 3210000 | 2581894 |
| Transcanada Trust | Transcanada Trust |  |  |  |
|  | (6-month Secured Overnight Financing Rate + 4.42%), |  |  |  |
|  | 5.50%, 09/15/2079 <sup>(a)</sup> |  | 7007000 | 6048581 |
|  | (5-year Treasury Constant Maturity Rate + 3.99%), |  |  |  |
|  | 5.60%, 03/07/2082 <sup>(a)</sup> |  | 13805000 | 11803275 |
|  |  |  |  | 31567622 |
| **REITs — 0.55%** | **REITs — 0.55%** |  |  |  |
| Scentre Group Trust 2 | Scentre Group Trust 2 |  |  |  |
|  | (5-year Treasury Constant Maturity Rate + 4.38%), |  |  |  |
|  | 4.75%, 09/24/2080 <sup>(a),(d)</sup> |  | 901000 | 806846 |
|  | (5-year Treasury Constant Maturity Rate + 4.69%), |  |  |  |
|  | 5.13%, 09/24/2080 <sup>(a),(d)</sup> |  | 2009000 | 1683542 |
|  |  |  |  | 2490388 |
| **Telecommunications — 1.81%** | **Telecommunications — 1.81%** |  |  |  |
| Vodafone Group PLC | Vodafone Group PLC |  |  |  |
|  | (5-year Treasury Constant Maturity Rate + 2.77%), |  |  |  |
|  | 4.13%, 06/04/2081 <sup>(a)</sup> |  | 1793000 | 1330785 |
|  | (5-year Swap rate + 4.87%), |  |  |  |
|  | 7.00%, 04/04/2079 <sup>(a)</sup> |  | 6831000 | 6868092 |
|  |  |  |  | 8198877 |
| TOTAL BONDS | TOTAL BONDS |  |  | 433892562 |
| **INVESTMENT COMPANIES — 4.20%** | **INVESTMENT COMPANIES — 4.20%** |  | **Shares Held** | **Value** |
| **Money Market Funds — 4.20%** | **Money Market Funds — 4.20%** |  |  |  |
| Principal Government Money Market Fund — Class R-6 4.15% <sup>(e),(f),(g)</sup> | Principal Government Money Market Fund — Class R-6 4.15% <sup>(e),(f),(g)</sup> | Principal Government Money Market Fund — Class R-6 4.15% <sup>(e),(f),(g)</sup> | 194448 | 194448 |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |  |
| Class 1.29% <sup>(e)</sup> | Class 1.29% <sup>(e)</sup> |  | 18788327 | 18788327 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |  |  | 18982775 |
| **Total Investments** | **Total Investments** |  |  | **452875337** |
| **Other Assets and Liabilities — (0.06)%** | **Other Assets and Liabilities — (0.06)%** |  |  | **(257353)** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** |  |  | **452617984** |
| <sup>(a)</sup> | 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 | 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 | 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 | 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. |  |  |  |
| <sup>(b)</sup> | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | 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. | date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end. | date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end. |  |
| <sup>(c)</sup> | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $191,450 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $191,450 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $191,450 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $191,450 or |
|  | 0.04% of net assets. |  |  |  |
| <sup>(d)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | 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 | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these |
|  | securities totaled $33,303,757 or 7.36% of net assets. |  |  |  |
| <sup>(e)</sup> | Current yield shown is as of period end. |  |  |  |
| <sup>(f)</sup> | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | 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). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | 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. | Please see Affiliated Securities sub-schedule for transactional information. |  |  |
| <sup>(g)</sup> | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of | 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 $194,448 or 0.04% of net assets. |  |  |  |
| *See accompanying notes.* | *See accompanying notes.* | 93 |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Schedule of Investments** | **Schedule of Investments** |  |  |
|  | **Principal Spectrum Preferred Securities Active ETF** | **Principal Spectrum Preferred Securities Active ETF** | **Principal Spectrum Preferred Securities Active ETF** |  |
|  | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |  |  |
| **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** | |  |  |
| Sector |  | Percent |  |  |
| Financial |  | 74.85% |  |  |
| Utilities |  | 10.39% |  |  |
| Energy |  | 8.21% |  |  |
| Money Market Funds |  | 4.20% |  |  |
| Communications |  | 1.81% |  |  |
| Industrial |  | 0.60% |  |  |
| Other Assets and Liabilities |  | (0.06)% |  |  |
| **TOTAL NET ASSETS** |  | **100.00%** |  |  |
|  | **June 30, 2022** | **Purchases** | **Sales** | **December 31, 2022** |
| **Affiliated Securities** | **Value** | **Cost** | **Proceeds** |  |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $— | $328928 | $134480 | $194448 |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% | 2707203 | 11373540 | 14080743 |  |
|  | $2707203 | $11702468 | $14215223 | $194448 |
|  |  |  | **Realized Gain** |  |
|  |  | **Realized** | **from** | **Change in** |
|  |  | **Gain/(Loss) on** | **Capital Gain** | **Unrealized** |
|  | **Income <sup>(a)</sup>** | **Investments** | **Distributions** | **Gain/(Loss)** |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $— | $— | $— | $— |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% |  |  |  |  |
|  | $— | $— | $— | $— |
| <sup>(a)</sup> Amount excludes earnings from securities lending collateral. | <sup>(a)</sup> Amount excludes earnings from securities lending collateral. |  |  |  |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal Spectrum Tax-Advantaged Dividend Active ETF** | **Principal Spectrum Tax-Advantaged Dividend Active ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **PREFERRED STOCKS — 11.05%** | **Shares Held** | <br>**Value** |
| **Banks — 5.16%** |  |  |
| Associated Banc-Corp.; Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/2025 <sup>(a)</sup> | 2070 | $42456 |
| Bank of America Corp.; Series NN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/03/2025 <sup>(a)</sup> | 4380 | 76869 |
| Fulton Financial Corp.; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/2026 <sup>(a)</sup> | 9200 | 180596 |
| Morgan Stanley; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 3.71%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/2024 <sup>(a)</sup> | 17030 | 413148 |
| Morgan Stanley; Series P |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2027 <sup>(a)</sup> | 4000 | 101000 |
| Synovus Financial Corp.; Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.13%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/2024 <sup>(a)</sup> | 11500 | 250125 |
|  |  | $1064194 |
| **Insurance — 3.57%** |  |  |
| Allstate Corp.; Series H |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 10/15/2024 <sup>(a)</sup> | 11500 | 227815 |
| American International Group, Inc.; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 03/15/2024 <sup>(a)</sup> | 8019 | 171687 |
| MetLife, Inc.; Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2025 <sup>(a)</sup> | 17250 | 337237 |
|  |  | $736739 |
| **Telecommunications — 2.32%** |  |  |
| AT&T, Inc.; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/12/2024 <sup>(a)</sup> | 11381 | 208841 |
| AT&T, Inc.; Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/18/2025 <sup>(a)</sup> | 15395 | 268489 |
|  |  | $477330 |
| TOTAL PREFERRED STOCKS |  | $2278263 |
|  | **Principal** |  |
| **BONDS — 86.46%** | **Amount** | **Value** |
| **Banks — 70.47%** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 4.55%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/10/2026 <sup>(a),(b)</sup> | $575000 | $570730 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.35%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/20/2026 <sup>(a),(b)</sup> | 230000 | 204561 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.36%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/20/2025 <sup>(a),(b)</sup> | 275000 | 264036 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.55%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/04/2025 <sup>(a),(b)</sup> | 575000 | 551281 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.38%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 10/27/2082 | 300000 | 311891 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.90%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/16/2029 <sup>(a),(b),(c),(d)</sup> | 200000 | 197500 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.42%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/18/2026 <sup>(a),(b)</sup> | 655000 | 558387 |
| *See accompanying notes.* |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal Spectrum Tax-Advantaged Dividend Active ETF** | **Principal Spectrum Tax-Advantaged Dividend Active ETF** | |
| **December 31, 2022 (unaudited)** |  | |
|  | **Principal** | |
| **BONDS (continued)** | **Amount** | <br>**Value** |
| **Banks (continued)** |  |  |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 5.31%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 10/06/2025 <sup>(a),(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | $550636 |
| Comerica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 5.29%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/01/2025 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | 554817 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Swap Rate + 4.90%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/23/2024 <sup>(a),(b),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861000 | 853079 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 6.38%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/23/2027 <sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | 522640 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.22%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/30/2025 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548000 | 509102 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.97%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/10/2026 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438000 | 356839 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month U.S. International Swaps and Derivative Association + 4.37%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/30/2025 <sup>(a),(b),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861000 | 834375 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (10-year Treasury Constant Maturity Rate + 4.95%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2030 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | 533785 |
| ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.34%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/16/2026 <sup>(a),(b),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861000 | 764038 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.85%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/2026 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | 94188 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Swap Rate + 4.50%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/27/2025 <sup>(a),(b),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861000 | 830613 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 3.52%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/2026 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247000 | 212278 |
| Natwest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Swap Rate + 5.72%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/10/2025 <sup>(a),(b),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861000 | 847009 |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.11%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/26/2026 <sup>(a),(b),(c),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861000 | 845556 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.00%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/2027 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | 375849 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.24%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 09/15/2027 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | 97725 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Swap rate + 4.98%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/18/2023 <sup>(a),(b),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824000 | 815611 |
| SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.20%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2026 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | 72602 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.61%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/2025 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | 549757 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal Spectrum Tax-Advantaged Dividend Active ETF** | **Principal Spectrum Tax-Advantaged Dividend Active ETF** | |
| **December 31, 2022 (unaudited)** |  | |
|  | **Principal** | |
| **BONDS (continued)** | **Amount** | <br>**Value** |
| **Banks (continued)** |  |  |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.54%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/2027 <sup>(a),(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209000 | $170858 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Swap rate + 4.34%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/31/2024 <sup>(a),(b),(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861000 | 847072 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.45%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/2026 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328000 | 287087 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 3.99%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2025 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355000 | 342575 |
|  |  | $14526477 |
| **Diversified Financial Services — 8.33%** |  |  |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.87%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2026 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | 147125 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.16%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/01/2026 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209000 | 164145 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.17%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2026 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328000 | 284540 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 4.97%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/2025 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | 562350 |
| Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 5.78%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/23/2025 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | 558091 |
|  |  | $1716251 |
| **Electric — 4.50%** |  |  |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 2.99%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/15/2024 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | 402500 |
| Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.39%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/16/2024 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 | 524687 |
|  |  | $927187 |
| **Insurance — 3.16%** |  |  |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.58%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/15/2025 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220000 | 204325 |
| Voya Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5-year Treasury Constant Maturity Rate + 3.36%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2023 <sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | 447937 |
|  |  | $652262 |
| TOTAL BONDS |  | $17822177 |
| *See accompanying notes.* |  |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Schedule of Investments** | |
|  | **Principal Spectrum Tax-Advantaged Dividend Active ETF** | **Principal Spectrum Tax-Advantaged Dividend Active ETF** | |
|  |  | **December 31, 2022 (unaudited)** | |
| **INVESTMENT COMPANIES — 1.92%** | **INVESTMENT COMPANIES — 1.92%** | **Shares Held** | <br>**Value** |
| **Money Market Fund — 1.92%** | **Money Market Fund — 1.92%** |  |  |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |
| Class 1.29% <sup>(e)</sup> | Class 1.29% <sup>(e)</sup> | 395975 | $395975 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES | $| 395975 |
| **Total Investments** | **Total Investments** | **$** | **20496415** |
| **Other Assets and Liabilities — 0.57%** | **Other Assets and Liabilities — 0.57%** |  | **117563** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** | **$** | **20613978** |
| <sup>(a)</sup> | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier | 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. | date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end. |  |
| <sup>(b)</sup> | 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 | 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 | 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. |  |  |
| <sup>(c)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | 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 | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these |
|  | securities totaled $1,565,696 or 7.60% of net assets. | securities totaled $1,565,696 or 7.60% of net assets. |  |
| <sup>(d)</sup> | Security is a contingent convertible security, ("CoCo"). CoCo's are hybrid debt securities that may convert to equity or have | Security is a contingent convertible security, ("CoCo"). CoCo's are hybrid debt securities that may convert to equity or have | 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 | their principal written down upon occurrence of certain "triggers". At the end of the period, the value of these securities | their principal written down upon occurrence of certain "triggers". At the end of the period, the value of these securities |
|  | totaled $7,357,493 or 35.69% of net assets. |  |  |
| <sup>(e)</sup> | Current yield shown is as of period end. |  |  |
|  | **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** |  |
| Sector | Sector | Percent |  |
| Financial | Financial | 90.69 |  |
| Utilities | Utilities | 4.50 |  |
| Communications | Communications | 2.32 |  |
| Money Market Fund | Money Market Fund | 1.92 |  |
| Other Assets and Liabilities | Other Assets and Liabilities | 0.57 |  |
| **TOTAL NET ASSETS** | **TOTAL NET ASSETS** | **100.00** |  |
| *See accompanying notes.* | *See accompanying notes.* | 98 |  |

---

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments**<br> **Principal Ultra-Short Active Income ETF**<br> **December 31, 2022 (unaudited)**<br>**BONDS — 84.79%** | <br>**Principal**<br> **Amount** | <br>**Value** |
| **Asset-Backed Securities — 26.26%** |  |  |
| CPS Auto Receivables Trust 2022-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 04/16/2029 <sup>(a)</sup> | $60434 | $59504 |
| CPS Auto Receivables Trust 2022-C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 04/15/2030 <sup>(a)</sup> | 77726 | 77040 |
| Ford Credit Auto Owner Trust 2018-REV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 01/15/2030 <sup>(a)</sup> | 100000 | 98640 |
| GM Financial Consumer Automobile Receivables Trust 2022-3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1-month Secured Overnight Financing Rate + 0.60%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 09/16/2025 | 250000 | 250290 |
| Madison Park Funding XVIII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 0.94%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 10/21/2030 <sup>(a)</sup> | 250000 | 246460 |
| Navistar Financial Dealer Note Master Owner Trust II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1-month Secured Overnight Financing Rate + 1.25%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/25/2027 <sup>(a)</sup> | 200000 | 200522 |
| PFS Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate + 0.60%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 02/15/2026 <sup>(a)</sup> | 200000 | 199002 |
| Santander Drive Auto Receivables Trust 2022-5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 01/15/2025 | 100000 | 99495 |
| TCI-Flatiron CLO 2016-1 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Term Secured Overnight Financing Rate + 1.10%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 01/17/2032 <sup>(a)</sup> | 250000 | 245081 |
| Trafigura Securitisation Finance PLC 2021-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1-month USD LIBOR + 0.53%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/15/2025 <sup>(a)</sup> | 250000 | 242764 |
| Westlake Automobile Receivables Trust 2022-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.97%, 12/16/2024 <sup>(a)</sup> | 127767 | 126398 |
| Westlake Automobile Receivables Trust 2022-2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1-month Secured Overnight Financing Rate + 1.13%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 08/15/2025 <sup>(a)</sup> | 39827 | 39623 |
| World Omni Select Auto Trust 2021-A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.29%, 02/18/2025 | 11717 | 11693 |
|  |  | $1896512 |
| **Banks — 23.27%** |  |  |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate Index + 0.71%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 03/08/2024 | 200000 | 199060 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate + 0.26%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/26/2024 | 250000 | 248275 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/2023 | 200000 | 199034 |
| Citizens Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 1.40%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 05/23/2025 <sup>(b)</sup> | 250000 | 244630 |
| Credit Suisse AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate Index + 0.38%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/09/2023 | 250000 | 243928 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate Index + 0.36%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 07/29/2024 | 250000 | 247211 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate + 0.24%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 01/06/2023 | 200000 | 200005 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments**<br> **Principal Ultra-Short Active Income ETF**<br> **December 31, 2022 (unaudited)**<br>**BONDS (continued)** | <br>**Principal**<br> **Amount** | <br>**Value** |
| **Banks (continued)** |  |  |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (6-month Secured Overnight Financing Rate + 1.60%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/02/2024 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | $98384 |
|  |  | $1680527 |
| **Biotechnology — 2.52%** |  |  |
| Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/29/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188000 | 182135 |
| **Diversified Financial Services — 4.81%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate + 0.68%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/29/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | 147254 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate Index + 0.72%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 05/03/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | 199784 |
|  |  | $347038 |
| **Electric — 12.11%** |  |  |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 03/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | 192837 |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 08/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 233149 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 0.53%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 | 149703 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate Index + 0.25%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 05/10/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | 99833 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate Index + 0.40%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 11/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | 199181 |
|  |  | $874703 |
| **Entertainment — 1.38%** |  |  |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month Secured Overnight Financing Rate Index + 1.78%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.09%, 03/15/2024 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | 99689 |
| **Healthcare — Products — 3.35%** |  |  |
| PerkinElmer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 242166 |
| **Oil & Gas — 3.34%** |  |  |
| ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/08/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 241552 |
| **Pipelines — 3.46%** |  |  |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3-month USD LIBOR + 1.28%), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36%, 01/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 249995 |
| **Telecommunications — 4.29%** |  |  |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%, 03/03/2023 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | 198868 |

---

 *See accompanying notes.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Schedule of Investments** |  | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Principal Ultra-Short Active Income ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Principal Ultra-Short Active Income ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Principal Ultra-Short Active Income ETF** | |
|  |  | **December 31, 2022 (unaudited)** |  | |
|  |  |  | **Principal** | |
| **BONDS (continued)** | **BONDS (continued)** | | **Amount** | <br>**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** |  |  |  |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III |  |  |
| LLC | LLC |  |  |  |
|  | 4.74%, 03/20/2025 <sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112500 | $111174 |
|  |  |  |  | $310042 |
| TOTAL BONDS | TOTAL BONDS |  |  | $6124359 |
| **U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS —** | **U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS —** | **U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS —** |  |  |
| **6.89%** | **6.89%** |  |  |  |
| **U.S. Treasury Notes — 6.89%** | **U.S. Treasury Notes — 6.89%** |  |  |  |
|  | 3.95%, 02/16/2023 | $| 500000 | $497513 |
| TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS |  | $497513 |
| **INVESTMENT COMPANIES — 8.26%** | **INVESTMENT COMPANIES — 8.26%** |  | **Shares Held** | **Value** |
| **Money Market Fund — 8.26%** | **Money Market Fund — 8.26%** |  |  |  |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |  |
| Class 1.29% <sup>(c)</sup> | Class 1.29% <sup>(c)</sup> |  | 596585 | $596585 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |  |  | $596585 |
| **Total Investments** | **Total Investments** |  |  | $**7218457** |
| **Other Assets and Liabilities — 0.06%** | **Other Assets and Liabilities — 0.06%** |  |  | **4196** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** |  |  | $**7222653** |
| <sup>(a)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in | 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 | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these | transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these |
|  | securities totaled $1,944,765 or 26.93% of net assets. | securities totaled $1,944,765 or 26.93% of net assets. |  |  |
| <sup>(b)</sup> | 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 | 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 | 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 | 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. |  |  |  |
| <sup>(c)</sup> | Current yield shown is as of period end. |  |  |  |
|  | **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** |  |  |
| Sector | Sector | Percent |  |  |
| Financial | Financial | 34.96% |  |  |
| Asset Backed Securities | Asset Backed Securities | 26.26% |  |  |
| Utilities | Utilities | 12.11% |  |  |
| Money Market Fund | Money Market Fund | 8.26% |  |  |
| Energy | Energy | 6.81% |  |  |
| Consumer, Non-cyclical | Consumer, Non-cyclical | 5.87% |  |  |
| Communications | Communications | 4.29% |  |  |
| Consumer, Cyclical | Consumer, Cyclical | 1.38% |  |  |
| Other Assets and Liabilities | Other Assets and Liabilities | 0.06% |  |  |
| **TOTAL NET ASSETS** | **TOTAL NET ASSETS** | **100.00%** |  |  |
| *See accompanying notes.* | *See accompanying notes.* | 101 |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Schedule of Investments** | **Schedule of Investments** |  | |
| | **Principal Ultra-Short Active Income ETF** | **Principal Ultra-Short Active Income ETF** | **Principal Ultra-Short Active Income ETF** | |
| | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** |  | |
| | **June 30, 2022** | **Purchases** | **Sales** | |
| <br>**Affiliated Securities** | **Value** | **Cost** | **Proceeds** | <br>**December 31, 2022** |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $— | $13098 | $13098 | $— |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% | 66468 | 971787 | 1038255 |  |
|  | $66468 | $984885 | $1051353 | $— |
|  |  |  | **Realized Gain** |  |
|  |  | **Realized** | **from** |  |
|  |  | **Gain/(Loss) on** | **Capital Gain** |  |
|  | **Income <sup>(a)</sup>** | **Investments** | **Distributions** |  |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $— | $— | $— | $— |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% |  |  |  |  |
|  | $— | $— | $— | $— |
| <sup>(a)</sup> Amount excludes earnings from securities lending collateral. | <sup>(a)</sup> Amount excludes earnings from securities lending collateral. |  |  |  |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS — 99.72%** | **Shares Held** | <br>**Value** |
| **Advertising — 0.27%** |  |  |
| Interpublic Group of Cos., Inc. | 143 | $4764 |
| Omnicom Group, Inc. | 132 | 10767 |
|  |  | $15531 |
| **Aerospace & Defense — 1.72%** |  |  |
| General Dynamics Corp. | 59 | 14638 |
| Howmet Aerospace, Inc. | 111 | 4375 |
| L3Harris Technologies, Inc. | 52 | 10827 |
| Lockheed Martin Corp. | 65 | 31622 |
| Northrop Grumman Corp. | 31 | 16914 |
| Raytheon Technologies Corp. | 150 | 15138 |
| TransDigm Group, Inc. | 8 | 5037 |
|  |  | $98551 |
| **Agriculture — 0.76%** |  |  |
| Altria Group, Inc. | 219 | 10010 |
| Archer-Daniels-Midland Co. | 193 | 17920 |
| Philip Morris International, Inc. | 151 | 15283 |
|  |  | $43213 |
| **Airlines — 0.27%** |  |  |
| Alaska Air Group, Inc. <sup>(a)</sup> | 82 | 3521 |
| Southwest Airlines Co. | 128 | 4310 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 205 | 7728 |
|  |  | $15559 |
| **Apparel — 0.41%** |  |  |
| NIKE, Inc., Class B | 91 | 10648 |
| Ralph Lauren Corp. | 38 | 4015 |
| Tapestry, Inc. | 223 | 8492 |
|  |  | $23155 |
| **Auto Manufacturers — 1.63%** |  |  |
| Cummins, Inc. | 29 | 7027 |
| Ford Motor Co. | 855 | 9944 |
| General Motors Co. | 161 | 5416 |
| PACCAR, Inc. | 127 | 12569 |
| Tesla, Inc. <sup>(a)</sup> | 474 | 58387 |
|  |  | $93343 |
| **Auto Parts & Equipment — 0.14%** |  |  |
| BorgWarner, Inc. | 198 | 7970 |
| **Banks — 4.00%** |  |  |
| Bank of New York Mellon Corp. | 146 | 6646 |
| Citigroup, Inc. | 172 | 7779 |
| Citizens Financial Group, Inc. | 117 | 4606 |
| Comerica, Inc. | 46 | 3075 |
| Fifth Third Bancorp | 132 | 4331 |
| First Republic Bank | 60 | 7313 |
| Goldman Sachs Group, Inc. | 37 | 12705 |
| Huntington Bancshares, Inc. | 620 | 8742 |
| JPMorgan Chase & Co. | 332 | 44521 |
| KeyCorp | 460 | 8013 |
| M&T Bank Corp. | 61 | 8849 |
| Morgan Stanley | 241 | 20490 |
| Northern Trust Corp. | 102 | 9026 |
| PNC Financial Services Group, Inc. | 54 | 8529 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Banks (continued)** |  |  |
| Regions Financial Corp. | 391 | $8430 |
| Signature Bank | 18 | 2074 |
| State Street Corp. | 66 | 5120 |
| SVB Financial Group <sup>(a)</sup> | 12 | 2762 |
| Truist Financial Corp. | 436 | 18761 |
| U.S. Bancorp | 186 | 8111 |
| Wells Fargo & Co. | 547 | 22586 |
| Zions Bancorp NA | 126 | 6194 |
|  |  | $228663 |
| **Beverages — 1.98%** |  |  |
| Brown-Forman Corp., Class B | 113 | 7422 |
| Coca-Cola Co. | 588 | 37403 |
| Constellation Brands, Inc., Class A | 28 | 6489 |
| Keurig Dr Pepper, Inc. | 276 | 9842 |
| Molson Coors Beverage Co., Class B | 146 | 7522 |
| Monster Beverage Corp. <sup>(a)</sup> | 65 | 6599 |
| PepsiCo, Inc. | 210 | 37939 |
|  |  | $113216 |
| **Biotechnology — 2.05%** |  |  |
| Amgen, Inc. | 94 | 24688 |
| Biogen, Inc. <sup>(a)</sup> | 25 | 6923 |
| Corteva, Inc. | 114 | 6701 |
| Gilead Sciences, Inc. | 263 | 22578 |
| Incyte Corp. <sup>(a)</sup> | 172 | 13815 |
| Moderna, Inc. <sup>(a)</sup> | 42 | 7544 |
| Regeneron Pharmaceuticals, Inc. <sup>(a)</sup> | 30 | 21645 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 46 | 13284 |
|  |  | $117178 |
| **Building Materials — 0.01%** |  |  |
| Masterbrand, Inc. <sup>(a)</sup> | 110 | 831 |
| **Chemicals — 1.52%** |  |  |
| Air Products and Chemicals, Inc. | 8 | 2466 |
| Albemarle Corp. | 17 | 3687 |
| Celanese Corp. | 38 | 3885 |
| CF Industries Holdings, Inc. | 125 | 10650 |
| Dow, Inc. | 244 | 12295 |
| DuPont de Nemours, Inc. | 84 | 5765 |
| Eastman Chemical Co. | 48 | 3909 |
| FMC Corp. | 36 | 4493 |
| Linde PLC | 47 | 15330 |
| LyondellBasell Industries NV, Class A | 109 | 9050 |
| Mosaic Co. | 224 | 9827 |
| Sherwin-Williams Co. | 24 | 5696 |
|  |  | $87053 |
| **Commercial Services — 1.97%** |  |  |
| Automatic Data Processing, Inc. | 79 | 18870 |
| Cintas Corp. | 26 | 11742 |
| CoStar Group, Inc. <sup>(a)</sup> | 56 | 4328 |
| Equifax, Inc. | 20 | 3887 |
| FleetCor Technologies, Inc. <sup>(a)</sup> | 36 | 6613 |
| Gartner, Inc. <sup>(a)</sup> | 12 | 4034 |
| Global Payments, Inc. | 34 | 3377 |
| MarketAxess Holdings, Inc. | 12 | 3347 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Commercial Services (continued)** |  |  |
| Moody's Corp. | 23 | $6408 |
| PayPal Holdings, Inc. <sup>(a)</sup> | 88 | 6267 |
| Quanta Services, Inc. | 30 | 4275 |
| Robert Half International, Inc. | 86 | 6349 |
| Rollins, Inc. | 180 | 6577 |
| S&P Global, Inc. | 34 | 11388 |
| United Rentals, Inc. <sup>(a)</sup> | 28 | 9952 |
| Verisk Analytics, Inc. | 29 | 5116 |
|  |  | $112530 |
| **Computers — 7.88%** |  |  |
| Accenture PLC, Class A | 57 | 15210 |
| Apple, Inc. | 2679 | 348082 |
| Cognizant Technology Solutions Corp., Class A | 170 | 9722 |
| DXC Technology Co. <sup>(a)</sup> | 136 | 3604 |
| EPAM Systems, Inc. <sup>(a)</sup> | 9 | 2950 |
| Fortinet, Inc. <sup>(a)</sup> | 84 | 4107 |
| Hewlett Packard Enterprise Co. | 629 | 10039 |
| HP, Inc. | 332 | 8921 |
| International Business Machines Corp. | 171 | 24092 |
| Leidos Holdings, Inc. | 127 | 13359 |
| NetApp, Inc. | 59 | 3544 |
| Seagate Technology Holdings PLC | 63 | 3314 |
| Western Digital Corp. <sup>(a)</sup> | 106 | 3344 |
|  |  | $450288 |
| **Construction Materials — 0.61%** |  |  |
| Carrier Global Corp. | 240 | 9900 |
| Fortune Brands Innovations, Inc. | 110 | 6282 |
| Martin Marietta Materials, Inc. | 16 | 5407 |
| Masco Corp. | 80 | 3734 |
| Mohawk Industries, Inc. <sup>(a)</sup> | 36 | 3680 |
| Vulcan Materials Co. | 34 | 5954 |
|  |  | $34957 |
| **Distribution/Wholesale — 0.59%** |  |  |
| Copart, Inc. <sup>(a)</sup> | 68 | 4141 |
| Fastenal Co. | 110 | 5205 |
| LKQ Corp. | 223 | 11910 |
| Pool Corp. | 9 | 2721 |
| WW Grainger, Inc. | 18 | 10013 |
|  |  | $33990 |
| **Diversified Financial Services — 3.21%** |  |  |
| American Express Co. | 53 | 7831 |
| Ameriprise Financial, Inc. | 34 | 10587 |
| BlackRock, Inc. | 12 | 8504 |
| Capital One Financial Corp. | 53 | 4927 |
| Cboe Global Markets, Inc. | 40 | 5019 |
| Charles Schwab Corp. | 116 | 9658 |
| CME Group, Inc. | 78 | 13116 |
| Discover Financial Services | 48 | 4696 |
| Franklin Resources, Inc. | 412 | 10868 |
| Intercontinental Exchange, Inc. | 74 | 7592 |
| Invesco Ltd. | 410 | 7376 |
| Mastercard, Inc., Class A | 80 | 27818 |
| Nasdaq, Inc. | 78 | 4785 |
| Raymond James Financial, Inc. | 113 | 12074 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Diversified Financial Services (continued)** |  |  |
| Synchrony Financial | 128 | $4206 |
| T Rowe Price Group, Inc. | 76 | 8289 |
| Visa, Inc., Class A | 173 | 35942 |
|  |  | $183288 |
| **Electric — 3.08%** |  |  |
| AES Corp. | 154 | 4429 |
| Alliant Energy Corp. | 135 | 7453 |
| Ameren Corp. | 61 | 5424 |
| American Electric Power Co., Inc. | 75 | 7121 |
| CenterPoint Energy, Inc. | 166 | 4978 |
| CMS Energy Corp. | 79 | 5003 |
| Consolidated Edison, Inc. | 65 | 6195 |
| Constellation Energy Corp. | 53 | 4569 |
| Dominion Energy, Inc. | 107 | 6561 |
| DTE Energy Co. | 44 | 5171 |
| Duke Energy Corp. | 91 | 9372 |
| Edison International | 85 | 5408 |
| Entergy Corp. | 48 | 5400 |
| Evergy, Inc. | 123 | 7741 |
| Eversource Energy | 115 | 9642 |
| Exelon Corp. | 160 | 6917 |
| FirstEnergy Corp. | 133 | 5578 |
| NextEra Energy, Inc. | 185 | 15466 |
| NRG Energy, Inc. | 170 | 5410 |
| Pinnacle West Capital Corp. | 61 | 4639 |
| PPL Corp. | 186 | 5435 |
| Public Service Enterprise Group, Inc. | 94 | 5759 |
| Sempra Energy | 46 | 7109 |
| Southern Co. | 126 | 8998 |
| WEC Energy Group, Inc. | 61 | 5719 |
| Xcel Energy, Inc. | 154 | 10797 |
|  |  | $176294 |
| **Electrical Components & Equipment — 0.40%** |  |  |
| AMETEK, Inc. | 44 | 6148 |
| Emerson Electric Co. | 157 | 15081 |
| Generac Holdings, Inc. <sup>(a)</sup> | 16 | 1611 |
|  |  | $22840 |
| **Electronics — 0.82%** |  |  |
| Agilent Technologies, Inc. | 35 | 5238 |
| Allegion PLC | 43 | 4526 |
| Amphenol Corp., Class A | 88 | 6700 |
| Fortive Corp. | 87 | 5590 |
| Garmin Ltd. | 37 | 3415 |
| Honeywell International, Inc. | 17 | 3643 |
| Keysight Technologies, Inc. <sup>(a)</sup> | 25 | 4277 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 3 | 4336 |
| TE Connectivity Ltd. | 80 | 9184 |
|  |  | $46909 |
| **Energy — Alternate Sources — 0.08%** |  |  |
| Enphase Energy, Inc. <sup>(a)</sup> | 17 | 4504 |
| **Engineering & Construction — 0.02%** |  |  |
| Jacobs Solutions, Inc. | 10 | 1201 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Entertainment — 0.11%** |  |  |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 87 | $6067 |
| **Environmental Control — 0.46%** |  |  |
| Pentair PLC | 86 | 3868 |
| Republic Services, Inc. | 70 | 9029 |
| Waste Management, Inc. | 84 | 13178 |
|  |  | $26075 |
| **Food — 2.58%** |  |  |
| Campbell Soup Co. | 238 | 13507 |
| Conagra Brands, Inc. | 272 | 10526 |
| General Mills, Inc. | 233 | 19537 |
| Hershey Co. | 47 | 10884 |
| Hormel Foods Corp. | 105 | 4783 |
| J M Smucker Co. | 36 | 5705 |
| Kellogg Co. | 180 | 12823 |
| Kraft Heinz Co. | 306 | 12457 |
| Kroger Co. | 290 | 12928 |
| Lamb Weston Holdings, Inc. | 61 | 5451 |
| McCormick & Co., Inc. | 67 | 5554 |
| Mondelez International, Inc., Class A | 162 | 10797 |
| Sysco Corp. | 144 | 11009 |
| Tyson Foods, Inc., Class A | 185 | 11516 |
|  |  | $147477 |
| **Forest Products & Paper — 0.07%** |  |  |
| International Paper Co. | 114 | 3948 |
| **Gas — 0.16%** |  |  |
| Atmos Energy Corp. | 44 | 4931 |
| NiSource, Inc. | 163 | 4470 |
|  |  | $9401 |
| **Hand/Machine Tools — 0.28%** |  |  |
| Snap-on, Inc. | 54 | 12338 |
| Stanley Black & Decker, Inc. | 46 | 3456 |
|  |  | $15794 |
| **Healthcare — Products — 2.20%** |  |  |
| Abbott Laboratories | 156 | 17127 |
| Align Technology, Inc. <sup>(a)</sup> | 14 | 2953 |
| Bio-Techne Corp. | 40 | 3315 |
| Boston Scientific Corp. <sup>(a)</sup> | 195 | 9023 |
| Danaher Corp. | 44 | 11678 |
| DENTSPLY SIRONA, Inc. | 116 | 3693 |
| Edwards Lifesciences Corp. <sup>(a)</sup> | 60 | 4477 |
| Henry Schein, Inc. <sup>(a)</sup> | 116 | 9265 |
| Hologic, Inc. <sup>(a)</sup> | 79 | 5910 |
| IDEXX Laboratories, Inc. <sup>(a)</sup> | 12 | 4896 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 31 | 8226 |
| Medtronic PLC | 33 | 2565 |
| PerkinElmer, Inc. | 32 | 4487 |
| ResMed, Inc. | 26 | 5411 |
| Stryker Corp. | 29 | 7090 |
| Teleflex, Inc. | 13 | 3245 |
| Thermo Fisher Scientific, Inc. | 25 | 13767 |
| Waters Corp. <sup>(a)</sup> | 12 | 4111 |
| West Pharmaceutical Services, Inc. | 13 | 3060 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Healthcare — Products (continued)** |  |  |
| Zimmer Biomet Holdings, Inc. | 11 | $1402 |
|  |  | $125701 |
| **Healthcare — Services — 3.90%** |  |  |
| Catalent, Inc. <sup>(a)</sup> | 37 | 1665 |
| Centene Corp. <sup>(a)</sup> | 195 | 15992 |
| Charles River Laboratories International, Inc. <sup>(a)</sup> | 34 | 7409 |
| DaVita, Inc. <sup>(a)</sup> | 67 | 5003 |
| Elevance Health, Inc. | 63 | 32317 |
| HCA Healthcare, Inc. | 50 | 11998 |
| Humana, Inc. | 42 | 21512 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 22 | 4508 |
| Laboratory Corp. of America Holdings | 40 | 9419 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 28 | 9246 |
| Quest Diagnostics, Inc. | 67 | 10481 |
| UnitedHealth Group, Inc. | 166 | 88010 |
| Universal Health Services, Inc., Class B | 37 | 5213 |
|  |  | $222773 |
| **Home Builders — 0.64%** |  |  |
| DR Horton, Inc. | 114 | 10162 |
| Lennar Corp., Class A | 103 | 9322 |
| NVR, Inc. <sup>(a)</sup> | 2 | 9225 |
| PulteGroup, Inc. | 172 | 7831 |
|  |  | $36540 |
| **Home Furnishings — 0.06%** |  |  |
| Whirlpool Corp. | 26 | 3678 |
| **Household Products — 1.05%** |  |  |
| Colgate-Palmolive Co. | 187 | 14734 |
| Estee Lauder Cos., Inc., Class A | 23 | 5706 |
| Procter & Gamble Co. | 260 | 39406 |
|  |  | $59846 |
| **Household Products/Wares — 0.58%** |  |  |
| Avery Dennison Corp. | 42 | 7602 |
| Church & Dwight Co., Inc. | 113 | 9109 |
| Clorox Co. | 28 | 3929 |
| Kimberly-Clark Corp. | 94 | 12761 |
|  |  | $33401 |
| **Housewares — 0.05%** |  |  |
| Newell Brands, Inc. | 226 | 2956 |
| **Insurance — 5.03%** |  |  |
| Aflac, Inc. | 192 | 13813 |
| Allstate Corp. | 88 | 11933 |
| American International Group, Inc. | 199 | 12585 |
| Aon PLC, Class A | 27 | 8104 |
| Arthur J Gallagher & Co. | 62 | 11689 |
| Assurant, Inc. | 29 | 3627 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 181 | 55911 |
| Brown & Brown, Inc. | 132 | 7520 |
| Chubb Ltd. | 90 | 19854 |
| Cincinnati Financial Corp. | 43 | 4403 |
| Everest Re Group Ltd. | 30 | 9938 |
| Globe Life, Inc. | 113 | 13622 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Insurance (continued)** |  |  |
| Hartford Financial Services Group, Inc. | 149 | $11299 |
| Lincoln National Corp. | 77 | 2365 |
| Loews Corp. | 158 | 9216 |
| Marsh & McLennan Cos., Inc. | 57 | 9432 |
| MetLife, Inc. | 193 | 13967 |
| Progressive Corp. | 133 | 17251 |
| Prudential Financial, Inc. | 128 | 12731 |
| Travelers Cos., Inc. | 74 | 13874 |
| W R Berkley Corp. | 180 | 13063 |
| Willis Towers Watson PLC | 47 | 11495 |
|  |  | $287692 |
| **Internet — 6.80%** |  |  |
| Alphabet, Inc., Class A <sup>(a)</sup> | 1061 | 93612 |
| Alphabet, Inc., Class C <sup>(a)</sup> | 948 | 84116 |
| Amazon.com, Inc. <sup>(a)</sup> | 1570 | 131880 |
| CDW Corp. | 55 | 9822 |
| Expedia Group, Inc. <sup>(a)</sup> | 41 | 3592 |
| F5, Inc. <sup>(a)</sup> | 20 | 2870 |
| Gen Digital, Inc. | 189 | 4050 |
| Meta Platforms, Inc., Class A <sup>(a)</sup> | 406 | 48858 |
| Netflix, Inc. <sup>(a)</sup> | 34 | 10026 |
|  |  | $388826 |
| **Iron & Steel — 0.28%** |  |  |
| Nucor Corp. | 120 | 15817 |
| **Lodging — 0.24%** |  |  |
| Las Vegas Sands Corp. <sup>(a)</sup> | 97 | 4663 |
| Marriott International, Inc., Class A | 35 | 5211 |
| MGM Resorts International | 117 | 3923 |
|  |  | $13797 |
| **Machinery — Construction & Mining — 0.20%** |  |  |
| Caterpillar, Inc. | 48 | 11499 |
| **Machinery — Diversified — 1.02%** |  |  |
| Deere & Co. | 22 | 9433 |
| Dover Corp. | 72 | 9749 |
| IDEX Corp. | 41 | 9361 |
| Nordson Corp. | 19 | 4517 |
| Otis Worldwide Corp. | 157 | 12295 |
| Westinghouse Air Brake Technologies Corp. | 131 | 13075 |
|  |  | $58430 |
| **Media — 1.24%** |  |  |
| Charter Communications, Inc., Class A <sup>(a)</sup> | 27 | 9156 |
| Comcast Corp., Class A | 635 | 22206 |
| DISH Network Corp., Class A <sup>(a)</sup> | 208 | 2920 |
| FactSet Research Systems, Inc. | 19 | 7623 |
| Fox Corp., Class A | 252 | 7653 |
| Fox Corp., Class B | 248 | 7056 |
| News Corp., Class A | 224 | 4077 |
| News Corp., Class B | 205 | 3780 |
| Paramount Global, Class B | 174 | 2937 |
| Warner Bros Discovery, Inc. <sup>(a)</sup> | 382 | 3621 |
|  |  | $71029 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Mining — 0.13%** |  |  |
| Freeport-McMoRan, Inc. | 190 | $7220 |
| **Miscellaneous Manufacturers — 0.99%** |  |  |
| 3M Co. | 128 | 15350 |
| A O Smith Corp. | 125 | 7155 |
| Eaton Corp. PLC | 13 | 2040 |
| General Electric Co. | 108 | 9049 |
| Illinois Tool Works, Inc. | 10 | 2203 |
| Parker-Hannifin Corp. | 20 | 5820 |
| Teledyne Technologies, Inc. <sup>(a)</sup> | 12 | 4799 |
| Textron, Inc. | 123 | 8709 |
| Trane Technologies PLC | 10 | 1681 |
|  |  | $56806 |
| **Oil & Gas — 5.15%** |  |  |
| APA Corp. | 192 | 8962 |
| Chevron Corp. | 318 | 57078 |
| ConocoPhillips | 191 | 22538 |
| Coterra Energy, Inc. | 434 | 10663 |
| Devon Energy Corp. | 164 | 10088 |
| Diamondback Energy, Inc. | 97 | 13268 |
| EOG Resources, Inc. | 57 | 7383 |
| Exxon Mobil Corp. | 737 | 81291 |
| Hess Corp. | 40 | 5673 |
| Marathon Oil Corp. | 316 | 8554 |
| Marathon Petroleum Corp. | 119 | 13850 |
| Occidental Petroleum Corp. | 178 | 11212 |
| Phillips 66 | 134 | 13947 |
| Pioneer Natural Resources Co. | 75 | 17129 |
| Valero Energy Corp. | 102 | 12940 |
|  |  | $294576 |
| **Oil & Gas Services — 0.61%** |  |  |
| Baker Hughes Co. | 183 | 5404 |
| Halliburton Co. | 323 | 12710 |
| Schlumberger Ltd. | 317 | 16947 |
|  |  | $35061 |
| **Packaging & Containers — 0.73%** |  |  |
| Amcor PLC | 1095 | 13041 |
| Ball Corp. | 60 | 3068 |
| Packaging Corp. of America | 89 | 11384 |
| Sealed Air Corp. | 204 | 10176 |
| Westrock Co. | 111 | 3903 |
|  |  | $41572 |
| **Pharmaceuticals — 8.14%** |  |  |
| AbbVie, Inc. | 383 | 61897 |
| AmerisourceBergen Corp. | 98 | 16240 |
| Becton Dickinson and Co. | 36 | 9155 |
| Bristol-Myers Squibb Co. | 519 | 37342 |
| Cardinal Health, Inc. | 141 | 10839 |
| Cigna Corp. | 87 | 28826 |
| CVS Health Corp. | 237 | 22086 |
| Eli Lilly & Co. | 118 | 43169 |
| Johnson & Johnson | 425 | 75076 |
| McKesson Corp. | 54 | 20256 |
| Merck & Co., Inc. | 557 | 61799 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Pharmaceuticals (continued)** |  |  |
| Organon & Co. | 163 | $4553 |
| Pfizer, Inc. | 1201 | 61539 |
| Viatris, Inc. | 427 | 4752 |
| Zoetis, Inc. | 54 | 7914 |
|  |  | $465443 |
| **Pipelines — 0.50%** |  |  |
| Kinder Morgan, Inc. | 649 | 11734 |
| ONEOK, Inc. | 153 | 10052 |
| Williams Cos., Inc. | 209 | 6876 |
|  |  | $28662 |
| **Real Estate — 0.17%** |  |  |
| CBRE Group, Inc., Class A <sup>(a)</sup> | 126 | 9697 |
| **REITs — 2.53%** |  |  |
| Alexandria Real Estate Equities, Inc. | 8 | 1165 |
| American Tower Corp. | 47 | 9957 |
| AvalonBay Communities, Inc. | 30 | 4846 |
| Boston Properties, Inc. | 13 | 879 |
| Camden Property Trust | 33 | 3692 |
| Crown Castle, Inc. | 51 | 6918 |
| Digital Realty Trust, Inc. | 37 | 3710 |
| Equity Residential | 77 | 4543 |
| Essex Property Trust, Inc. | 5 | 1060 |
| Extra Space Storage, Inc. | 51 | 7506 |
| Federal Realty Investment Trust | 44 | 4446 |
| Healthpeak Properties, Inc. | 41 | 1028 |
| Host Hotels & Resorts, Inc. | 436 | 6998 |
| Invitation Homes, Inc. | 33 | 978 |
| Iron Mountain, Inc. | 131 | 6530 |
| Kimco Realty Corp. | 230 | 4871 |
| Mid-America Apartment Communities, Inc. | 28 | 4396 |
| Prologis, Inc. | 98 | 11048 |
| Public Storage | 40 | 11208 |
| Realty Income Corp. | 175 | 11100 |
| Regency Centers Corp. | 77 | 4812 |
| SBA Communications Corp. | 14 | 3924 |
| Simon Property Group, Inc. | 48 | 5639 |
| UDR, Inc. | 24 | 929 |
| Ventas, Inc. | 109 | 4910 |
| VICI Properties, Inc. | 184 | 5962 |
| Welltower, Inc. | 20 | 1311 |
| Weyerhaeuser Co. | 326 | 10106 |
|  |  | $144472 |
| **Retail — 4.98%** |  |  |
| Advance Auto Parts, Inc. | 45 | 6616 |
| AutoZone, Inc. <sup>(a)</sup> | 8 | 19729 |
| Bath & Body Works, Inc. | 100 | 4214 |
| Best Buy Co., Inc. | 56 | 4492 |
| CarMax, Inc. <sup>(a)</sup> | 47 | 2862 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 3 | 4162 |
| Costco Wholesale Corp. | 58 | 26477 |
| Darden Restaurants, Inc. | 58 | 8023 |
| Dollar General Corp. | 55 | 13544 |
| Dollar Tree, Inc. <sup>(a)</sup> | 67 | 9477 |
| Domino's Pizza, Inc. | 12 | 4157 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Retail (continued)** |  |  |
| Genuine Parts Co. | 87 | $15095 |
| Home Depot, Inc. | 159 | 50222 |
| Lowe's Cos., Inc. | 98 | 19526 |
| McDonald's Corp. | 68 | 17920 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 25 | 21101 |
| Target Corp. | 84 | 12519 |
| Tractor Supply Co. | 19 | 4274 |
| Ulta Beauty, Inc. <sup>(a)</sup> | 30 | 14072 |
| Walgreens Boots Alliance, Inc. | 172 | 6426 |
| Walmart, Inc. | 126 | 17866 |
| Yum! Brands, Inc. | 13 | 1665 |
|  |  | $284439 |
| **Semiconductors — 3.60%** |  |  |
| Applied Materials, Inc. | 157 | 15289 |
| Broadcom, Inc. | 26 | 14537 |
| Intel Corp. | 333 | 8801 |
| KLA Corp. | 32 | 12065 |
| Lam Research Corp. | 29 | 12189 |
| Microchip Technology, Inc. | 67 | 4707 |
| Micron Technology, Inc. | 121 | 6047 |
| Monolithic Power Systems, Inc. | 8 | 2829 |
| NVIDIA Corp. | 442 | 64594 |
| NXP Semiconductors NV | 35 | 5531 |
| ON Semiconductor Corp. <sup>(a)</sup> | 197 | 12287 |
| Qorvo, Inc. <sup>(a)</sup> | 44 | 3988 |
| QUALCOMM, Inc. | 165 | 18140 |
| Skyworks Solutions, Inc. | 74 | 6744 |
| Teradyne, Inc. | 86 | 7512 |
| Texas Instruments, Inc. | 64 | 10574 |
|  |  | $205834 |
| **Shipbuilding — 0.15%** |  |  |
| Huntington Ingalls Industries, Inc. | 36 | 8304 |
| **Software — 7.46%** |  |  |
| Activision Blizzard, Inc. | 102 | 7808 |
| Adobe, Inc. <sup>(a)</sup> | 33 | 11105 |
| Akamai Technologies, Inc. <sup>(a)</sup> | 94 | 7924 |
| ANSYS, Inc. <sup>(a)</sup> | 15 | 3624 |
| Broadridge Financial Solutions, Inc. | 54 | 7243 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 30 | 4819 |
| Electronic Arts, Inc. | 12 | 1466 |
| Fidelity National Information Services, Inc. | 62 | 4207 |
| Fiserv, Inc. <sup>(a)</sup> | 141 | 14251 |
| Intuit, Inc. | 21 | 8174 |
| Jack Henry & Associates, Inc. | 43 | 7549 |
| Microsoft Corp. | 1322 | 317042 |
| MSCI, Inc. | 10 | 4652 |
| Oracle Corp. | 39 | 3188 |
| Paychex, Inc. | 93 | 10747 |
| Paycom Software, Inc. <sup>(a)</sup> | 9 | 2793 |
| PTC, Inc. <sup>(a)</sup> | 27 | 3241 |
| Roper Technologies, Inc. | 4 | 1728 |
| Synopsys, Inc. <sup>(a)</sup> | 16 | 5109 |
|  |  | $426670 |

---

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Schedule of Investments** | |
|  | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | |
|  |  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Telecommunications — 2.18%** | **Telecommunications — 2.18%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | Arista Networks, Inc. <sup>(a)</sup> | 74 | $8980 |
| AT&T, Inc. | AT&T, Inc. | 1312 | 24154 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | 662 | 31538 |
| Corning, Inc. | Corning, Inc. | 262 | 8368 |
| Juniper Networks, Inc. | Juniper Networks, Inc. | 163 | 5209 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | 433 | 2260 |
| Motorola Solutions, Inc. | Motorola Solutions, Inc. | 28 | 7216 |
| T-Mobile U.S., Inc. <sup>(a)</sup> | T-Mobile U.S., Inc. <sup>(a)</sup> | 71 | 9940 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | 680 | 26792 |
|  |  |  | $124457 |
| **Toys, Games & Hobbies — 0.06%** | **Toys, Games & Hobbies — 0.06%** |  |  |
| Hasbro, Inc. | Hasbro, Inc. | 53 | 3234 |
| **Transportation — 1.88%** | **Transportation — 1.88%** |  |  |
| CH Robinson Worldwide, Inc. | CH Robinson Worldwide, Inc. | 104 | 9522 |
| CSX Corp. | CSX Corp. | 509 | 15769 |
| Expeditors International of Washington, Inc. | Expeditors International of Washington, Inc. | 79 | 8210 |
| FedEx Corp. | FedEx Corp. | 33 | 5716 |
| JB Hunt Transport Services, Inc. | JB Hunt Transport Services, Inc. | 42 | 7323 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | 8 | 1971 |
| Old Dominion Freight Line, Inc. | Old Dominion Freight Line, Inc. | 15 | 4257 |
| Union Pacific Corp. | Union Pacific Corp. | 108 | 22363 |
| United Parcel Service, Inc., Class B | United Parcel Service, Inc., Class B | 186 | 32334 |
|  |  |  | $107465 |
| **Water — 0.09%** | **Water — 0.09%** |  |  |
| American Water Works Co., Inc. | American Water Works Co., Inc. | 35 | 5335 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  | $5701058 |
| **INVESTMENT COMPANIES — 0.34%** | **INVESTMENT COMPANIES — 0.34%** | **Shares Held** | **Value** |
| **Money Market Fund — 0.34%** | **Money Market Fund — 0.34%** |  |  |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |
| Class 1.29% <sup>(b)</sup> | Class 1.29% <sup>(b)</sup> | 19557 | $19557 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |  | $19557 |
| **Total Investments** | **Total Investments** |  | $**5720615** |
| **Other Assets and Liabilities — (0.06)%** | **Other Assets and Liabilities — (0.06)%** |  | **(3275)** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** |  | $**5717340** |
| <sup>(a)</sup> | Non-income producing security. |  |  |
| <sup>(b)</sup> | Current yield shown is as of period end. |  |  |
|  | **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** |  |
| Sector | Sector | Percent |  |
| Consumer, Non-cyclical | Consumer, Non-cyclical | 25.20% |  |
| Technology | Technology | 18.94% |  |
| Financial | Financial | 14.93% |  |
| Communications | Communications | 10.49% |  |
| Industrial | Industrial | 9.29% |  |
| Consumer, Cyclical | Consumer, Cyclical | 9.18% |  |
| Energy | Energy | 6.35% |  |
| Utilities | Utilities | 3.34% |  |
| Basic Materials | Basic Materials | 2.00% |  |
| Money Market Fund | Money Market Fund | 0.34% |  |
| Other Assets and Liabilities | Other Assets and Liabilities | (0.06)% |  |
| **TOTAL NET ASSETS** | **TOTAL NET ASSETS** | **100.00%** |  |
| *See accompanying notes.* | *See accompanying notes.* | 113 |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**COMMON STOCKS — 99.79%** | **Schedule of Investments**<br> **Principal U.S. Mega-Cap ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Auto Manufacturers — 1.26%** |  |  |  |
| Tesla, Inc. <sup>(a)</sup> |  | 108502 | $13365276 |
| **Banks — 5.57%** |  |  |  |
| Bank of America Corp. |  | 663393 | 21971576 |
| JPMorgan Chase & Co. |  | 190291 | 25518023 |
| Wells Fargo & Co. |  | 285511 | 11788749 |
|  |  |  | $59278348 |
| **Beverages — 3.73%** |  |  |  |
| Coca-Cola Co. |  | 414502 | 26366472 |
| PepsiCo, Inc. |  | 73961 | 13361794 |
|  |  |  | $39728266 |
| **Chemicals — 2.47%** |  |  |  |
| Linde PLC |  | 80674 | 26314245 |
| **Computers — 9.19%** |  |  |  |
| Accenture PLC, Class A |  | 124575 | 33241593 |
| Apple, Inc. |  | 497476 | 64637057 |
|  |  |  | $97878650 |
| **Diversified Financial Services — 7.07%** |  |  |  |
| Mastercard, Inc., Class A |  | 111085 | 38627587 |
| Visa, Inc., Class A |  | 176426 | 36654266 |
|  |  |  | $75281853 |
| **Healthcare — Products — 8.37%** |  |  |  |
| Abbott Laboratories |  | 244696 | 26865174 |
| Danaher Corp. |  | 137317 | 36446678 |
| Thermo Fisher Scientific, Inc. |  | 46823 | 25784958 |
|  |  |  | $89096810 |
| **Healthcare — Services — 3.13%** |  |  |  |
| UnitedHealth Group, Inc. |  | 62919 | 33358395 |
| **Household Products — 2.58%** |  |  |  |
| Procter & Gamble Co. |  | 180905 | 27417962 |
| **Insurance — 1.31%** |  |  |  |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup> |  | 45310 | 13996259 |
| **Internet — 7.20%** |  |  |  |
| Alphabet, Inc., Class A <sup>(a)</sup> |  | 331987 | 29291213 |
| Amazon.com, Inc. <sup>(a)</sup> |  | 194152 | 16308768 |
| Meta Platforms, Inc., Class A <sup>(a)</sup> |  | 258267 | 31079851 |
|  |  |  | $76679832 |
| **Media — 1.02%** |  |  |  |
| Walt Disney Co. <sup>(a)</sup> |  | 125437 | 10897967 |
| **Oil & Gas — 6.61%** |  |  |  |
| Chevron Corp. |  | 134317 | 24108558 |
| ConocoPhillips |  | 186239 | 21976202 |
| Exxon Mobil Corp. |  | 219759 | 24239418 |
|  |  |  | $70324178 |
| **Pharmaceuticals — 15.35%** |  |  |  |
| AbbVie, Inc. |  | 228389 | 36909946 |
| Bristol-Myers Squibb Co. |  | 321130 | 23105304 |
| Eli Lilly & Co. |  | 37561 | 13741316 |

---

 *See accompanying notes.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal U.S. Mega-Cap ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |  |  |  |
| Johnson & Johnson | Johnson & Johnson |  | 137858 | $24352616 |
| Merck & Co., Inc. | Merck & Co., Inc. |  | 243142 | 26976605 |
| Pfizer, Inc. | Pfizer, Inc. |  | 747239 | 38288526 |
|  |  |  |  | $163374313 |
| **Retail — 5.96%** | **Retail — 5.96%** |  |  |  |
| Costco Wholesale Corp. | Costco Wholesale Corp. |  | 48657 | 22211921 |
| Home Depot, Inc. | Home Depot, Inc. |  | 46469 | 14677698 |
| McDonald's Corp. | McDonald's Corp. |  | 50284 | 13251343 |
| Walmart, Inc. | Walmart, Inc. |  | 93555 | 13265163 |
|  |  |  |  | $63406125 |
| **Semiconductors — 8.67%** | **Semiconductors — 8.67%** |  |  |  |
| Broadcom, Inc. | Broadcom, Inc. |  | 51585 | 28842721 |
| NVIDIA Corp. | NVIDIA Corp. |  | 269446 | 39376838 |
| Texas Instruments, Inc. | Texas Instruments, Inc. |  | 145630 | 24060989 |
|  |  |  |  | $92280548 |
| **Software — 6.53%** | **Software — 6.53%** |  |  |  |
| Microsoft Corp. | Microsoft Corp. |  | 245579 | 58894756 |
| salesforce, Inc. <sup>(a)</sup> | salesforce, Inc. <sup>(a)</sup> |  | 79911 | 10595399 |
|  |  |  |  | $69490155 |
| **Telecommunications — 3.77%** | **Telecommunications — 3.77%** |  |  |  |
| Cisco Systems, Inc. | Cisco Systems, Inc. |  | 541923 | 25817212 |
| Verizon Communications, Inc. | Verizon Communications, Inc. |  | 362077 | 14265834 |
|  |  |  |  | $40083047 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |  | $1062252229 |
| **INVESTMENT COMPANIES — 0.33%** | **INVESTMENT COMPANIES — 0.33%** |  | **Shares Held** | **Value** |
| **Money Market Fund — 0.33%** | **Money Market Fund — 0.33%** |  |  |  |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |  |
| Class 1.29% <sup>(b)</sup> | Class 1.29% <sup>(b)</sup> |  | 3560885 | $3560885 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |  |  | $3560885 |
| **Total Investments** | **Total Investments** |  |  | $**1065813114** |
| **Other Assets and Liabilities — (0.12)%** | **Other Assets and Liabilities — (0.12)%** |  |  | **(1225943)** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** |  |  | $**1064587171** |
| <sup>(a)</sup> | Non-income producing security. |  |  |  |
| <sup>(b)</sup> | Current yield shown is as of period end. |  |  |  |
|  | **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** |  |  |
| Sector | Sector | Percent |  |  |
| Consumer, Non-cyclical | Consumer, Non-cyclical | 33.16% |  |  |
| Technology | Technology | 24.39% |  |  |
| Financial | Financial | 13.96% |  |  |
| Communications | Communications | 11.99% |  |  |
| Consumer, Cyclical | Consumer, Cyclical | 7.21% |  |  |
| Energy | Energy | 6.61% |  |  |
| Basic Materials | Basic Materials | 2.47% |  |  |
| Money Market Fund | Money Market Fund | 0.33% |  |  |
| Other Assets and Liabilities | Other Assets and Liabilities | (0.12)% |  |  |
| **TOTAL NET ASSETS** | **TOTAL NET ASSETS** | **100.00%** |  |  |
| *See accompanying notes.* | *See accompanying notes.* | 115 |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS — 99.65%** | **Shares Held** | <br>**Value** |
| **Aerospace & Defense — 1.60%** |  |  |
| AAR Corp. <sup>(a)</sup> | 336 | $15086 |
| Aerojet Rocketdyne Holdings, Inc. <sup>(a)</sup> | 477 | 26679 |
| AeroVironment, Inc. <sup>(a)</sup> | 83 | 7110 |
| Barnes Group, Inc. | 63 | 2573 |
| Kaman Corp. | 202 | 4505 |
| Moog, Inc., Class A | 320 | 28083 |
| National Presto Industries, Inc. | 73 | 4998 |
|  |  | $89034 |
| **Agriculture — 0.91%** |  |  |
| Andersons, Inc. | 452 | 15815 |
| Fresh Del Monte Produce, Inc. | 429 | 11236 |
| Universal Corp. | 142 | 7499 |
| Vector Group Ltd. | 1364 | 16177 |
|  |  | $50727 |
| **Airlines — 0.09%** |  |  |
| SkyWest, Inc. <sup>(a)</sup> | 287 | 4738 |
| **Apparel — 0.85%** |  |  |
| Kontoor Brands, Inc. | 187 | 7478 |
| Oxford Industries, Inc. | 193 | 17984 |
| Steven Madden Ltd. | 479 | 15309 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 271 | 6463 |
|  |  | $47234 |
| **Auto Manufacturers — 0.24%** |  |  |
| Wabash National Corp. | 596 | 13470 |
| **Auto Parts & Equipment — 1.38%** |  |  |
| American Axle & Manufacturing Holdings, Inc. <sup>(a)</sup> | 1169 | 9141 |
| Dorman Products, Inc. <sup>(a)</sup> | 201 | 16255 |
| Methode Electronics, Inc. | 343 | 15219 |
| Motorcar Parts of America, Inc. <sup>(a)</sup> | 243 | 2882 |
| Standard Motor Products, Inc. | 405 | 14094 |
| Titan International, Inc. <sup>(a)</sup> | 975 | 14937 |
| XPEL, Inc. <sup>(a)</sup> | 77 | 4625 |
|  |  | $77153 |
| **Banks — 13.71%** |  |  |
| Ameris Bancorp | 626 | 29510 |
| BancFirst Corp. | 144 | 12698 |
| Bancorp, Inc. <sup>(a)</sup> | 217 | 6158 |
| BankUnited, Inc. | 310 | 10531 |
| Banner Corp. | 257 | 16242 |
| Central Pacific Financial Corp. | 613 | 12432 |
| City Holding Co. | 140 | 13033 |
| Columbia Banking System, Inc. | 837 | 25219 |
| Community Bank System, Inc. | 191 | 12023 |
| Customers Bancorp, Inc. <sup>(a)</sup> | 297 | 8417 |
| CVB Financial Corp. | 844 | 21733 |
| Dime Community Bancshares, Inc. | 534 | 16997 |
| Eagle Bancorp, Inc. | 285 | 12560 |
| FB Financial Corp. | 481 | 17383 |
| First BanCorp | 1899 | 24155 |
| First Bancorp/Southern Pines NC | 348 | 14908 |
| First Commonwealth Financial Corp. | 1306 | 18245 |
| First Financial Bancorp | 1065 | 25805 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Banks (continued)** |  |  |
| First Hawaiian, Inc. | 474 | $12343 |
| Hanmi Financial Corp. | 399 | 9875 |
| Heritage Financial Corp. | 393 | 12042 |
| Hilltop Holdings, Inc. | 278 | 8343 |
| HomeStreet, Inc. | 171 | 4716 |
| Hope Bancorp, Inc. | 1425 | 18254 |
| Independent Bank Corp. | 283 | 23894 |
| Independent Bank Group, Inc. | 252 | 15140 |
| Lakeland Financial Corp. | 196 | 14302 |
| National Bank Holdings Corp., Class A | 331 | 13925 |
| NBT Bancorp, Inc. | 530 | 23013 |
| OFG Bancorp | 679 | 18713 |
| Park National Corp. | 115 | 16186 |
| Pathward Financial, Inc. | 288 | 12398 |
| Preferred Bank | 228 | 17013 |
| Renasant Corp. | 658 | 24734 |
| S&T Bancorp, Inc. | 578 | 19756 |
| Seacoast Banking Corp. of Florida | 475 | 14815 |
| ServisFirst Bancshares, Inc. | 291 | 20053 |
| Simmons First National Corp., Class A | 472 | 10186 |
| Southside Bancshares, Inc. | 447 | 16088 |
| Stellar Bancorp, Inc. | 482 | 14200 |
| Tompkins Financial Corp. | 213 | 16525 |
| Triumph Financial, Inc. <sup>(a)</sup> | 86 | 4203 |
| TrustCo Bank Corp. | 300 | 11277 |
| Trustmark Corp. | 493 | 17211 |
| United Community Banks, Inc. | 974 | 32921 |
| Veritex Holdings, Inc. | 470 | 13198 |
| Walker & Dunlop, Inc. | 212 | 16638 |
| Westamerica BanCorp | 238 | 14044 |
|  |  | $764055 |
| **Beverages — 0.36%** |  |  |
| MGP Ingredients, Inc. | 127 | 13510 |
| National Beverage Corp. <sup>(a)</sup> | 143 | 6654 |
|  |  | $20164 |
| **Biotechnology — 1.47%** |  |  |
| ANI Pharmaceuticals, Inc. <sup>(a)</sup> | 108 | 4345 |
| Cytokinetics, Inc. <sup>(a)</sup> | 589 | 26988 |
| Dynavax Technologies Corp. <sup>(a)</sup> | 970 | 10321 |
| Emergent BioSolutions, Inc. <sup>(a)</sup> | 233 | 2752 |
| Innoviva, Inc. <sup>(a)</sup> | 829 | 10984 |
| iTeos Therapeutics, Inc. <sup>(a)</sup> | 217 | 4238 |
| Organogenesis Holdings, Inc. <sup>(a)</sup> | 1149 | 3091 |
| REGENXBIO, Inc. <sup>(a)</sup> | 202 | 4581 |
| Vir Biotechnology, Inc. <sup>(a)</sup> | 584 | 14781 |
|  |  | $82081 |
| **Building Materials — 0.22%** |  |  |
| SPX Technologies, Inc. <sup>(a)</sup> | 185 | 12145 |
| **Chemicals — 2.82%** |  |  |
| AdvanSix, Inc. | 421 | 16006 |
| American Vanguard Corp. | 615 | 13352 |
| Balchem Corp. | 110 | 13432 |
| Hawkins, Inc. | 256 | 9882 |
| HB Fuller Co. | 349 | 24995 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Chemicals (continued)** |  |  |
| Innospec, Inc. | 184 | $18926 |
| Koppers Holdings, Inc. | 354 | 9983 |
| Mativ Holdings, Inc. | 244 | 5100 |
| Minerals Technologies, Inc. | 276 | 16759 |
| Quaker Chemical Corp. | 43 | 7177 |
| Rogers Corp. <sup>(a)</sup> | 63 | 7518 |
| Stepan Co. | 90 | 9581 |
| Trinseo PLC | 208 | 4724 |
|  |  | $157435 |
| **Coal — 0.87%** |  |  |
| CONSOL Energy, Inc. | 233 | 15145 |
| SunCoke Energy, Inc. | 1360 | 11737 |
| Warrior Met Coal, Inc. | 624 | 21615 |
|  |  | $48497 |
| **Commercial Services — 5.10%** |  |  |
| Aaron's Co., Inc. | 338 | 4039 |
| ABM Industries, Inc. | 678 | 30117 |
| Adtalem Global Education, Inc. <sup>(a)</sup> | 220 | 7810 |
| Alarm.com Holdings, Inc. <sup>(a)</sup> | 178 | 8807 |
| AMN Healthcare Services, Inc. <sup>(a)</sup> | 224 | 23032 |
| CoreCivic, Inc. <sup>(a)</sup> | 1102 | 12739 |
| CorVel Corp. <sup>(a)</sup> | 47 | 6830 |
| Cross Country Healthcare, Inc. <sup>(a)</sup> | 522 | 13870 |
| Deluxe Corp. | 272 | 4619 |
| EVERTEC, Inc. | 272 | 8807 |
| Forrester Research, Inc. <sup>(a)</sup> | 232 | 8296 |
| GEO Group, Inc. <sup>(a)</sup> | 1252 | 13709 |
| Green Dot Corp., Class A <sup>(a)</sup> | 468 | 7404 |
| Heidrick & Struggles International, Inc. | 346 | 9678 |
| Kelly Services, Inc., Class A | 570 | 9633 |
| Korn Ferry | 388 | 19641 |
| Medifast, Inc. | 92 | 10612 |
| Monro, Inc. | 302 | 13650 |
| Perdoceo Education Corp. <sup>(a)</sup> | 985 | 13691 |
| PROG Holdings, Inc. <sup>(a)</sup> | 272 | 4594 |
| Rent-A-Center, Inc. | 242 | 5457 |
| Resources Connection, Inc. | 722 | 13270 |
| Strategic Education, Inc. | 119 | 9320 |
| Stride, Inc. <sup>(a)</sup> | 453 | 14170 |
| TrueBlue, Inc. <sup>(a)</sup> | 234 | 4582 |
| Viad Corp. <sup>(a)</sup> | 120 | 2927 |
| WW International, Inc. <sup>(a)</sup> | 760 | 2934 |
|  |  | $284238 |
| **Computers — 1.33%** |  |  |
| ExlService Holdings, Inc. <sup>(a)</sup> | 184 | 31175 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 221 | 22160 |
| NetScout Systems, Inc. <sup>(a)</sup> | 291 | 9460 |
| TTEC Holdings, Inc. | 193 | 8517 |
| Unisys Corp. <sup>(a)</sup> | 520 | 2657 |
|  |  | $73969 |
| **Construction Materials — 2.30%** |  |  |
| AAON, Inc. | 168 | 12654 |
| Apogee Enterprises, Inc. | 156 | 6936 |
| Boise Cascade Co. | 381 | 26163 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Construction Materials (continued)** |  |  |
| Gibraltar Industries, Inc. <sup>(a)</sup> | 120 | $5505 |
| Griffon Corp. | 547 | 19577 |
| PGT Innovations, Inc. <sup>(a)</sup> | 859 | 15428 |
| UFP Industries, Inc. | 529 | 41923 |
|  |  | $128186 |
| **Distribution/Wholesale — 0.92%** |  |  |
| G-III Apparel Group Ltd. <sup>(a)</sup> | 291 | 3990 |
| KAR Auction Services, Inc. <sup>(a)</sup> | 456 | 5951 |
| Resideo Technologies, Inc. <sup>(a)</sup> | 845 | 13900 |
| ScanSource, Inc. <sup>(a)</sup> | 465 | 13587 |
| Veritiv Corp. | 112 | 13631 |
|  |  | $51059 |
| **Diversified Financial Services — 2.38%** |  |  |
| Blucora, Inc. <sup>(a)</sup> | 324 | 8272 |
| Brightsphere Investment Group, Inc. | 290 | 5968 |
| Encore Capital Group, Inc. <sup>(a)</sup> | 311 | 14909 |
| Enova International, Inc. <sup>(a)</sup> | 312 | 11971 |
| EZCORP, Inc., Class A <sup>(a)</sup> | 1139 | 9283 |
| LendingTree, Inc. <sup>(a)</sup> | 227 | 4842 |
| Mr Cooper Group, Inc. <sup>(a)</sup> | 486 | 19503 |
| Piper Sandler Cos. | 128 | 16664 |
| PRA Group, Inc. <sup>(a)</sup> | 197 | 6655 |
| StoneX Group, Inc. <sup>(a)</sup> | 167 | 15915 |
| Virtus Investment Partners, Inc. | 58 | 11104 |
| WisdomTree Investments, Inc. | 985 | 5368 |
| World Acceptance Corp. <sup>(a)</sup> | 37 | 2440 |
|  |  | $132894 |
| **Electric — 0.41%** |  |  |
| Avista Corp. | 280 | 12415 |
| Unitil Corp. | 202 | 10375 |
|  |  | $22790 |
| **Electrical Components & Equipment — 0.70%** |  |  |
| Encore Wire Corp. | 187 | 25724 |
| Insteel Industries, Inc. | 289 | 7953 |
| Powell Industries, Inc. | 146 | 5136 |
|  |  | $38813 |
| **Electronics — 2.09%** |  |  |
| Advanced Energy Industries, Inc. | 102 | 8750 |
| Badger Meter, Inc. | 112 | 12211 |
| Benchmark Electronics, Inc. | 409 | 10916 |
| Brady Corp., Class A | 199 | 9373 |
| CTS Corp. | 173 | 6820 |
| Knowles Corp. <sup>(a)</sup> | 128 | 2102 |
| OSI Systems, Inc. <sup>(a)</sup> | 232 | 18449 |
| Plexus Corp. <sup>(a)</sup> | 109 | 11219 |
| Sanmina Corp. <sup>(a)</sup> | 417 | 23890 |
| TTM Technologies, Inc. <sup>(a)</sup> | 829 | 12501 |
|  |  | $116231 |
| **Energy — Alternate Sources — 0.39%** |  |  |
| FutureFuel Corp. | 1096 | 8911 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Energy — Alternate Sources (continued)** |  |  |
| REX American Resources Corp. <sup>(a)</sup> | 407 | $12967 |
|  |  | $21878 |
| **Engineering & Construction — 2.05%** |  |  |
| Arcosa, Inc. | 329 | 17878 |
| Comfort Systems USA, Inc. | 328 | 37746 |
| Exponent, Inc. | 168 | 16647 |
| Frontdoor, Inc. <sup>(a)</sup> | 579 | 12043 |
| Granite Construction, Inc. | 62 | 2175 |
| MYR Group, Inc. <sup>(a)</sup> | 155 | 14271 |
| NV5 Global, Inc. <sup>(a)</sup> | 104 | 13761 |
|  |  | $114521 |
| **Entertainment — 0.48%** |  |  |
| Cinemark Holdings, Inc. <sup>(a)</sup> | 421 | 3646 |
| Golden Entertainment, Inc. <sup>(a)</sup> | 130 | 4862 |
| Monarch Casino & Resort, Inc. <sup>(a)</sup> | 151 | 11610 |
| Six Flags Entertainment Corp. <sup>(a)</sup> | 292 | 6789 |
|  |  | $26907 |
| **Environmental Control — 0.09%** |  |  |
| Harsco Corp. <sup>(a)</sup> | 833 | 5240 |
| **Food — 2.50%** |  |  |
| B&G Foods, Inc. | 95 | 1059 |
| Cal-Maine Foods, Inc. | 165 | 8984 |
| Calavo Growers, Inc. | 118 | 3469 |
| Chefs' Warehouse, Inc. <sup>(a)</sup> | 151 | 5025 |
| Hostess Brands, Inc. <sup>(a)</sup> | 891 | 19994 |
| J & J Snack Foods Corp. | 67 | 10031 |
| John B Sanfilippo & Son, Inc. | 18 | 1464 |
| Seneca Foods Corp., Class A <sup>(a)</sup> | 147 | 8960 |
| Simply Good Foods Co. <sup>(a)</sup> | 334 | 12702 |
| SpartanNash Co. | 577 | 17448 |
| Tootsie Roll Industries, Inc. | 161 | 6854 |
| TreeHouse Foods, Inc. <sup>(a)</sup> | 396 | 19555 |
| United Natural Foods, Inc. <sup>(a)</sup> | 614 | 23768 |
|  |  | $139313 |
| **Forest Products & Paper — 0.61%** |  |  |
| Clearwater Paper Corp. <sup>(a)</sup> | 223 | 8432 |
| Mercer International, Inc. | 896 | 10429 |
| Sylvamo Corp. | 307 | 14917 |
|  |  | $33778 |
| **Gas — 0.86%** |  |  |
| Chesapeake Utilities Corp. | 73 | 8627 |
| Northwest Natural Holding Co. | 289 | 13754 |
| South Jersey Industries, Inc. | 727 | 25830 |
|  |  | $48211 |
| **Hand/Machine Tools — 0.37%** |  |  |
| Enerpac Tool Group Corp. | 373 | 9493 |
| Franklin Electric Co., Inc. | 141 | 11245 |
|  |  | $20738 |
| **Healthcare — Products — 1.43%** |  |  |
| Artivion, Inc. <sup>(a)</sup> | 216 | 2618 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Healthcare — Products (continued)** |  |  |
| Avanos Medical, Inc. <sup>(a)</sup> | 286 | $7739 |
| Cutera, Inc. <sup>(a)</sup> | 95 | 4201 |
| Glaukos Corp. <sup>(a)</sup> | 140 | 6115 |
| Integer Holdings Corp. <sup>(a)</sup> | 36 | 2465 |
| Lantheus Holdings, Inc. <sup>(a)</sup> | 329 | 16766 |
| LeMaitre Vascular, Inc. | 120 | 5522 |
| Meridian Bioscience, Inc. <sup>(a)</sup> | 395 | 13118 |
| Merit Medical Systems, Inc. <sup>(a)</sup> | 204 | 14406 |
| Orthofix Medical, Inc. <sup>(a)</sup> | 56 | 1150 |
| Varex Imaging Corp. <sup>(a)</sup> | 67 | 1360 |
| Zynex, Inc. | 313 | 4354 |
|  |  | $79814 |
| **Healthcare — Services — 1.39%** |  |  |
| Addus HomeCare Corp. <sup>(a)</sup> | 142 | 14127 |
| Enhabit, Inc. <sup>(a)</sup> | 323 | 4251 |
| Ensign Group, Inc. | 319 | 30181 |
| Fulgent Genetics, Inc. <sup>(a)</sup> | 119 | 3544 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> | 353 | 5245 |
| Select Medical Holdings Corp. | 612 | 15196 |
| U.S. Physical Therapy, Inc. | 58 | 4700 |
|  |  | $77244 |
| **Home Builders — 2.76%** |  |  |
| Cavco Industries, Inc. <sup>(a)</sup> | 91 | 20589 |
| Century Communities, Inc. | 239 | 11952 |
| Green Brick Partners, Inc. <sup>(a)</sup> | 362 | 8771 |
| Installed Building Products, Inc. | 164 | 14038 |
| LCI Industries | 148 | 13683 |
| LGI Homes, Inc. <sup>(a)</sup> | 151 | 13983 |
| M/I Homes, Inc. <sup>(a)</sup> | 253 | 11684 |
| MDC Holdings, Inc. | 418 | 13209 |
| Meritage Homes Corp. <sup>(a)</sup> | 217 | 20007 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> | 753 | 13998 |
| Winnebago Industries, Inc. | 224 | 11805 |
|  |  | $153719 |
| **Home Furnishings — 0.48%** |  |  |
| Ethan Allen Interiors, Inc. | 571 | 15086 |
| Sleep Number Corp. <sup>(a)</sup> | 125 | 3247 |
| Sonos, Inc. <sup>(a)</sup> | 462 | 7808 |
| Xperi, Inc. | 52 | 448 |
|  |  | $26589 |
| **Household Products — 0.91%** |  |  |
| Edgewell Personal Care Co. | 420 | 16187 |
| elf Beauty, Inc. <sup>(a)</sup> | 337 | 18636 |
| Inter Parfums, Inc. | 162 | 15636 |
|  |  | $50459 |
| **Household Products/Wares — 0.81%** |  |  |
| Central Garden & Pet Co., Class A <sup>(a)</sup> | 374 | 13389 |
| Central Garden & Pet Co. <sup>(a)</sup> | 228 | 8539 |
| Quanex Building Products Corp. | 706 | 16718 |
| WD-40 Co. | 40 | 6448 |
|  |  | $45094 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Housewares — 0.04%** |  |  |
| Tupperware Brands Corp. <sup>(a)</sup> | 507 | $2099 |
| **Insurance — 3.16%** |  |  |
| Ambac Financial Group, Inc. <sup>(a)</sup> | 286 | 4988 |
| American Equity Investment Life Holding Co. | 652 | 29744 |
| AMERISAFE, Inc. | 132 | 6860 |
| Assured Guaranty Ltd. | 230 | 14320 |
| Employers Holdings, Inc. | 176 | 7591 |
| Genworth Financial, Inc., Class A <sup>(a)</sup> | 4080 | 21583 |
| Horace Mann Educators Corp. | 379 | 14163 |
| James River Group Holdings Ltd. | 63 | 1317 |
| Mercury General Corp. | 202 | 6908 |
| NMI Holdings, Inc., Class A <sup>(a)</sup> | 996 | 20817 |
| Palomar Holdings, Inc. <sup>(a)</sup> | 165 | 7452 |
| ProAssurance Corp. | 324 | 5660 |
| Safety Insurance Group, Inc. | 84 | 7078 |
| SiriusPoint Ltd. <sup>(a)</sup> | 243 | 1434 |
| Stewart Information Services Corp. | 255 | 10896 |
| United Fire Group, Inc. | 262 | 7168 |
| Universal Insurance Holdings, Inc. | 744 | 7879 |
|  |  | $175858 |
| **Internet — 0.98%** |  |  |
| Cars.com, Inc. <sup>(a)</sup> | 815 | 11223 |
| Cogent Communications Holdings, Inc. | 173 | 9875 |
| ePlus, Inc. <sup>(a)</sup> | 236 | 10450 |
| HealthStream, Inc. <sup>(a)</sup> | 59 | 1466 |
| Liquidity Services, Inc. <sup>(a)</sup> | 259 | 3641 |
| Perficient, Inc. <sup>(a)</sup> | 105 | 7332 |
| Shutterstock, Inc. | 91 | 4797 |
| Yelp, Inc. <sup>(a)</sup> | 218 | 5960 |
|  |  | $54744 |
| **Iron & Steel — 0.38%** |  |  |
| ATI, Inc. <sup>(a)</sup> | 344 | 10272 |
| Carpenter Technology Corp. | 173 | 6391 |
| Haynes International, Inc. | 102 | 4660 |
|  |  | $21323 |
| **Leisure Time — 0.10%** |  |  |
| Vista Outdoor, Inc. <sup>(a)</sup> | 233 | 5678 |
| **Lodging — 0.15%** |  |  |
| Marcus Corp. | 578 | 8317 |
| **Machinery — Diversified — 1.76%** |  |  |
| Alamo Group, Inc. | 55 | 7788 |
| Albany International Corp., Class A | 216 | 21295 |
| Applied Industrial Technologies, Inc. | 341 | 42976 |
| DXP Enterprises, Inc. <sup>(a)</sup> | 301 | 8293 |
| Ichor Holdings Ltd. <sup>(a)</sup> | 147 | 3943 |
| Lindsay Corp. | 14 | 2280 |
| Tennant Co. | 191 | 11760 |
|  |  | $98335 |
| **Media — 0.54%** |  |  |
| AMC Networks, Inc., Class A <sup>(a)</sup> | 360 | 5641 |
| EW Scripps Co., Class A <sup>(a)</sup> | 351 | 4630 |
| Scholastic Corp. | 306 | 12075 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Media (continued)** |  |  |
| Thryv Holdings, Inc. <sup>(a)</sup> | 421 | $7999 |
|  |  | $30345 |
| **Metal Fabrication & Hardware — 1.58%** |  |  |
| AZZ, Inc. | 171 | 6874 |
| Mueller Industries, Inc. | 530 | 31270 |
| Olympic Steel, Inc. | 413 | 13869 |
| Standex International Corp. | 199 | 20380 |
| TimkenSteel Corp. <sup>(a)</sup> | 579 | 10520 |
| Tredegar Corp. | 502 | 5130 |
|  |  | $88043 |
| **Mining — 0.69%** |  |  |
| Arconic Corp. <sup>(a)</sup> | 362 | 7660 |
| Century Aluminum Co. <sup>(a)</sup> | 1027 | 8401 |
| Livent Corp. <sup>(a)</sup> | 1141 | 22671 |
|  |  | $38732 |
| **Miscellaneous Manufacturers — 2.60%** |  |  |
| EnPro Industries, Inc. | 240 | 26085 |
| ESCO Technologies, Inc. | 116 | 10155 |
| Fabrinet <sup>(a)</sup> | 96 | 12309 |
| Federal Signal Corp. | 244 | 11339 |
| Hillenbrand, Inc. | 694 | 29613 |
| John Bean Technologies Corp. | 89 | 8128 |
| Materion Corp. | 174 | 15227 |
| Myers Industries, Inc. | 786 | 17473 |
| Park Aerospace Corp. | 97 | 1301 |
| Sturm Ruger & Co., Inc. | 211 | 10681 |
| Trinity Industries, Inc. | 93 | 2750 |
|  |  | $145061 |
| **Office & Business Equipment — 0.11%** |  |  |
| Pitney Bowes, Inc. | 1626 | 6179 |
| **Office Furnishings — 0.18%** |  |  |
| HNI Corp. | 58 | 1649 |
| Interface, Inc. | 832 | 8212 |
|  |  | $9861 |
| **Oil & Gas — 3.27%** |  |  |
| Callon Petroleum Co. <sup>(a)</sup> | 521 | 19324 |
| Civitas Resources, Inc. | 445 | 25779 |
| Helmerich & Payne, Inc. | 268 | 13285 |
| Laredo Petroleum, Inc. <sup>(a)</sup> | 158 | 8124 |
| Nabors Industries Ltd. <sup>(a)</sup> | 85 | 13164 |
| Par Pacific Holdings, Inc. <sup>(a)</sup> | 590 | 13717 |
| Patterson-UTI Energy, Inc. | 623 | 10491 |
| PBF Energy, Inc., Class A | 641 | 26140 |
| Ranger Oil Corp., Class A | 353 | 14272 |
| SM Energy Co. | 784 | 27307 |
| Talos Energy, Inc. <sup>(a)</sup> | 561 | 10592 |
|  |  | $182195 |
| **Oil & Gas Services — 0.98%** |  |  |
| Archrock, Inc. | 670 | 6017 |
| Bristow Group, Inc. <sup>(a)</sup> | 173 | 4693 |
| Dril-Quip, Inc. <sup>(a)</sup> | 200 | 5434 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Oil & Gas Services (continued)** |  |  |
| Helix Energy Solutions Group, Inc. <sup>(a)</sup> | 931 | $6871 |
| NOW, Inc. <sup>(a)</sup> | 475 | 6033 |
| Oil States International, Inc. <sup>(a)</sup> | 782 | 5834 |
| ProPetro Holding Corp. <sup>(a)</sup> | 506 | 5247 |
| RPC, Inc. | 552 | 4907 |
| U.S. Silica Holdings, Inc. <sup>(a)</sup> | 783 | 9787 |
|  |  | $54823 |
| **Packaging & Containers — 0.46%** |  |  |
| Matthews International Corp., Class A | 255 | 7762 |
| O-I Glass, Inc. <sup>(a)</sup> | 1067 | 17680 |
|  |  | $25442 |
| **Pharmaceuticals — 2.29%** |  |  |
| AdaptHealth Corp. <sup>(a)</sup> | 270 | 5189 |
| Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | 337 | 9443 |
| Anika Therapeutics, Inc. <sup>(a)</sup> | 50 | 1480 |
| Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 399 | 7421 |
| Corcept Therapeutics, Inc. <sup>(a)</sup> | 594 | 12064 |
| Eagle Pharmaceuticals, Inc. <sup>(a)</sup> | 138 | 4034 |
| Embecta Corp. | 420 | 10622 |
| Enanta Pharmaceuticals, Inc. <sup>(a)</sup> | 89 | 4140 |
| Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 123 | 6777 |
| Ironwood Pharmaceuticals, Inc. <sup>(a)</sup> | 742 | 9193 |
| Owens & Minor, Inc. | 279 | 5449 |
| Pacira BioSciences, Inc. <sup>(a)</sup> | 47 | 1815 |
| Phibro Animal Health Corp., Class A | 736 | 9870 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 361 | 22599 |
| Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 248 | 8846 |
| USANA Health Sciences, Inc. <sup>(a)</sup> | 165 | 8778 |
|  |  | $127720 |
| **Real Estate — 0.65%** |  |  |
| Alexander & Baldwin, Inc. <sup>(a)</sup> | 408 | 7642 |
| Anywhere Real Estate, Inc. <sup>(a)</sup> | 595 | 3802 |
| Douglas Elliman, Inc. | 870 | 3541 |
| Marcus & Millichap, Inc. | 296 | 10197 |
| RE/MAX Holdings, Inc., Class A | 219 | 4082 |
| St. Joe Co. | 187 | 7228 |
|  |  | $36492 |
| **REITs — 5.84%** |  |  |
| Acadia Realty Trust | 495 | 7103 |
| Agree Realty Corp. | 439 | 31138 |
| American Assets Trust, Inc. | 67 | 1775 |
| Apollo Commercial Real Estate Finance, Inc. | 165 | 1775 |
| Armada Hoffler Properties, Inc. | 814 | 9361 |
| ARMOUR Residential REIT, Inc. | 887 | 4994 |
| Brandywine Realty Trust | 221 | 1359 |
| CareTrust REIT, Inc. | 440 | 8175 |
| Centerspace | 23 | 1349 |
| Chatham Lodging Trust | 436 | 5350 |
| Community Healthcare Trust, Inc. | 160 | 5728 |
| DiamondRock Hospitality Co. | 730 | 5979 |
| Diversified Healthcare Trust | 3056 | 1977 |
| Easterly Government Properties, Inc. | 425 | 6065 |
| Ellington Financial, Inc. | 386 | 4775 |
| Elme Communities | 102 | 1816 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **REITs (continued)** |  |  |
| Essential Properties Realty Trust, Inc. | 512 | $12017 |
| Four Corners Property Trust, Inc. | 601 | 15584 |
| Franklin BSP Realty Trust, Inc. | 133 | 1716 |
| Franklin Street Properties Corp. | 360 | 983 |
| Getty Realty Corp. | 404 | 13675 |
| Global Net Lease, Inc. | 556 | 6989 |
| Granite Point Mortgage Trust, Inc. | 142 | 761 |
| Hersha Hospitality Trust, Class A | 367 | 3127 |
| Hudson Pacific Properties, Inc. | 154 | 1498 |
| Innovative Industrial Properties, Inc. | 81 | 8209 |
| KKR Real Estate Finance Trust, Inc. | 329 | 4593 |
| LTC Properties, Inc. | 196 | 6964 |
| LXP Industrial Trust | 271 | 2715 |
| New York Mortgage Trust, Inc. | 567 | 1452 |
| NexPoint Residential Trust, Inc. | 33 | 1436 |
| Office Properties Income Trust | 347 | 4632 |
| Orion Office REIT, Inc. | 129 | 1102 |
| PennyMac Mortgage Investment Trust | 120 | 1487 |
| Ready Capital Corp. | 529 | 5893 |
| Redwood Trust, Inc. | 205 | 1386 |
| Retail Opportunity Investments Corp. | 953 | 14324 |
| RPT Realty | 155 | 1556 |
| Safehold, Inc. | 103 | 2948 |
| Saul Centers, Inc. | 215 | 8746 |
| Service Properties Trust | 827 | 6029 |
| SITE Centers Corp. | 191 | 2609 |
| Summit Hotel Properties, Inc. | 584 | 4216 |
| Sunstone Hotel Investors, Inc. | 889 | 8588 |
| Tanger Factory Outlet Centers, Inc. | 520 | 9329 |
| Two Harbors Investment Corp. | 760 | 11985 |
| Uniti Group, Inc. | 1853 | 10247 |
| Universal Health Realty Income Trust | 194 | 9260 |
| Urban Edge Properties | 939 | 13230 |
| Urstadt Biddle Properties, Inc., Class A | 314 | 5950 |
| Veris Residential, Inc. <sup>(a)</sup> | 485 | 7726 |
| Whitestone REIT | 865 | 8339 |
| Xenia Hotels & Resorts, Inc. | 398 | 5246 |
|  |  | $325266 |
| **Retail — 7.46%** |  |  |
| Abercrombie & Fitch Co., Class A <sup>(a)</sup> | 316 | 7240 |
| Academy Sports & Outdoors, Inc. | 671 | 35254 |
| America's Car-Mart, Inc. <sup>(a)</sup> | 108 | 7804 |
| American Eagle Outfitters, Inc. <sup>(a)</sup> | 609 | 8502 |
| Asbury Automotive Group, Inc. <sup>(a)</sup> | 122 | 21868 |
| Bloomin' Brands, Inc. | 334 | 6720 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 96 | 6002 |
| Brinker International, Inc. <sup>(a)</sup> | 203 | 6478 |
| Buckle, Inc. | 133 | 6031 |
| Caleres, Inc. | 567 | 12633 |
| Cato Corp., Class A | 108 | 1008 |
| Cheesecake Factory, Inc. | 196 | 6215 |
| Chico's FAS, Inc. <sup>(a)</sup> | 1764 | 8679 |
| Children's Place, Inc. <sup>(a)</sup> | 214 | 7794 |
| Chuy's Holdings, Inc. <sup>(a)</sup> | 332 | 9396 |
| Conn's, Inc. <sup>(a)</sup> | 443 | 3048 |
| Dave & Buster's Entertainment, Inc. <sup>(a)</sup> | 493 | 17472 |
| Designer Brands, Inc., Class A | 605 | 5917 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Retail (continued)** |  |  |
| Dine Brands Global, Inc. | 77 | $4974 |
| El Pollo Loco Holdings, Inc. | 527 | 5249 |
| Genesco, Inc. <sup>(a)</sup> | 283 | 13024 |
| GMS, Inc. <sup>(a)</sup> | 445 | 22161 |
| Group 1 Automotive, Inc. | 97 | 17496 |
| Guess?, Inc. | 498 | 10304 |
| Haverty Furniture Cos., Inc. | 317 | 9478 |
| Hibbett, Inc. | 150 | 10233 |
| Jack in the Box, Inc. | 84 | 5731 |
| La-Z-Boy, Inc. | 403 | 9196 |
| LL Flooring Holdings, Inc. <sup>(a)</sup> | 521 | 2928 |
| MarineMax, Inc. <sup>(a)</sup> | 277 | 8648 |
| Movado Group, Inc. | 274 | 8836 |
| ODP Corp. <sup>(a)</sup> | 174 | 7924 |
| Patrick Industries, Inc. | 207 | 12544 |
| PC Connection, Inc. | 298 | 13976 |
| PriceSmart, Inc. | 120 | 7294 |
| Ruth's Hospitality Group, Inc. | 675 | 10449 |
| Sally Beauty Holdings, Inc. <sup>(a)</sup> | 1244 | 15575 |
| Shoe Carnival, Inc. | 332 | 7938 |
| Signet Jewelers Ltd. | 147 | 9996 |
| Sonic Automotive, Inc., Class A | 199 | 9805 |
| World Fuel Services Corp. | 253 | 6914 |
| Zumiez, Inc. <sup>(a)</sup> | 314 | 6826 |
|  |  | $415560 |
| **Savings & Loans — 2.10%** |  |  |
| Axos Financial, Inc. <sup>(a)</sup> | 408 | 15594 |
| Banc of California, Inc. | 393 | 6260 |
| Berkshire Hills Bancorp, Inc. | 249 | 7445 |
| Brookline Bancorp, Inc. | 880 | 12452 |
| Capitol Federal Financial, Inc. | 761 | 6583 |
| Northfield Bancorp, Inc. | 651 | 10240 |
| Northwest Bancshares, Inc. | 1014 | 14176 |
| Pacific Premier Bancorp, Inc. | 644 | 20325 |
| Provident Financial Services, Inc. | 608 | 12987 |
| WSFS Financial Corp. | 240 | 10881 |
|  |  | $116943 |
| **Semiconductors — 2.73%** |  |  |
| Alpha & Omega Semiconductor Ltd. <sup>(a)</sup> | 390 | 11142 |
| Axcelis Technologies, Inc. <sup>(a)</sup> | 340 | 26982 |
| Cohu, Inc. <sup>(a)</sup> | 216 | 6923 |
| Diodes, Inc. <sup>(a)</sup> | 268 | 20406 |
| FormFactor, Inc. <sup>(a)</sup> | 239 | 5313 |
| Kulicke & Soffa Industries, Inc. | 376 | 16642 |
| MaxLinear, Inc. <sup>(a)</sup> | 209 | 7096 |
| Onto Innovation, Inc. <sup>(a)</sup> | 132 | 8988 |
| Photronics, Inc. <sup>(a)</sup> | 954 | 16056 |
| Rambus, Inc. <sup>(a)</sup> | 326 | 11677 |
| SMART Global Holdings, Inc. <sup>(a)</sup> | 531 | 7901 |
| Ultra Clean Holdings, Inc. <sup>(a)</sup> | 388 | 12862 |
|  |  | $151988 |
| **Software — 2.32%** |  |  |
| Adeia, Inc. | 129 | 1223 |
| Allscripts Healthcare Solutions, Inc. <sup>(a)</sup> | 929 | 16388 |
| Apollo Medical Holdings, Inc. <sup>(a)</sup> | 140 | 4143 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Software (continued)** |  |  |
| Computer Programs and Systems, Inc. <sup>(a)</sup> | 187 | $5090 |
| Consensus Cloud Solutions, Inc. <sup>(a)</sup> | 100 | 5376 |
| CSG Systems International, Inc. | 260 | 14872 |
| Digi International, Inc. <sup>(a)</sup> | 293 | 10709 |
| Donnelley Financial Solutions, Inc. <sup>(a)</sup> | 373 | 14416 |
| Ebix, Inc. | 520 | 10379 |
| NextGen Healthcare, Inc. <sup>(a)</sup> | 374 | 7024 |
| PDF Solutions, Inc. <sup>(a)</sup> | 177 | 5048 |
| Progress Software Corp. | 343 | 17304 |
| Simulations Plus, Inc. | 163 | 5961 |
| SPS Commerce, Inc. <sup>(a)</sup> | 89 | 11430 |
|  |  | $129363 |
| **Telecommunications — 1.27%** |  |  |
| ADTRAN Holdings, Inc. | 292 | 5487 |
| ATN International, Inc. | 121 | 5482 |
| Clearfield, Inc. <sup>(a)</sup> | 104 | 9791 |
| Extreme Networks, Inc. <sup>(a)</sup> | 471 | 8624 |
| Gogo, Inc. <sup>(a)</sup> | 729 | 10760 |
| Harmonic, Inc. <sup>(a)</sup> | 594 | 7781 |
| InterDigital, Inc. | 152 | 7521 |
| NETGEAR, Inc. <sup>(a)</sup> | 190 | 3441 |
| Telephone and Data Systems, Inc. | 910 | 9546 |
| Viavi Solutions, Inc. <sup>(a)</sup> | 211 | 2218 |
|  |  | $70651 |
| **Textiles — 0.05%** |  |  |
| UniFirst Corp. | 15 | 2895 |
| **Transportation — 2.53%** |  |  |
| ArcBest Corp. | 270 | 18911 |
| Atlas Air Worldwide Holdings, Inc. <sup>(a)</sup> | 240 | 24192 |
| Dorian LPG Ltd. | 274 | 5192 |
| Forward Air Corp. | 281 | 29474 |
| Heartland Express, Inc. | 665 | 10201 |
| Hub Group, Inc., Class A <sup>(a)</sup> | 357 | 28378 |
| Marten Transport Ltd. | 503 | 9949 |
| Matson, Inc. | 233 | 14565 |
|  |  | $140862 |
| **Water — 0.56%** |  |  |
| American States Water Co. | 135 | 12494 |
| California Water Service Group | 198 | 12007 |
| Middlesex Water Co. | 84 | 6608 |
|  |  | $31109 |
| TOTAL COMMON STOCKS |  | $5554302 |
| **INVESTMENT COMPANIES — 0.29%** | **Shares Held** | **Value** |
| **Money Market Fund — 0.29%** |  |  |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |
| Class 1.29% <sup>(b)</sup> | 16352 | $16352 |
| TOTAL INVESTMENT COMPANIES |  | $16352 |
| **Total Investments** |  | $**5570654** |
| **Other Assets and Liabilities — 0.05%** |  | **2985** |
| **Total Net Assets — 100.00%** |  | $**5573639** |
| *See accompanying notes.* | 127 |  |

---

------

 **Schedule of Investments**

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

 **December 31, 2022 (unaudited)**

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Current yield shown is as of period end.

---

| | |
|:---|:---|
| **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** |
| Sector | Percent |
| Financial | 27.84% |
| Industrial | 18.35% |
| Consumer, Non-cyclical | 17.17% |
| Consumer, Cyclical | 15.17% |
| Technology | 6.49% |
| Energy | 5.51% |
| Basic Materials | 4.51% |
| Communications | 2.79% |
| Utilities | 1.83% |
| Money Market Fund | 0.29% |
| Other Assets and Liabilities | 0.05% |
| **TOTAL NET ASSETS** | **100.00%** |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal U.S. Small-Cap Multi-Factor ETF** | **Principal U.S. Small-Cap Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS — 99.64%** | **Shares Held** | <br>**Value** |
| **Aerospace & Defense — 0.43%** |  |  |
| AAR Corp. <sup>(a)</sup> | 8185 | $367507 |
| Barnes Group, Inc. | 7139 | 291628 |
| Moog, Inc., Class A | 3845 | 337437 |
|  |  | $996572 |
| **Agriculture — 0.04%** |  |  |
| Turning Point Brands, Inc. | 4245 | 91819 |
| **Apparel — 1.63%** |  |  |
| Crocs, Inc. <sup>(a)</sup> | 20812 | 2256645 |
| Oxford Industries, Inc. | 4127 | 384554 |
| Steven Madden Ltd. | 12718 | 406467 |
| Urban Outfitters, Inc. <sup>(a)</sup> | 30707 | 732362 |
|  |  | $3780028 |
| **Auto Parts & Equipment — 0.25%** |  |  |
| American Axle & Manufacturing Holdings, Inc. <sup>(a)</sup> | 23905 | 186937 |
| Dorman Products, Inc. <sup>(a)</sup> | 1835 | 148397 |
| Methode Electronics, Inc. | 3979 | 176548 |
| Standard Motor Products, Inc. | 1913 | 66572 |
|  |  | $578454 |
| **Banks — 11.03%** |  |  |
| Amalgamated Financial Corp. | 18618 | 428959 |
| Ameris Bancorp | 26443 | 1246523 |
| Associated Banc-Corp. | 71767 | 1657100 |
| Cadence Bank | 59746 | 1473336 |
| Central Pacific Financial Corp. | 13007 | 263782 |
| City Holding Co. | 4419 | 411365 |
| Eagle Bancorp, Inc. | 13737 | 605390 |
| Enterprise Financial Services Corp. | 8727 | 427274 |
| FB Financial Corp. | 14353 | 518717 |
| First BanCorp | 104074 | 1323821 |
| First Bancorp/Southern Pines NC | 12206 | 522905 |
| First Bancshares, Inc. | 10955 | 350669 |
| First Busey Corp. | 12419 | 306998 |
| First Commonwealth Financial Corp. | 38241 | 534227 |
| First Financial Bancorp | 25082 | 607737 |
| Hanmi Financial Corp. | 13291 | 328952 |
| Heartland Financial USA, Inc. | 9449 | 440512 |
| Heritage Financial Corp. | 14645 | 448723 |
| Hope Bancorp, Inc. | 64356 | 824400 |
| Kearny Financial Corp. | 28366 | 287915 |
| NBT Bancorp, Inc. | 11145 | 483916 |
| Pathward Financial, Inc. | 18098 | 779119 |
| Preferred Bank | 4988 | 372205 |
| Premier Financial Corp. | 9876 | 266356 |
| Renasant Corp. | 18442 | 693235 |
| S&T Bancorp, Inc. | 10090 | 344876 |
| Sandy Spring Bancorp, Inc. | 13250 | 466797 |
| Simmons First National Corp., Class A | 44887 | 968661 |
| SouthState Corp. | 18946 | 1446717 |
| Texas Capital Bancshares, Inc. <sup>(a)</sup> | 28844 | 1739582 |
| Tompkins Financial Corp. | 3573 | 277193 |
| TriCo Bancshares | 7146 | 364374 |
| Trustmark Corp. | 17935 | 626111 |
| United Bankshares, Inc. | 41978 | 1699689 |
| United Community Banks, Inc. | 44667 | 1509745 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal U.S. Small-Cap Multi-Factor ETF**<br> **December 31, 2022 (unaudited)**<br> **Shares Held** | <br>**Value** |
| **Banks (continued)** |  |  |
| WesBanco, Inc. | 16051 | $593566 |
|  |  | $25641447 |
| **Beverages — 0.21%** |  |  |
| MGP Ingredients, Inc. | 3887 | 413499 |
| Vita Coco Co., Inc. <sup>(a)</sup> | 5984 | 82699 |
|  |  | $496198 |
| **Biotechnology — 3.27%** |  |  |
| ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> | 36388 | 579297 |
| Adicet Bio, Inc. <sup>(a)</sup> | 8365 | 74783 |
| ADMA Biologics, Inc. <sup>(a)</sup> | 59027 | 229025 |
| Agenus, Inc. <sup>(a)</sup> | 64698 | 155275 |
| Amicus Therapeutics, Inc. <sup>(a)</sup> | 53714 | 655848 |
| AnaptysBio, Inc. <sup>(a)</sup> | 5061 | 156840 |
| Avid Bioservices, Inc. <sup>(a)</sup> | 14779 | 203507 |
| Chinook Therapeutics, Inc. <sup>(a)</sup> | 11592 | 303710 |
| Cytek Biosciences, Inc. <sup>(a)</sup> | 13633 | 139193 |
| Dynavax Technologies Corp. <sup>(a)</sup> | 48527 | 516327 |
| Emergent BioSolutions, Inc. <sup>(a)</sup> | 19266 | 227531 |
| Evolus, Inc. <sup>(a)</sup> | 10340 | 77653 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 23673 | 1346994 |
| Innoviva, Inc. <sup>(a)</sup> | 15034 | 199200 |
| Intercept Pharmaceuticals, Inc. <sup>(a)</sup> | 13057 | 161515 |
| iTeos Therapeutics, Inc. <sup>(a)</sup> | 8494 | 165888 |
| Karyopharm Therapeutics, Inc. <sup>(a)</sup> | 33037 | 112326 |
| Ligand Pharmaceuticals, Inc. <sup>(a)</sup> | 2982 | 199198 |
| Liquidia Corp. <sup>(a),(b)</sup> | 9616 | 61254 |
| Organogenesis Holdings, Inc. <sup>(a)</sup> | 28719 | 77254 |
| REGENXBIO, Inc. <sup>(a)</sup> | 9920 | 224986 |
| Rigel Pharmaceuticals, Inc. <sup>(a)</sup> | 69369 | 104054 |
| Syndax Pharmaceuticals, Inc. <sup>(a)</sup> | 14471 | 368287 |
| TransMedics Group, Inc. <sup>(a)</sup> | 7096 | 437965 |
| Vir Biotechnology, Inc. <sup>(a)</sup> | 25315 | 640723 |
| Xencor, Inc. <sup>(a)</sup> | 7382 | 192227 |
|  |  | $7610860 |
| **Chemicals — 0.94%** |  |  |
| AdvanSix, Inc. | 6366 | 242036 |
| American Vanguard Corp. | 8112 | 176112 |
| Balchem Corp. | 3337 | 407481 |
| Ingevity Corp. <sup>(a)</sup> | 6657 | 468919 |
| Intrepid Potash, Inc. <sup>(a)</sup> | 8913 | 257318 |
| Kronos Worldwide, Inc. | 18273 | 171766 |
| Quaker Chemical Corp. | 2749 | 458808 |
|  |  | $2182440 |
| **Coal — 2.23%** |  |  |
| Alpha Metallurgical Resources, Inc. | 10270 | 1503425 |
| Arch Resources, Inc. | 11736 | 1675783 |
| CONSOL Energy, Inc. | 12669 | 823485 |
| Ramaco Resources, Inc. | 21021 | 184775 |
| SunCoke Energy, Inc. | 28363 | 244773 |
| Warrior Met Coal, Inc. | 21380 | 740603 |
|  |  | $5172844 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal U.S. Small-Cap Multi-Factor ETF**<br> **December 31, 2022 (unaudited)**<br> **Shares Held** | <br>**Value** |
| **Commercial Services — 6.96%** |  |  |
| AMN Healthcare Services, Inc. <sup>(a)</sup> | 12647 | $1300365 |
| ASGN, Inc. <sup>(a)</sup> | 7558 | 615826 |
| Barrett Business Services, Inc. | 1515 | 141319 |
| Brink's Co. | 8230 | 442033 |
| Carriage Services, Inc. | 1996 | 54970 |
| CBIZ, Inc. <sup>(a)</sup> | 7179 | 336336 |
| Chegg, Inc. <sup>(a)</sup> | 22221 | 561525 |
| Cimpress PLC <sup>(a)</sup> | 5171 | 142771 |
| CoreCivic, Inc. <sup>(a)</sup> | 34035 | 393445 |
| CorVel Corp. <sup>(a)</sup> | 1090 | 158410 |
| CRA International, Inc. | 1340 | 164056 |
| Cross Country Healthcare, Inc. <sup>(a)</sup> | 11818 | 314004 |
| Ennis, Inc. | 4801 | 106390 |
| EVERTEC, Inc. | 10243 | 331668 |
| Evo Payments, Inc., Class A <sup>(a)</sup> | 22578 | 764040 |
| GEO Group, Inc. <sup>(a)</sup> | 62087 | 679853 |
| HealthEquity, Inc. <sup>(a)</sup> | 15541 | 957947 |
| Heidrick & Struggles International, Inc. | 4292 | 120047 |
| Herc Holdings, Inc. | 6849 | 901123 |
| Huron Consulting Group, Inc. <sup>(a)</sup> | 3846 | 279220 |
| I3 Verticals, Inc., Class A <sup>(a)</sup> | 5072 | 123452 |
| ICF International, Inc. | 2889 | 286155 |
| Insperity, Inc. | 5894 | 669558 |
| John Wiley & Sons, Inc., Class A | 8929 | 357696 |
| Kelly Services, Inc., Class A | 6895 | 116525 |
| Kforce, Inc. | 4408 | 241691 |
| Korn Ferry | 12142 | 614628 |
| Medifast, Inc. | 4009 | 462438 |
| Monro, Inc. | 4362 | 197162 |
| Multiplan Corp. <sup>(a)</sup> | 66778 | 76795 |
| Paya Holdings, Inc. <sup>(a)</sup> | 9593 | 75497 |
| Payoneer Global, Inc. <sup>(a)</sup> | 84485 | 462133 |
| Perdoceo Education Corp. <sup>(a)</sup> | 8302 | 115398 |
| Progyny, Inc. <sup>(a)</sup> | 5804 | 180795 |
| R1 RCM, Inc. <sup>(a)</sup> | 53097 | 581412 |
| Repay Holdings Corp. <sup>(a)</sup> | 29592 | 238216 |
| Resources Connection, Inc. | 8773 | 161248 |
| SP Plus Corp. <sup>(a)</sup> | 3183 | 110514 |
| StoneCo Ltd., Class A <sup>(a)</sup> | 90810 | 857246 |
| Strategic Education, Inc. | 1506 | 117950 |
| Stride, Inc. <sup>(a)</sup> | 6942 | 217146 |
| TriNet Group, Inc. <sup>(a)</sup> | 6939 | 470464 |
| TrueBlue, Inc. <sup>(a)</sup> | 5555 | 108767 |
| V2X, Inc. <sup>(a)</sup> | 1765 | 72877 |
| WW International, Inc. <sup>(a)</sup> | 14170 | 54696 |
| ZipRecruiter, Inc., Class A <sup>(a)</sup> | 26839 | 440696 |
|  |  | $16176503 |
| **Computers — 2.42%** |  |  |
| Conduent, Inc. <sup>(a)</sup> | 21817 | 88359 |
| ExlService Holdings, Inc. <sup>(a)</sup> | 6441 | 1091299 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 7036 | 705500 |
| KnowBe4, Inc., Class A <sup>(a)</sup> | 13327 | 330243 |
| Maximus, Inc. | 11720 | 859427 |
| Mitek Systems, Inc. <sup>(a)</sup> | 6961 | 67452 |
| NetScout Systems, Inc. <sup>(a)</sup> | 14508 | 471655 |
| Parsons Corp. <sup>(a)</sup> | 10916 | 504865 |
| Qualys, Inc. <sup>(a)</sup> | 11514 | 1292216 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal U.S. Small-Cap Multi-Factor ETF** | **Principal U.S. Small-Cap Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Computers (continued)** |  |  |
| TTEC Holdings, Inc. | 5001 | $220694 |
|  |  | $5631710 |
| **Construction Materials — 1.60%** |  |  |
| Apogee Enterprises, Inc. | 3824 | 170015 |
| Boise Cascade Co. | 10033 | 688966 |
| Gibraltar Industries, Inc. <sup>(a)</sup> | 6219 | 285328 |
| JELD-WEN Holding, Inc. <sup>(a)</sup> | 53847 | 519623 |
| Modine Manufacturing Co. <sup>(a)</sup> | 5265 | 104563 |
| PGT Innovations, Inc. <sup>(a)</sup> | 15602 | 280212 |
| Summit Materials, Inc., Class A <sup>(a)</sup> | 29513 | 837884 |
| UFP Industries, Inc. | 10527 | 834265 |
|  |  | $3720856 |
| **Distribution/Wholesale — 0.31%** |  |  |
| G-III Apparel Group Ltd. <sup>(a)</sup> | 8951 | 122718 |
| MRC Global, Inc. <sup>(a)</sup> | 24160 | 279773 |
| ScanSource, Inc. <sup>(a)</sup> | 3213 | 93884 |
| Titan Machinery, Inc. <sup>(a)</sup> | 5501 | 218555 |
|  |  | $714930 |
| **Diversified Financial Services — 2.33%** |  |  |
| BGC Partners, Inc., Class A | 160753 | 606039 |
| Enact Holdings, Inc. | 18849 | 454638 |
| Encore Capital Group, Inc. <sup>(a)</sup> | 26317 | 1261637 |
| Houlihan Lokey, Inc. | 19757 | 1722020 |
| International Money Express, Inc. <sup>(a)</sup> | 10535 | 256738 |
| LendingTree, Inc. <sup>(a)</sup> | 25185 | 537196 |
| StepStone Group, Inc., Class A | 22813 | 574431 |
|  |  | $5412699 |
| **Electric — 1.32%** |  |  |
| ALLETE, Inc. | 12960 | 836049 |
| Clearway Energy, Inc., Class A | 6504 | 194600 |
| Otter Tail Corp. | 6424 | 377153 |
| Portland General Electric Co. | 31457 | 1541393 |
| Unitil Corp. | 2302 | 118231 |
|  |  | $3067426 |
| **Electrical Components & Equipment — 1.00%** |  |  |
| Belden, Inc. | 6298 | 452826 |
| Encore Wire Corp. | 8714 | 1198698 |
| Energizer Holdings, Inc. | 16255 | 545355 |
| Insteel Industries, Inc. | 4579 | 126014 |
|  |  | $2322893 |
| **Electronics — 2.23%** |  |  |
| Advanced Energy Industries, Inc. | 5343 | 458322 |
| Atkore, Inc. <sup>(a)</sup> | 13096 | 1485348 |
| Badger Meter, Inc. | 2811 | 306483 |
| Benchmark Electronics, Inc. | 3827 | 102143 |
| CTS Corp. | 4046 | 159493 |
| GoPro, Inc., Class A <sup>(a)</sup> | 29057 | 144704 |
| Knowles Corp. <sup>(a)</sup> | 31109 | 510810 |
| Mesa Laboratories, Inc. | 1803 | 299677 |
| Napco Security Technologies, Inc. <sup>(a)</sup> | 5652 | 155317 |
| OSI Systems, Inc. <sup>(a)</sup> | 2938 | 233630 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Multi-Factor ETF** | **Principal U.S. Small-Cap Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Electronics (continued)** |  |  |
| Sanmina Corp. <sup>(a)</sup> | 9327 | $534344 |
| TTM Technologies, Inc. <sup>(a)</sup> | 16245 | 244975 |
| Vishay Intertechnology, Inc. | 25716 | 554694 |
|  |  | $5189940 |
| **Energy — Alternate Sources — 0.08%** |  |  |
| Montauk Renewables, Inc. <sup>(a)</sup> | 9783 | 107906 |
| REX American Resources Corp. <sup>(a)</sup> | 2545 | 81084 |
|  |  | $188990 |
| **Engineering & Construction — 2.09%** |  |  |
| Arcosa, Inc. | 6475 | 351851 |
| Comfort Systems USA, Inc. | 5640 | 649051 |
| Dycom Industries, Inc. <sup>(a)</sup> | 8615 | 806364 |
| EMCOR Group, Inc. | 9102 | 1348097 |
| Exponent, Inc. | 6881 | 681838 |
| Frontdoor, Inc. <sup>(a)</sup> | 16387 | 340850 |
| MYR Group, Inc. <sup>(a)</sup> | 2782 | 256139 |
| NV5 Global, Inc. <sup>(a)</sup> | 2065 | 273241 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 4842 | 158818 |
|  |  | $4866249 |
| **Entertainment — 0.33%** |  |  |
| Accel Entertainment, Inc. <sup>(a)</sup> | 4563 | 35135 |
| Everi Holdings, Inc. <sup>(a)</sup> | 8598 | 123381 |
| Liberty Media Corp.-Liberty Braves, Class C <sup>(a)</sup> | 4374 | 140974 |
| Monarch Casino & Resort, Inc. <sup>(a)</sup> | 763 | 58667 |
| RCI Hospitality Holdings, Inc. | 962 | 89649 |
| Red Rock Resorts, Inc., Class A | 7965 | 318680 |
|  |  | $766486 |
| **Environmental Control — 0.08%** |  |  |
| Heritage-Crystal Clean, Inc. <sup>(a)</sup> | 5718 | 185721 |
| **Food — 1.63%** |  |  |
| Cal-Maine Foods, Inc. | 17837 | 971225 |
| Hain Celestial Group, Inc. <sup>(a)</sup> | 36708 | 593935 |
| Ingles Markets, Inc., Class A | 2406 | 232083 |
| Simply Good Foods Co. <sup>(a)</sup> | 13234 | 503289 |
| SpartanNash Co. | 5800 | 175392 |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> | 38731 | 1253722 |
| Tootsie Roll Industries, Inc. | 1580 | 67261 |
|  |  | $3796907 |
| **Food Service — 0.11%** |  |  |
| Healthcare Services Group, Inc. | 20670 | 248040 |
| **Forest Products & Paper — 0.50%** |  |  |
| Resolute Forest Products, Inc. <sup>(a)</sup> | 21314 | 460169 |
| Sylvamo Corp. | 14437 | 701494 |
|  |  | $1161663 |
| **Gas — 2.01%** |  |  |
| Brookfield Infrastructure Corp., Class A | 11899 | 462871 |
| Northwest Natural Holding Co. | 8089 | 384955 |
| ONE Gas, Inc. | 10388 | 786579 |
| South Jersey Industries, Inc. | 27568 | 979491 |
| Southwest Gas Holdings, Inc. <sup>(a)</sup> | 20976 | 1297995 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal U.S. Small-Cap Multi-Factor ETF**<br> **December 31, 2022 (unaudited)**<br> **Shares Held** | <br>**Value** |
| **Gas (continued)** |  |  |
| Spire, Inc. | 10982 | $756221 |
|  |  | $4668112 |
| **Hand/Machine Tools — 0.27%** |  |  |
| Kennametal, Inc. | 25799 | 620724 |
| **Healthcare — Products — 4.85%** |  |  |
| Artivion, Inc. <sup>(a)</sup> | 8529 | 103371 |
| Atrion Corp. | 105 | 58742 |
| Avanos Medical, Inc. <sup>(a)</sup> | 6743 | 182466 |
| CONMED Corp. | 8526 | 755745 |
| Glaukos Corp. <sup>(a)</sup> | 9262 | 404564 |
| Haemonetics Corp. <sup>(a)</sup> | 9047 | 711547 |
| Inogen, Inc. <sup>(a)</sup> | 5418 | 106789 |
| Integer Holdings Corp. <sup>(a)</sup> | 4724 | 323405 |
| Lantheus Holdings, Inc. <sup>(a)</sup> | 22096 | 1126012 |
| LeMaitre Vascular, Inc. | 2293 | 105524 |
| LivaNova PLC <sup>(a)</sup> | 10568 | 586947 |
| Meridian Bioscience, Inc. <sup>(a)</sup> | 8069 | 267971 |
| Merit Medical Systems, Inc. <sup>(a)</sup> | 7085 | 500343 |
| Neogen Corp. <sup>(a)</sup> | 145860 | 2221448 |
| NuVasive, Inc. <sup>(a)</sup> | 17202 | 709410 |
| Omnicell, Inc. <sup>(a)</sup> | 10910 | 550082 |
| Orthofix Medical, Inc. <sup>(a)</sup> | 5554 | 114024 |
| Shockwave Medical, Inc. <sup>(a)</sup> | 5840 | 1200762 |
| Silk Road Medical, Inc. <sup>(a)</sup> | 7240 | 382634 |
| STAAR Surgical Co. <sup>(a)</sup> | 10885 | 528358 |
| Varex Imaging Corp. <sup>(a)</sup> | 5945 | 120684 |
| ViewRay, Inc. <sup>(a)</sup> | 19667 | 88108 |
| Zimvie, Inc. <sup>(a)</sup> | 12321 | 115078 |
|  |  | $11264014 |
| **Healthcare — Services — 2.14%** |  |  |
| Addus HomeCare Corp. <sup>(a)</sup> | 1727 | 171819 |
| Agiliti, Inc. <sup>(a)</sup> | 4866 | 79364 |
| Cano Health, Inc. <sup>(a)</sup> | 38026 | 52096 |
| DocGo, Inc. <sup>(a)</sup> | 16251 | 114895 |
| Ensign Group, Inc. | 5697 | 538993 |
| Fulgent Genetics, Inc. <sup>(a)</sup> | 7877 | 234577 |
| Joint Corp. <sup>(a)</sup> | 4166 | 58241 |
| LHC Group, Inc. <sup>(a)</sup> | 5883 | 951222 |
| Medpace Holdings, Inc. <sup>(a)</sup> | 7755 | 1647240 |
| ModivCare, Inc. <sup>(a)</sup> | 2226 | 199739 |
| OPKO Health, Inc. <sup>(a)</sup> | 81761 | 102201 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> | 13286 | 197430 |
| RadNet, Inc. <sup>(a)</sup> | 5956 | 112152 |
| Select Medical Holdings Corp. | 14275 | 354448 |
| U.S. Physical Therapy, Inc. | 2046 | 165787 |
|  |  | $4980204 |
| **Holding Companies — Diversified — 0.12%** | **Holding Companies — Diversified — 0.12%** |  |
| Professional Holding Corp., Class A <sup>(a)</sup> | 10330 | 286554 |
| **Home Builders — 1.83%** |  |  |
| Beazer Homes USA, Inc. <sup>(a)</sup> | 8182 | 104402 |
| Cavco Industries, Inc. <sup>(a)</sup> | 1060 | 239825 |
| Century Communities, Inc. | 4245 | 212292 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Multi-Factor ETF** | **Principal U.S. Small-Cap Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Home Builders (continued)** |  |  |
| Installed Building Products, Inc. | 2441 | $208950 |
| KB Home | 27541 | 877181 |
| LGI Homes, Inc. <sup>(a)</sup> | 3693 | 341972 |
| Meritage Homes Corp. <sup>(a)</sup> | 5654 | 521299 |
| Skyline Champion Corp. <sup>(a)</sup> | 6176 | 318126 |
| Taylor Morrison Home Corp. <sup>(a)</sup> | 18931 | 574556 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> | 18623 | 346201 |
| Winnebago Industries, Inc. | 9721 | 512297 |
|  |  | $4257101 |
| **Home Furnishings — 0.13%** |  |  |
| Ethan Allen Interiors, Inc. | 3850 | 101717 |
| Sleep Number Corp. <sup>(a)</sup> | 7527 | 195551 |
|  |  | $297268 |
| **Household Products — 0.51%** |  |  |
| Edgewell Personal Care Co. | 10496 | 404516 |
| elf Beauty, Inc. <sup>(a)</sup> | 14317 | 791730 |
|  |  | $1196246 |
| **Household Products/Wares — 0.38%** |  |  |
| ACCO Brands Corp. | 33726 | 188528 |
| Central Garden & Pet Co., Class A <sup>(a)</sup> | 3769 | 134930 |
| Helen of Troy Ltd. <sup>(a)</sup> | 5072 | 562536 |
|  |  | $885994 |
| **Insurance — 2.76%** |  |  |
| American Equity Investment Life Holding Co. | 35938 | 1639492 |
| Essent Group Ltd. | 43954 | 1708931 |
| Jackson Financial, Inc., Class A | 48006 | 1670129 |
| NMI Holdings, Inc., Class A <sup>(a)</sup> | 37512 | 784001 |
| Palomar Holdings, Inc. <sup>(a)</sup> | 13783 | 622440 |
|  |  | $6424993 |
| **Internet — 2.37%** |  |  |
| 1-800-Flowers.com, Inc., Class A <sup>(a)</sup> | 14657 | 140121 |
| Cargurus, Inc. <sup>(a)</sup> | 51711 | 724471 |
| Cars.com, Inc. <sup>(a)</sup> | 15219 | 209566 |
| ePlus, Inc. <sup>(a)</sup> | 3030 | 134168 |
| Figs, Inc., Class A <sup>(a)</sup> | 69593 | 468361 |
| Perficient, Inc. <sup>(a)</sup> | 9173 | 640551 |
| Q2 Holdings, Inc. <sup>(a)</sup> | 16108 | 432822 |
| QuinStreet, Inc. <sup>(a)</sup> | 8492 | 121860 |
| Revolve Group, Inc. <sup>(a)</sup> | 22960 | 511090 |
| Shutterstock, Inc. | 12458 | 656786 |
| Yelp, Inc. <sup>(a)</sup> | 23084 | 631116 |
| Ziff Davis, Inc. <sup>(a)</sup> | 10550 | 834505 |
|  |  | $5505417 |
| **Leisure Time — 0.23%** |  |  |
| Camping World Holdings, Inc., Class A | 14479 | 323171 |
| Malibu Boats, Inc., Class A <sup>(a)</sup> | 2963 | 157928 |
| MasterCraft Boat Holdings, Inc. <sup>(a)</sup> | 2079 | 53784 |
|  |  | $534883 |
| **Lodging — 0.08%** |  |  |
| Target Hospitality Corp. <sup>(a)</sup> | 11649 | 176366 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** |  | |
| **Principal U.S. Small-Cap Multi-Factor ETF** | **Principal U.S. Small-Cap Multi-Factor ETF** | |
| **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Machinery — Construction & Mining — 0.33%** |  |  |
| Terex Corp. | 18108 | $773574 |
| **Machinery — Diversified — 0.78%** |  |  |
| Albany International Corp., Class A | 3530 | 348023 |
| Applied Industrial Technologies, Inc. | 4986 | 628385 |
| GrafTech International Ltd. | 84988 | 404543 |
| Kadant, Inc. | 1679 | 298241 |
| Tennant Co. | 2046 | 125972 |
|  |  | $1805164 |
| **Media — 0.62%** |  |  |
| AMC Networks, Inc., Class A <sup>(a)</sup> | 15653 | 245283 |
| Gannett Co., Inc. <sup>(a)</sup> | 40349 | 81908 |
| Liberty Latin America Ltd., Class C <sup>(a)</sup> | 44852 | 340875 |
| Scholastic Corp. | 9630 | 380000 |
| Sinclair Broadcast Group, Inc., Class A | 25029 | 388200 |
|  |  | $1436266 |
| **Metal Fabrication & Hardware — 0.72%** |  |  |
| AZZ, Inc. | 5256 | 211291 |
| Mueller Industries, Inc. | 10502 | 619618 |
| Proto Labs, Inc. <sup>(a)</sup> | 6590 | 168243 |
| Ryerson Holding Corp. | 7894 | 238872 |
| Standex International Corp. | 1612 | 165085 |
| TimkenSteel Corp. <sup>(a)</sup> | 15446 | 280654 |
|  |  | $1683763 |
| **Mining — 0.29%** |  |  |
| Constellium SE <sup>(a)</sup> | 26723 | 316133 |
| Kaiser Aluminum Corp. | 4837 | 367419 |
|  |  | $683552 |
| **Miscellaneous Manufacturers — 0.80%** |  |  |
| EnPro Industries, Inc. | 2509 | 272703 |
| Fabrinet <sup>(a)</sup> | 4932 | 632381 |
| Hillenbrand, Inc. | 10429 | 445005 |
| LSB Industries, Inc. <sup>(a)</sup> | 20822 | 276933 |
| Smith & Wesson Brands, Inc. | 12933 | 112258 |
| Sturm Ruger & Co., Inc. | 2398 | 121387 |
|  |  | $1860667 |
| **Office & Business Equipment — 0.27%** |  |  |
| Xerox Holdings Corp. | 43037 | 628340 |
| **Office Furnishings — 0.05%** |  |  |
| Interface, Inc. | 10854 | 107129 |
| **Oil & Gas — 4.60%** |  |  |
| Berry Corp. | 11310 | 90480 |
| California Resources Corp. | 14224 | 618886 |
| Callon Petroleum Co. <sup>(a)</sup> | 23414 | 868425 |
| Chord Energy Corp. | 7397 | 1011984 |
| Comstock Resources, Inc. | 63717 | 873560 |
| CVR Energy, Inc. | 12541 | 393035 |
| Denbury, Inc. <sup>(a)</sup> | 12561 | 1093058 |
| HighPeak Energy, Inc. <sup>(b)</sup> | 2370 | 54202 |
| Magnolia Oil & Gas Corp., Class A | 27788 | 651629 |
| Matador Resources Co. | 20078 | 1149265 |
| Par Pacific Holdings, Inc. <sup>(a)</sup> | 11935 | 277489 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal U.S. Small-Cap Multi-Factor ETF**<br> **December 31, 2022 (unaudited)**<br> **Shares Held** | <br>**Value** |
| **Oil & Gas (continued)** |  |  |
| PBF Energy, Inc., Class A | 37185 | $1516404 |
| Permian Resources Corp., Class B | 114141 | 1072925 |
| Ranger Oil Corp., Class A | 6205 | 250868 |
| Ring Energy, Inc. <sup>(a)</sup> | 33969 | 83564 |
| SandRidge Energy, Inc. <sup>(a)</sup> | 14637 | 249268 |
| Sitio Royalties Corp. <sup>(b)</sup> | 6002 | 173158 |
| Talos Energy, Inc. <sup>(a)</sup> | 13455 | 254030 |
|  |  | $10682230 |
| **Oil & Gas Services — 0.53%** |  |  |
| ChampionX Corp. | 32761 | 949741 |
| NOW, Inc. <sup>(a)</sup> | 23190 | 294513 |
|  |  | $1244254 |
| **Packaging & Containers — 0.69%** |  |  |
| Greif, Inc., Class A | 10032 | 672746 |
| Matthews International Corp., Class A | 5214 | 158714 |
| O-I Glass, Inc. <sup>(a)</sup> | 33528 | 555559 |
| TriMas Corp. | 3964 | 109962 |
| UFP Technologies, Inc. <sup>(a)</sup> | 997 | 117536 |
|  |  | $1614517 |
| **Pharmaceuticals — 3.47%** |  |  |
| AbCellera Biologics, Inc. <sup>(a)</sup> | 30612 | 310100 |
| Alector, Inc. <sup>(a)</sup> | 11377 | 105010 |
| Alkermes PLC <sup>(a)</sup> | 35895 | 937936 |
| Amneal Pharmaceuticals, Inc. <sup>(a)</sup> | 28983 | 57676 |
| Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | 6307 | 176722 |
| BellRing Brands, Inc. <sup>(a)</sup> | 21344 | 547260 |
| Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 41790 | 777294 |
| Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 5910 | 137112 |
| Corcept Therapeutics, Inc. <sup>(a)</sup> | 11311 | 229727 |
| Eagle Pharmaceuticals, Inc. <sup>(a)</sup> | 4262 | 124578 |
| Embecta Corp. | 9380 | 237220 |
| Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 9934 | 547364 |
| Herbalife Nutrition Ltd. <sup>(a)</sup> | 26293 | 391240 |
| Ironwood Pharmaceuticals, Inc. <sup>(a)</sup> | 50175 | 621668 |
| Option Care Health, Inc. <sup>(a)</sup> | 20831 | 626805 |
| Pacira BioSciences, Inc. <sup>(a)</sup> | 8890 | 343243 |
| PetIQ, Inc. <sup>(a)</sup> | 12750 | 117555 |
| Phibro Animal Health Corp., Class A | 5198 | 69705 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 6259 | 391814 |
| Revance Therapeutics, Inc. <sup>(a)</sup> | 13744 | 253714 |
| Senseonics Holdings, Inc. <sup>(a)</sup> | 48743 | 50205 |
| Seres Therapeutics, Inc. <sup>(a)</sup> | 13204 | 73942 |
| SIGA Technologies, Inc. | 58409 | 429890 |
| Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 9705 | 346177 |
| USANA Health Sciences, Inc. <sup>(a)</sup> | 1532 | 81503 |
| Vanda Pharmaceuticals, Inc. <sup>(a)</sup> | 10293 | 76065 |
|  |  | $8061525 |
| **Pipelines — 0.07%** |  |  |
| Kinetik Holdings, Inc. | 4671 | 154517 |
| **Real Estate — 0.95%** |  |  |
| Alexander & Baldwin, Inc. <sup>(a)</sup> | 13809 | 258643 |
| Anywhere Real Estate, Inc. <sup>(a)</sup> | 87639 | 560013 |
| Cushman & Wakefield PLC <sup>(a)</sup> | 55953 | 697174 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
|  | **Schedule of Investments** | |
| **Principal U.S. Small-Cap Multi-Factor ETF** | **Principal U.S. Small-Cap Multi-Factor ETF** | |
|  | **December 31, 2022 (unaudited)** | |
| **COMMON STOCKS (continued)** | **Shares Held** | <br>**Value** |
| **Real Estate (continued)** |  |  |
| Marcus & Millichap, Inc. | 8326 | $286831 |
| McGrath RentCorp | 2357 | 232730 |
| RE/MAX Holdings, Inc., Class A | 9392 | 175067 |
|  |  | $2210458 |
| **REITs — 5.48%** |  |  |
| American Assets Trust, Inc. | 14734 | 390451 |
| Broadstone Net Lease, Inc. | 61683 | 999881 |
| CareTrust REIT, Inc. | 36904 | 685676 |
| City Office REIT, Inc. | 18934 | 158667 |
| Corporate Office Properties Trust | 32810 | 851091 |
| Empire State Realty Trust, Inc., Class A | 58762 | 396056 |
| Essential Properties Realty Trust, Inc. | 50514 | 1185564 |
| Four Corners Property Trust, Inc. | 22828 | 591930 |
| Franklin Street Properties Corp. | 51100 | 139503 |
| Getty Realty Corp. | 11565 | 391475 |
| Industrial Logistics Properties Trust | 67021 | 219159 |
| Innovative Industrial Properties, Inc. | 14414 | 1460859 |
| LTC Properties, Inc. | 13443 | 477630 |
| Necessity Retail REIT, Inc. | 34667 | 205575 |
| Office Properties Income Trust | 18093 | 241542 |
| Paramount Group, Inc. | 67985 | 403831 |
| Piedmont Office Realty Trust, Inc., Class A | 61550 | 564414 |
| PotlatchDeltic Corp. | 27053 | 1190062 |
| Sabra Health Care REIT, Inc. | 108912 | 1353776 |
| Uniti Group, Inc. | 98028 | 542095 |
| Universal Health Realty Income Trust | 2651 | 126532 |
| Whitestone REIT | 15846 | 152755 |
|  |  | $12728524 |
| **Retail — 5.97%** |  |  |
| Academy Sports & Outdoors, Inc. | 25449 | 1337090 |
| Arko Corp. | 5327 | 46132 |
| Asbury Automotive Group, Inc. <sup>(a)</sup> | 3107 | 556930 |
| Bloomin' Brands, Inc. | 21099 | 424512 |
| BlueLinx Holdings, Inc. <sup>(a)</sup> | 4472 | 318004 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 11324 | 707976 |
| Caleres, Inc. | 8950 | 199406 |
| Children's Place, Inc. <sup>(a)</sup> | 5495 | 200128 |
| Chuy's Holdings, Inc. <sup>(a)</sup> | 1710 | 48393 |
| Conn's, Inc. <sup>(a)</sup> | 3739 | 25724 |
| Container Store Group, Inc. <sup>(a)</sup> | 7927 | 34165 |
| Denny's Corp. <sup>(a)</sup> | 8515 | 78423 |
| Designer Brands, Inc., Class A | 20129 | 196862 |
| Dillard's, Inc., Class A <sup>(b)</sup> | 2538 | 820282 |
| Foot Locker, Inc. | 41498 | 1568209 |
| Genesco, Inc. <sup>(a)</sup> | 2929 | 134793 |
| GMS, Inc. <sup>(a)</sup> | 8040 | 400392 |
| Group 1 Automotive, Inc. | 3293 | 593958 |
| Haverty Furniture Cos., Inc. | 2701 | 80760 |
| Hibbett, Inc. | 4726 | 322408 |
| Jack in the Box, Inc. | 5895 | 402216 |
| La-Z-Boy, Inc. | 6199 | 141461 |
| MarineMax, Inc. <sup>(a)</sup> | 5751 | 179546 |
| Movado Group, Inc. | 2520 | 81270 |
| Murphy USA, Inc. | 5027 | 1405248 |
| National Vision Holdings, Inc. <sup>(a)</sup> | 12147 | 470818 |
| Nu Skin Enterprises, Inc., Class A | 10055 | 423919 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal U.S. Small-Cap Multi-Factor ETF**<br> **December 31, 2022 (unaudited)**<br> **Shares Held** | <br>**Value** |
| **Retail (continued)** |  |  |
| OneWater Marine, Inc., Class A <sup>(a)</sup> | 1435 | $41041 |
| Patrick Industries, Inc. | 3544 | 214766 |
| PriceSmart, Inc. | 2610 | 158636 |
| Qurate Retail, Inc., Series A <sup>(a)</sup> | 55960 | 91215 |
| Rite Aid Corp. <sup>(a),(b)</sup> | 27922 | 93259 |
| Rush Enterprises, Inc., Class A | 7336 | 383526 |
| Ruth's Hospitality Group, Inc. | 5725 | 88623 |
| Sally Beauty Holdings, Inc. <sup>(a)</sup> | 24367 | 305075 |
| Shoe Carnival, Inc. | 5655 | 135211 |
| Texas Roadhouse, Inc. | 11403 | 1037103 |
| Zumiez, Inc. <sup>(a)</sup> | 6352 | 138092 |
|  |  | $13885572 |
| **Savings & Loans — 0.53%** |  |  |
| OceanFirst Financial Corp. | 19418 | 412633 |
| Washington Federal, Inc. | 24286 | 814795 |
|  |  | $1227428 |
| **Semiconductors — 3.54%** |  |  |
| Alpha & Omega Semiconductor Ltd. <sup>(a)</sup> | 9489 | 271101 |
| Amkor Technology, Inc. | 21482 | 515138 |
| Axcelis Technologies, Inc. <sup>(a)</sup> | 11945 | 947955 |
| Diodes, Inc. <sup>(a)</sup> | 5884 | 448008 |
| FormFactor, Inc. <sup>(a)</sup> | 14074 | 312865 |
| Kulicke & Soffa Industries, Inc. | 19057 | 843463 |
| MaxLinear, Inc. <sup>(a)</sup> | 19313 | 655676 |
| Onto Innovation, Inc. <sup>(a)</sup> | 8272 | 563240 |
| Photronics, Inc. <sup>(a)</sup> | 22054 | 371169 |
| Power Integrations, Inc. | 13276 | 952155 |
| Rambus, Inc. <sup>(a)</sup> | 18399 | 659052 |
| Semtech Corp. <sup>(a)</sup> | 32627 | 936069 |
| SiTime Corp. <sup>(a)</sup> | 5731 | 582384 |
| Veeco Instruments, Inc. <sup>(a)</sup> | 9526 | 176993 |
|  |  | $8235268 |
| **Software — 3.64%** |  |  |
| 8x8, Inc. <sup>(a)</sup> | 31621 | 136603 |
| ACI Worldwide, Inc. <sup>(a)</sup> | 21919 | 504137 |
| Adeia, Inc. | 20944 | 198549 |
| Allscripts Healthcare Solutions, Inc. <sup>(a)</sup> | 33318 | 587729 |
| Apollo Medical Holdings, Inc. <sup>(a)</sup> | 7573 | 224085 |
| Box, Inc., Class A <sup>(a)</sup> | 33971 | 1057517 |
| Cerence, Inc. <sup>(a)</sup> | 15010 | 278135 |
| CommVault Systems, Inc. <sup>(a)</sup> | 6719 | 422222 |
| CSG Systems International, Inc. | 4508 | 257858 |
| Digi International, Inc. <sup>(a)</sup> | 8834 | 322883 |
| Ebix, Inc. | 6927 | 138263 |
| Envestnet, Inc. <sup>(a)</sup> | 9461 | 583744 |
| Everbridge, Inc. <sup>(a)</sup> | 10241 | 302929 |
| Evolent Health, Inc., Class A <sup>(a)</sup> | 29680 | 833414 |
| Health Catalyst, Inc. <sup>(a)</sup> | 13873 | 147470 |
| NextGen Healthcare, Inc. <sup>(a)</sup> | 6378 | 119779 |
| Privia Health Group, Inc. <sup>(a)</sup> | 24229 | 550240 |
| Progress Software Corp. | 7184 | 362433 |
| PubMatic, Inc., Class A <sup>(a)</sup> | 17609 | 225571 |
| Sapiens International Corp. NV | 5065 | 93601 |
| Simulations Plus, Inc. | 3389 | 123936 |
| SPS Commerce, Inc. <sup>(a)</sup> | 3831 | 492015 |

---

 *See accompanying notes.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Schedule of Investments** |  | |
|  | **Principal U.S. Small-Cap Multi-Factor ETF** | **Principal U.S. Small-Cap Multi-Factor ETF** | **Principal U.S. Small-Cap Multi-Factor ETF** | |
|  |  | **December 31, 2022 (unaudited)** |  | |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | | **Shares Held** | <br>**Value** |
| **Software (continued)** | **Software (continued)** |  |  |  |
| Upland Software, Inc. <sup>(a)</sup> | Upland Software, Inc. <sup>(a)</sup> |  | 15853 | 113032 |
| Verra Mobility Corp. <sup>(a)</sup> | Verra Mobility Corp. <sup>(a)</sup> |  | 27973 | 386867 |
|  |  |  |  | 8463012 |
| **Telecommunications — 0.90%** | **Telecommunications — 0.90%** |  |  |  |
| A10 Networks, Inc. | A10 Networks, Inc. |  | 14985 | 249200 |
| Clearfield, Inc. <sup>(a)</sup> | Clearfield, Inc. <sup>(a)</sup> |  | 7119 | 670183 |
| EchoStar Corp., Class A <sup>(a)</sup> | EchoStar Corp., Class A <sup>(a)</sup> |  | 7773 | 129654 |
| Extreme Networks, Inc. <sup>(a)</sup> | Extreme Networks, Inc. <sup>(a)</sup> |  | 27166 | 497409 |
| InterDigital, Inc. | InterDigital, Inc. |  | 7410 | 366647 |
| NETGEAR, Inc. <sup>(a)</sup> | NETGEAR, Inc. <sup>(a)</sup> |  | 4908 | 88884 |
| U.S. Cellular Corp. <sup>(a)</sup> | U.S. Cellular Corp. <sup>(a)</sup> |  | 4177 | 87090 |
|  |  |  |  | 2089067 |
| **Textiles — 0.17%** | **Textiles — 0.17%** |  |  |  |
| UniFirst Corp. | UniFirst Corp. |  | 2038 | 393314 |
| **Toys, Games & Hobbies — 0.04%** | **Toys, Games & Hobbies — 0.04%** |  |  |  |
| Funko, Inc., Class A <sup>(a)</sup> | Funko, Inc., Class A <sup>(a)</sup> |  | 9476 | 103383 |
| **Transportation — 4.50%** | **Transportation — 4.50%** |  |  |  |
| Air Transport Services Group, Inc. <sup>(a)</sup> | Air Transport Services Group, Inc. <sup>(a)</sup> |  | 11732 | 304797 |
| ArcBest Corp. | ArcBest Corp. |  | 7958 | 557378 |
| Atlas Air Worldwide Holdings, Inc. <sup>(a)</sup> | Atlas Air Worldwide Holdings, Inc. <sup>(a)</sup> |  | 16083 | 1621167 |
| Covenant Logistics Group, Inc. | Covenant Logistics Group, Inc. |  | 4169 | 144122 |
| Eagle Bulk Shipping, Inc. | Eagle Bulk Shipping, Inc. |  | 12082 | 603375 |
| FLEX LNG Ltd. <sup>(a)</sup> | FLEX LNG Ltd. <sup>(a)</sup> |  | 10384 | 339453 |
| Forward Air Corp. | Forward Air Corp. |  | 5836 | 612138 |
| Genco Shipping & Trading Ltd. | Genco Shipping & Trading Ltd. |  | 42659 | 655242 |
| Golden Ocean Group Ltd. <sup>(a)</sup> | Golden Ocean Group Ltd. <sup>(a)</sup> |  | 124333 | 1080454 |
| Heartland Express, Inc. | Heartland Express, Inc. |  | 10870 | 166746 |
| Hub Group, Inc., Class A <sup>(a)</sup> | Hub Group, Inc., Class A <sup>(a)</sup> |  | 9351 | 743311 |
| International Seaways, Inc. | International Seaways, Inc. |  | 10180 | 376864 |
| Marten Transport Ltd. | Marten Transport Ltd. |  | 15793 | 312386 |
| Matson, Inc. | Matson, Inc. |  | 13631 | 852074 |
| Safe Bulkers, Inc. | Safe Bulkers, Inc. |  | 44975 | 130877 |
| Saia, Inc. <sup>(a)</sup> | Saia, Inc. <sup>(a)</sup> |  | 8540 | 1790667 |
| SFL Corp. Ltd. | SFL Corp. Ltd. |  | 17201 | 158593 |
|  |  |  |  | 10449644 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |  | 231620719 |
| **INVESTMENT COMPANIES — 0.75%** | **INVESTMENT COMPANIES — 0.75%** |  | **Shares Held** | **Value** |
| **Money Market Funds — 0.75%** | **Money Market Funds — 0.75%** |  |  |  |
| Principal Government Money Market Fund — Class R-6 4.15% <sup>(c),(d),(e)</sup> | Principal Government Money Market Fund — Class R-6 4.15% <sup>(c),(d),(e)</sup> | Principal Government Money Market Fund — Class R-6 4.15% <sup>(c),(d),(e)</sup> | 839358 | 839358 |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |  |
| Class 1.29% <sup>(e)</sup> | Class 1.29% <sup>(e)</sup> |  | 903320 | 903320 |
| TOTAL INVESTMENT COMPANIES | TOTAL INVESTMENT COMPANIES |  |  | 1742678 |
| **Total Investments** | **Total Investments** |  |  | **233363397** |
| **Other Assets and Liabilities — (0.39)%** | **Other Assets and Liabilities — (0.39)%** |  |  | **(916744)** |
| **Total Net Assets — 100.00%** | **Total Net Assets — 100.00%** |  |  | **232446653** |
| <sup>(a)</sup> | Non-income producing security. |  |  |  |
| <sup>(b)</sup> | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $827,014 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $827,014 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $827,014 or | Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $827,014 or |
|  | 0.36% of net assets. |  |  |  |
| <sup>(c)</sup> | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate | 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). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security). | 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. | Please see Affiliated Securities sub-schedule for transactional information. |  |  |
| *See accompanying notes.* | *See accompanying notes.* | 140 |  |  |

---

------

 **Schedule of Investments**<br> **Principal U.S. Small-Cap Multi-Factor ETF**<br> **December 31, 2022 (unaudited)**

<sup>(d)</sup> 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 $839,358 or 0.36% of net assets.

<sup>(e)</sup> Current yield shown is as of period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Summary (unaudited)** | **Portfolio Summary (unaudited)** | |  |  |
| Sector |  | Percent |  |  |
| Consumer, Non-cyclical |  | 23.65% |  |  |
| Financial |  | 23.08% |  |  |
| Industrial |  | 15.53% |  |  |
| Consumer, Cyclical |  | 10.93% |  |  |
| Technology |  | 9.88% |  |  |
| Energy |  | 7.50% |  |  |
| Communications |  | 3.89% |  |  |
| Utilities |  | 3.33% |  |  |
| Basic Materials |  | 1.73% |  |  |
| Money Market Funds |  | 0.75% |  |  |
| Diversified |  | 0.12% |  |  |
| Other Assets and Liabilities |  | (0.39)% |  |  |
| **TOTAL NET ASSETS** |  | **100.00%** |  |  |
|  | **June 30, 2022** | **Purchases** | **Sales** | **December 31, 2022** |
| **Affiliated Securities** | **Value** | **Cost** | **Proceeds** |  |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $— | $2434127 | $1594769 | $839358 |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% | 5359834 | 17843390 | 23203224 |  |
|  | $5359834 | $20277517 | $24797993 | $839358 |
|  |  |  | **Realized Gain** |  |
|  |  | **Realized** | **from** | **Change in** |
|  |  | **Gain/(Loss) on** | **Capital Gain** | **Unrealized** |
|  | **Income <sup>(a)</sup>** | **Investments** | **Distributions** | **Gain/(Loss)** |
| Principal Government Money |  |  |  |  |
| Market Fund — Class R-6 4.15% | $— | $— | $— | $— |
| Principal Government Money |  |  |  |  |
| Market Fund — Institutional Class |  |  |  |  |
| 4.09% |  |  |  |  |
|  | $— | $— | $— | $— |
| <sup>(a)</sup> Amount excludes earnings from securities lending collateral. | <sup>(a)</sup> Amount excludes earnings from securities lending collateral. |  |  |  |

---

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**COMMON STOCKS — 99.57%** | **Schedule of Investments**<br> **Principal Value ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **Advertising — 1.24%** |  |  |  |
| Omnicom Group, Inc. |  | 8736 | $712596 |
| **Aerospace & Defense — 2.87%** |  |  |  |
| Northrop Grumman Corp. |  | 1448 | 790043 |
| Raytheon Technologies Corp. |  | 8461 | 853884 |
|  |  |  | $1643927 |
| **Agriculture — 3.86%** |  |  |  |
| Altria Group, Inc. |  | 14733 | 673445 |
| Archer-Daniels-Midland Co. |  | 7794 | 723673 |
| Philip Morris International, Inc. |  | 8041 | 813830 |
|  |  |  | $2210948 |
| **Auto Parts & Equipment — 1.13%** |  |  |  |
| BorgWarner, Inc. |  | 16112 | 648508 |
| **Banks — 7.01%** |  |  |  |
| Bank of America Corp. |  | 28526 | 944781 |
| M&T Bank Corp. |  | 3596 | 521636 |
| Northern Trust Corp. |  | 6116 | 541205 |
| PNC Financial Services Group, Inc. |  | 4162 | 657346 |
| Wells Fargo & Co. |  | 20280 | 837361 |
| Zions Bancorp NA |  | 10490 | 515689 |
|  |  |  | $4018018 |
| **Beverages — 3.74%** |  |  |  |
| Coca-Cola Co. |  | 15440 | 982138 |
| Constellation Brands, Inc., Class A |  | 2598 | 602087 |
| Molson Coors Beverage Co., Class B |  | 10854 | 559198 |
|  |  |  | $2143423 |
| **Biotechnology — 2.61%** |  |  |  |
| Amgen, Inc. |  | 3201 | 840711 |
| Corteva, Inc. |  | 11176 | 656925 |
|  |  |  | $1497636 |
| **Chemicals — 3.02%** |  |  |  |
| CF Industries Holdings, Inc. |  | 6514 | 554993 |
| Eastman Chemical Co. |  | 6308 | 513723 |
| FMC Corp. |  | 5311 | 662813 |
|  |  |  | $1731529 |
| **Computers — 7.02%** |  |  |  |
| Accenture PLC, Class A |  | 2982 | 795717 |
| Apple, Inc. |  | 14155 | 1839159 |
| International Business Machines Corp. |  | 5452 | 768132 |
| Leidos Holdings, Inc. |  | 5878 | 618307 |
|  |  |  | $4021315 |
| **Construction Materials — 1.38%** |  |  |  |
| Johnson Controls International PLC |  | 12387 | 792768 |
| **Diversified Financial Services — 4.53%** |  |  |  |
| American Express Co. |  | 4708 | 695607 |
| Franklin Resources, Inc. |  | 23401 | 617319 |
| Invesco Ltd. |  | 33375 | 600416 |
| Raymond James Financial, Inc. |  | 6372 | 680848 |
|  |  |  | $2594190 |

---

 *See accompanying notes.*

------

---

| | | |
|:---|:---|:---|
| **Schedule of Investments**<br> **Principal Value ETF**<br> **December 31, 2022 (unaudited)**<br> **COMMON STOCKS (continued)** | <br>**Shares Held** | <br>**Value** |
| **Electronics — 1.53%** |  |  |
| Honeywell International, Inc. | 4098 | $878201 |
| **Food — 5.92%** |  |  |
| Conagra Brands, Inc. | 17669 | 683790 |
| General Mills, Inc. | 9024 | 756663 |
| Hershey Co. | 2837 | 656964 |
| J M Smucker Co. | 4518 | 715922 |
| Sysco Corp. | 7578 | 579338 |
|  |  | $3392677 |
| **Household Products/Wares — 1.11%** |  |  |
| Clorox Co. | 4534 | 636256 |
| **Insurance — 4.17%** |  |  |
| Arthur J Gallagher & Co. | 3885 | 732478 |
| Assurant, Inc. | 3237 | 404819 |
| Cincinnati Financial Corp. | 4912 | 502940 |
| Marsh & McLennan Cos., Inc. | 4511 | 746480 |
|  |  | $2386717 |
| **Machinery — Construction & Mining — 1.54%** |  |  |
| Caterpillar, Inc. | 3675 | 880383 |
| **Machinery — Diversified — 3.87%** |  |  |
| Deere & Co. | 2112 | 905541 |
| Dover Corp. | 4751 | 643333 |
| Otis Worldwide Corp. | 8520 | 667201 |
|  |  | $2216075 |
| **Media — 0.91%** |  |  |
| Fox Corp., Class A | 17060 | 518112 |
| **Oil & Gas — 4.73%** |  |  |
| Chevron Corp. | 6810 | 1222327 |
| Hess Corp. | 5609 | 795468 |
| Phillips 66 | 6630 | 690051 |
|  |  | $2707846 |
| **Oil & Gas Services — 1.57%** |  |  |
| Schlumberger Ltd. | 16809 | 898609 |
| **Packaging & Containers — 2.72%** |  |  |
| Amcor PLC | 47693 | 568024 |
| Packaging Corp. of America | 3941 | 504093 |
| Sealed Air Corp. | 9752 | 486430 |
|  |  | $1558547 |
| **Pharmaceuticals — 9.31%** |  |  |
| AmerisourceBergen Corp. | 4013 | 664994 |
| Becton Dickinson and Co. | 2726 | 693222 |
| Cardinal Health, Inc. | 10908 | 838498 |
| CVS Health Corp. | 8171 | 761456 |
| Johnson & Johnson | 7552 | 1334061 |
| Organon & Co. | 16397 | 457968 |
| Viatris, Inc. | 52571 | 585115 |
|  |  | $5335314 |
| **Pipelines — 1.14%** |  |  |
| Williams Cos., Inc. | 19823 | 652177 |

---

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
| <br>**COMMON STOCKS (continued)** | **Schedule of Investments**<br> **Principal Value ETF**<br> **December 31, 2022 (unaudited)** | <br>**Shares Held** | <br>**Value** |
| **REITs — 8.18%** |  |  |  |
| Essex Property Trust, Inc. |  | 2172 | $460290 |
| Kimco Realty Corp. |  | 28954 | 613245 |
| Public Storage |  | 2048 | 573829 |
| Realty Income Corp. |  | 9109 | 577784 |
| Regency Centers Corp. |  | 9442 | 590125 |
| Simon Property Group, Inc. |  | 6081 | 714396 |
| Ventas, Inc. |  | 11456 | 516093 |
| VICI Properties, Inc. |  | 19772 | 640613 |
|  |  |  | $4686375 |
| **Retail — 5.47%** |  |  |  |
| Genuine Parts Co. |  | 4413 | 765700 |
| McDonald's Corp. |  | 3514 | 926045 |
| Ross Stores, Inc. |  | 7676 | 890953 |
| Walgreens Boots Alliance, Inc. |  | 14690 | 548818 |
|  |  |  | $3131516 |
| **Semiconductors — 1.46%** |  |  |  |
| Texas Instruments, Inc. |  | 5075 | 838492 |
| **Shipbuilding — 1.09%** |  |  |  |
| Huntington Ingalls Industries, Inc. |  | 2703 | 623528 |
| **Software — 3.61%** |  |  |  |
| Jack Henry & Associates, Inc. |  | 3200 | 561792 |
| Microsoft Corp. |  | 6275 | 1504870 |
|  |  |  | $2066662 |
| **Telecommunications — 2.10%** |  |  |  |
| Corning, Inc. |  | 18030 | 575878 |
| Juniper Networks, Inc. |  | 19686 | 629165 |
|  |  |  | $1205043 |
| **Toys, Games & Hobbies — 0.73%** |  |  |  |
| Hasbro, Inc. |  | 6839 | 417247 |
| TOTAL COMMON STOCKS |  |  | $57044635 |
| **INVESTMENT COMPANIES — 0.38%** |  | **Shares Held** | **Value** |
| **Money Market Fund — 0.38%** |  |  |  |
| State Street Institutional U.S. Government Money Market Fund — Institutional | State Street Institutional U.S. Government Money Market Fund — Institutional |  |  |
| Class 1.29% <sup>(a)</sup> |  | 219024 | $219024 |
| TOTAL INVESTMENT COMPANIES |  |  | $219024 |
| **Total Investments** |  |  | $**57263659** |
| **Other Assets and Liabilities — 0.05%** |  |  | **31127** |
| **Total Net Assets — 100.00%** |  |  | $**57294786** |
| <sup>(a)</sup> Current yield shown is as of period end. |  |  |  |
| *See accompanying notes.* | 144 |  |  |

---

------

---

| |
|:---|
| **Schedule of Investments** |
| **Principal Value ETF** |
| **December 31, 2022 (unaudited)** |
| **Portfolio Summary (unaudited)** |

---

---

| | |
|:---|:---|
| Sector | Percent |
| Consumer, Non-cyclical | 26.56% |
| Financial | 23.89% |
| Industrial | 15.00% |
| Technology | 12.09% |
| Energy | 7.43% |
| Consumer, Cyclical | 7.33% |
| Communications | 4.25% |
| Basic Materials | 3.02% |
| Money Market Fund | 0.38% |
| Other Assets and Liabilities | 0.05% |
| **TOTAL NET ASSETS** | **100.00%** |

---

 *See accompanying notes.*

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **Principal Active High Yield ETF** | **Principal Active High Yield ETF** |  |  |  |  |  |  |  |  |  |  | |
| **For a share outstanding:** | **For a share outstanding:** |  |  |  |  |  |  |  |  |  |  | |
|  |  | **Period ended** | **Period ended** |  |  |  |  |  |  |  |  | |
|  |  | **December 31,** | **December 31,** | &nbsp;&nbsp;&nbsp; **Year ended** | &nbsp;&nbsp;&nbsp; **Year ended** |  | **Year ended** |  | **Year ended** |  | **Year ended** | |
|  |  | | **2022** **<sup>(a)</sup>** | **June 30, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2021** | **June 30, 2020** | **June 30, 2020** | **June 30, 2019** | **June 30, 2019** | <br>**Year ended**<br> **June 30, 2018** |
| Net asset value, beginning of period | Net asset value, beginning of period | $| 17.71 | $| 20.85 <sup>(b)</sup> | $— | 18.07 <sup>(b)</sup> | $— | 19.96 <sup>(b)</sup> | $| 20.14 <sup>(b)</sup> | $20.66 <sup>(b)</sup> |
| **Investment Operations:** | **Investment Operations:** |  |  |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) <sup>(c)</sup> | Net investment income (loss) <sup>(c)</sup> |  | 0.53 |  | 0.90 |  | 0.77 <sup>(b)</sup> |  | 0.94 <sup>(b)</sup> |  | 0.96 <sup>(b)</sup> | 0.89 <sup>(b)</sup> |
| Net realized and change in unrealized gain (loss) | Net realized and change in unrealized gain (loss) |  | 0.27 |  | (2.90) |  | 2.82 <sup>(b)</sup> |  | (1.86) <sup>(b)</sup> |  | (0.01) <sup>(b)</sup> | (0.25) <sup>(b)</sup> |
| Total from investment operations | Total from investment operations |  | 0.80 |  | (2.00) |  | 3.59 <sup>(b)</sup> |  | (0.92) <sup>(b)</sup> |  | 0.95 <sup>(b)</sup> | 0.64 <sup>(b)</sup> |
| **Dividends to Shareholders from:** | **Dividends to Shareholders from:** |  |  |  |  |  |  |  |  |  |  |  |
| Net investment income | Net investment income |  | (0.70) |  | (1.14) |  | (0.81) <sup>(b)</sup> |  | (0.97) <sup>(b)</sup> |  | (0.96) <sup>(b)</sup> | (0.94) <sup>(b)</sup> |
| Net realized gains | Net realized gains |  |  |  |  |  | <sup>(b)</sup> |  | <sup>(b)</sup> |  | (0.17) <sup>(b)</sup> | (0.22) <sup>(b)</sup> |
| Total dividends to stockholders | Total dividends to stockholders |  | (0.70) |  | (1.14) |  | (0.81) <sup>(b)</sup> |  | (0.97) <sup>(b)</sup> |  | (1.13) <sup>(b)</sup> | (1.16) <sup>(b)</sup> |
| Net asset value, end of period | Net asset value, end of period | $| 17.81 | $| 17.71 | $— | 20.85 <sup>(b)</sup> | $— | 18.07 <sup>(b)</sup> | $| 19.96 <sup>(b)</sup> | $20.14 <sup>(b)</sup> |
| Total return | Total return |  | 4.54 % <sup>(d)</sup> | (10.65 | (10.65)% |  | 20.25% |  | (4.78)% |  | 4.95% | 3.10% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |
| Net assets, end of period (000s) | Net assets, end of period (000s) | $| 187891 | $218775 | 218775 | $— | 232443 | $— | 270096 | $| 216519 | $292967 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets |  | 0.39 % <sup>(e)</sup> |  | 0.41% |  | 0.49% |  | 0.49% |  | 0.61% | 0.65 % <sup>(f)</sup> |
| Ratio of gross expenses to average net assets | Ratio of gross expenses to average net assets |  | —% <sup>(g)</sup> |  | —% <sup>(g)</sup> |  | —% <sup>(g)</sup> |  | —% <sup>(g)</sup> | —% <sup>(g)</sup> | —% <sup>(g)</sup> | 0.68% |
| Ratio of net investment income (loss) to average | Ratio of net investment income (loss) to average |  |  |  |  |  |  |  |  |  |  |  |
|  | net assets |  | 5.85 % <sup>(e)</sup> |  | 4.46% |  | 3.90% |  | 4.89% |  | 4.84% | 4.34% |
| Portfolio turnover rate <sup>(h)</sup> | Portfolio turnover rate <sup>(h)</sup> |  | 14.4% |  | 110.5% |  | 19.5% |  | 10.6% |  | 17.9% | 11.0% |
| <sup>(a)</sup> | &nbsp;&nbsp; Six months ended December 31, 2022. |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(b)</sup> | &nbsp;&nbsp; Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements. | &nbsp;&nbsp; Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements. | &nbsp;&nbsp; Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements. | &nbsp;&nbsp; Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements. | &nbsp;&nbsp; Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements. | &nbsp;&nbsp; Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements. | &nbsp;&nbsp; Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements. | &nbsp;&nbsp; Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements. | &nbsp;&nbsp; Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements. | &nbsp;&nbsp; Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements. |  |  |
| <sup>(c)</sup> | &nbsp;&nbsp; Calculated on average shares outstanding during the period. | &nbsp;&nbsp; Calculated on average shares outstanding during the period. | &nbsp;&nbsp; Calculated on average shares outstanding during the period. |  |  |  |  |  |  |  |  |  |
| <sup>(d)</sup> | &nbsp;&nbsp; Total return amounts have not been annualized. | &nbsp;&nbsp; Total return amounts have not been annualized. |  |  |  |  |  |  |  |  |  |  |
| <sup>(e)</sup> | &nbsp;&nbsp; Computed on an annualized basis. |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(f)</sup> | &nbsp;&nbsp; Includes reimbursement from Advisor. |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(g)</sup> | &nbsp;&nbsp; Ratio is not applicable as there was no waiver during the period. | &nbsp;&nbsp; Ratio is not applicable as there was no waiver during the period. | &nbsp;&nbsp; Ratio is not applicable as there was no waiver during the period. | &nbsp;&nbsp; Ratio is not applicable as there was no waiver during the period. |  |  |  |  |  |  |  |  |
| <sup>(h)</sup> | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. |
|  | *See accompanying notes.* |  |  |  |  |  |  |  |  |  |  |  |
| 146 | 146 | 146 | 146 | 146 | 146 | 146 | 146 | 146 | 146 | 146 | 146 | 146 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **Principal Healthcare Innovators ETF** | **Principal Healthcare Innovators ETF** | | | | | | |
| **For a share outstanding:** | **For a share outstanding:** | | | | | | |
|  |  | <br>**Period ended**<br> **December 31,**<br> **2022** **<sup>(a)</sup>** | <br>&nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** | <br>**Year ended**<br> **June 30, 2021** | <br>**Year ended**<br> **June 30, 2020** | <br>**Year ended**<br> **June 30, 2019** | <br>**Year ended**<br> **June 30, 2018** |
| Net asset value, beginning of period | Net asset value, beginning of period | $32.29 | $60.76 | $44.34 | $34.37 | $34.74 | $28.56 |
| **Investment Operations:** | **Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(b)</sup> | Net investment income (loss) <sup>(b)</sup> | (0.04) | (0.14) | (0.15) | (0.10) | (0.13) | (0.12) |
| Net realized and change in unrealized gain (loss) | Net realized and change in unrealized gain (loss) | 1.45 | (27.88) | 16.79 | 10.07 | (0.24) | 6.35 |
| Total from investment operations | Total from investment operations | 1.41 | (28.02) | 16.64 | 9.97 | (0.37) | 6.23 |
| **Dividends to Shareholders from:** | **Dividends to Shareholders from:** |  |  |  |  |  |  |
| Net investment income | Net investment income |  | (0.45) |  |  |  |  |
| Net realized gains | Net realized gains |  |  | (0.22) |  |  | (0.05) |
| Total dividends to stockholders | Total dividends to stockholders |  | (0.45) | (0.22) |  |  | (0.05) |
| Net asset value, end of period | Net asset value, end of period | $33.70 | $32.29 | $60.76 | $44.34 | $34.37 | $34.74 |
| Total return | Total return | 4.38 % <sup>(c)</sup> | (46.36)% | 37.51% | 29.01% | (1.05)% | 21.83% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000s) | Net assets, end of period (000s) | $55608 | $53275 | $176197 | $95338 | $56713 | $52104 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets | 0.42 % <sup>(d)</sup> | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| Ratio of net investment income (loss) to average | Ratio of net investment income (loss) to average |  |  |  |  |  |  |
|  | net assets | (0.20)% <sup>(d)</sup> | (0.29)% | (0.27)% | (0.29)% | (0.39)% | (0.38)% |
| Portfolio turnover rate <sup>(e)</sup> | Portfolio turnover rate <sup>(e)</sup> | 40.6% | 46.2% | 45.8% | 36.1% | 34.5% | 33.6% |
| <sup>(a)</sup> | &nbsp;&nbsp; Six months ended December 31, 2022. |  |  |  |  |  |  |
| <sup>(b)</sup> | Calculated on average shares outstanding during the period. | Calculated on average shares outstanding during the period. |  |  |  |  |  |
| <sup>(c)</sup> | &nbsp;&nbsp; Total return amounts have not been annualized. |  |  |  |  |  |  |
| <sup>(d)</sup> | &nbsp;&nbsp; Computed on an annualized basis. |  |  |  |  |  |  |
| <sup>(e)</sup> | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. |
|  | *See accompanying notes.* |  |  |  |  |  |  |
| 147 | 147 | 147 | 147 | 147 | 147 | 147 | 147 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial Highlights** | **Financial Highlights** |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| | | **(unaudited)** | |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** | | |
| **For a share outstanding:** | | | |
|  | <br>**Period ended**<br>**December 31,**<br>**2022** **<sup>(a)</sup>** | <br>**Year ended**<br>**June 30, 2022** | <br>**Period ended**<br>**June 30, 2021 <sup>(b)</sup>** |
| Net asset value, beginning of period | $20.29 | $24.80 | $25.00 |
| **Investment Operations:** |  |  |  |
| Net investment income (loss) <sup>(c)</sup> | 0.22 | 0.59 | 0.07 |
| Net realized and change in unrealized gain (loss) | 0.49 | (4.42) | (0.27) |
| Total from investment operations | 0.71 | (3.83) | (0.20) |
| **Dividends to Shareholders from:** |  |  |  |
| Net investment income | (0.58) | (0.68) |  |
| Total dividends to stockholders | (0.58) | (0.68) |  |
| Net asset value, end of period | $20.42 | $20.29 | $24.80 |
| Total return | 3.70 % <sup>(d)</sup> | (15.82)% | (0.80)% <sup>(d)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets, end of period (000s) | $12254 | $14201 | $47118 |
| Ratio of expenses to average net assets | 0.24 % <sup>(e)</sup> | 0.24% | 0.24 % <sup>(e)</sup> |
| Ratio of net investment income (loss) to average |  |  |  |
| &nbsp;&nbsp;net assets | 2.20 % <sup>(e)</sup> | 2.41% | 2.76 % <sup>(e)</sup> |
| Portfolio turnover rate <sup>(f)</sup> | 42.5% | 111.9% | 1.5% |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Period from May 26, 2021, date operations commenced, through June 30, 2021.

<sup>(c)</sup> Calculated on average shares outstanding during the period.

<sup>(d)</sup> Total return amounts have not been annualized.

<sup>(e)</sup> Computed on an annualized basis.

<sup>(f)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

* *See accompanying notes.* 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Highlights** | **Financial Highlights** |  |  |  |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |  |
| | | &nbsp;&nbsp;&nbsp;**(unaudited)** | | | | |
| **Principal Investment Grade Corporate Active ETF** | | | | | | |
| **For a share outstanding:** | | | | | | |
|  | <br>**Period ended**<br>**December 31,**<br>**2022** **<sup>(a)</sup>** | <br>&nbsp;&nbsp;&nbsp;**Year ended**<br>**June 30, 2022** | <br>**Year ended**<br>**June 30, 2021** | <br>**Year ended**<br>**June 30, 2020** | <br>**Year ended**<br>**June 30, 2019** | <br>**Period ended**<br>**June 30, 2018 <sup>(b)</sup>** |
| Net asset value, beginning of period | $21.84 | $26.74 | $26.67 | $26.20 | $24.59 | $25.00 |
| **Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(c)</sup> | 0.36 | 0.65 | 0.62 | 0.88 | 0.95 | 0.19 |
| Net realized and change in unrealized gain (loss) | (0.70) | (4.68) | 0.69 | 1.39 | 1.66 | (0.52) |
| Total from investment operations | (0.34) | (4.03) | 1.31 | 2.27 | 2.61 | (0.33) |
| **Dividends to Shareholders from:** |  |  |  |  |  |  |
| Net investment income | (1.12) | (0.80) | (0.79) | (0.95) | (0.98) | (0.08) |
| Net realized gains |  | (0.07) | (0.45) | (0.85) | (0.02) |  |
| Total dividends to stockholders | (1.12) | (0.87) | (1.24) | (1.80) | (1.00) | (0.08) |
| Net asset value, end of period | $20.38 | $21.84 | $26.74 | $26.67 | $26.20 | $24.59 |
| Total return | (1.52)% <sup>(d)</sup> | (15.47)% | 4.90% | 8.98% | 10.95% | (1.32)% <sup>(d)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000s) | $21397 | 369026 | $481271 | $110693 | $120540 | $228710 |
| Ratio of expenses to average net assets | 0.19 % <sup>(e)</sup> | 0.19% | 0.25% | 0.26% | 0.26% | 0.26 % <sup>(e)</sup> |
| Ratio of net investment income (loss) to average |  |  |  |  |  |  |
| &nbsp;&nbsp;net assets | 3.29 % <sup>(e)</sup> | 2.58% | 2.30% | 3.37% | 3.86% | 3.83 % <sup>(e)</sup> |
| Portfolio turnover rate <sup>(f)</sup> | 35.0% | 46.9% | 67.8% | 73.3% | 92.8% | 47.8 % <sup>(e)</sup> |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Period from April 18, 2018, date operations commenced, through June 30, 2018.

<sup>(c)</sup> Calculated on average shares outstanding during the period.

<sup>(d)</sup> Total return amounts have not been annualized.

<sup>(e)</sup> Computed on an annualized basis.

<sup>(f)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

*See accompanying notes.*

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **Principal Millennial Global Growth ETF <sup>(a)</sup>** | | |  |  | | | |
| **For a share outstanding:** | | |  |  | | | |
|  | | | **Year ended** | **Year ended** | | | |
|  | <br>**Period ended**<br> **December 31,**<br> **2022** **<sup>(b)</sup>** | <br>&nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** | **June 30, 2021** | **June 30, 2021** | <br>**Year ended**<br> **June 30, 2020** | <br>**Year ended**<br> **June 30, 2019** | <br>**Year ended**<br> **June 30, 2018** |
| Net asset value, beginning of period | $39.35 | $66.53 | $| 42.85 | $38.24 | $36.76 | $28.92 |
| **Investment Operations:** |  |  |  |  |  |  |  |
| Net investment income (loss) <sup>(c)</sup> | 0.27 | 2.18 |  | 0.27 | 0.34 | 0.17 | 0.23 |
| Net realized and change in unrealized gain (loss) | 0.45 | (27.57) |  | 23.81 | 4.59 | 1.54 | 7.91 |
| Total from investment operations | 0.72 | (25.39) |  | 24.08 | 4.93 | 1.71 | 8.14 |
| **Dividends to Shareholders from:** |  |  |  |  |  |  |  |
| Net investment income | (0.78) | (1.79) |  | (0.40) | (0.32) | (0.23) | (0.23) |
| Net realized gains |  |  |  |  |  |  | (0.07) |
| Total dividends to stockholders | (0.78) | (1.79) |  | (0.40) | (0.32) | (0.23) | (0.30) |
| Net asset value, end of period | $39.29 | $39.35 | $| 66.53 | $42.85 | $38.24 | $36.76 |
| Total return | 2.01 % <sup>(d)</sup> | (38.99)% |  | 56.45% | 12.96% | 4.70% | 28.31% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (000s) | $25537 | $23607 | $| 126399 | $25708 | $21031 | $20217 |
| Ratio of expenses to average net assets | 0.43 % <sup>(e)</sup> | 0.45% |  | 0.45% | 0.45% | 0.45% | 0.45% |
| Ratio of expenses to average net assets excluding |  |  |  |  |  |  |  |
| &nbsp;&nbsp; interest expense | —% <sup>(f)</sup> | —% <sup>(f)</sup> |  | —% <sup>(f)</sup> | —% <sup>(f)</sup> | —% <sup>(f)</sup> | 0.45% |
| Ratio of net investment income (loss) to average |  |  |  |  |  |  |  |
| &nbsp;&nbsp; net assets | 1.41 % <sup>(e)</sup> | 3.78% |  | 0.46% | 0.88% | 0.47% | 0.66% |
| Portfolio turnover rate <sup>(g)</sup> | 1.1% | 28.4% |  | 55.7% | 47.4% | 32.9% | 35.6% |

---

<sup>(a)</sup> Effective July 15, 2022, Principal Millennials ETF changed its name to Principal Millennial Global Growth ETF.

<sup>(b)</sup> Six months ended December 31, 2022.

<sup>(c)</sup> Calculated on average shares outstanding during the period.

<sup>(d)</sup> Total return amounts have not been annualized.

<sup>(e)</sup> Computed on an annualized basis.

<sup>(f)</sup> Ratio is not applicable as there was no interest expense in the period.

<sup>(g)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

 *See accompanying notes.*

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **Principal Quality ETF** | **Principal Quality ETF** |  |  |  |  |  |  |  |  | | |
| **For a share outstanding:** | **For a share outstanding:** |  |  |  |  |  |  |  |  | | |
|  |  | **Period ended** | **Period ended** |  |  |  |  |  |  | | |
|  |  | **December 31,** | **December 31,** |  | **Year ended** | **Year ended** | **Year ended** | **Year ended** | **Year ended** | | |
|  |  | | **2022** **<sup>(a)</sup>** | **June 30, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2021** | **June 30, 2020** | **June 30, 2020** | <br>**Year ended**<br> **June 30, 2019** | <br>**Year ended**<br> **June 30, 2018** |
| Net asset value, beginning of period | Net asset value, beginning of period | $| 47.88 | $| 53.17 | $| 39.89 | $| 37.79 | $33.32 | $29.03 |
| **Investment Operations:** | **Investment Operations:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income (loss) <sup>(b)</sup> | Net investment income (loss) <sup>(b)</sup> |  | 0.31 |  | 0.61 |  | 0.57 |  | 0.51 | 0.46 | 0.39 |
| Net realized and change in unrealized gain (loss) | Net realized and change in unrealized gain (loss) |  | 2.21 |  | (5.36) |  | 13.22 |  | 1.00 | 4.48 | 4.20 |
| Net realized gain due from reimbursement from | Net realized gain due from reimbursement from |  |  |  |  |  |  |  |  |  |  |
|  | Advisor |  |  |  |  |  |  |  | 1.13 <sup>(c)</sup> |  |  |
| Total from investment operations | Total from investment operations |  | 2.52 |  | (4.75) |  | 13.79 |  | 2.64 | 4.94 | 4.59 |
| **Dividends to Shareholders from:** | **Dividends to Shareholders from:** |  |  |  |  |  |  |  |  |  |  |
| Net investment income | Net investment income |  | (0.61) |  | (0.54) |  | (0.51) |  | (0.54) | (0.47) | (0.27) |
| Net realized gains | Net realized gains |  |  |  |  |  |  |  |  |  | (0.03) |
| Total dividends to stockholders | Total dividends to stockholders |  | (0.61) |  | (0.54) |  | (0.51) |  | (0.54) | (0.47) | (0.30) |
| Net asset value, end of period | Net asset value, end of period | $| 49.79 | $| 47.88 | $| 53.17 | $| 39.89 | $37.79 | $33.32 |
| Total return | Total return |  | 5.28 % <sup>(d)</sup> |  | (9.07)% |  | 34.83% |  | 7.05 % <sup>(c)</sup> | 15.03% | 15.89% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |
| Net assets, end of period (000s) | Net assets, end of period (000s) | $| 27384 | $| 45489 | $| 58486 | $| 17951 | $20786 | $21655 |
| Ratio of expenses to average net assets | Ratio of expenses to average net assets |  | 0.15 % <sup>(e)</sup> |  | 0.15% |  | 0.15% |  | 0.29 % <sup>(f)</sup> | 0.29 % <sup>(f)</sup> | 0.29 % <sup>(f)</sup> |
| Ratio of gross expenses to average net assets | Ratio of gross expenses to average net assets |  | —% <sup>(g)</sup> |  | —% <sup>(g)</sup> |  | —% <sup>(g)</sup> |  | 0.34% | 0.40% | 0.40% |
| Ratio of net investment income (loss) to average | Ratio of net investment income (loss) to average |  |  |  |  |  |  |  |  |  |  |
|  | net assets |  | 1.25 % <sup>(e)</sup> |  | 1.11% |  | 1.22% |  | 1.32% | 1.32% | 1.22% |
| Portfolio turnover rate <sup>(h)</sup> | Portfolio turnover rate <sup>(h)</sup> |  | 0.4% |  | 96.0% |  | 45.1% |  | 103.7% | 40.4% | 63.5% |
| <sup>(a)</sup> | &nbsp;&nbsp; Six months ended December 31, 2022. |  |  |  |  |  |  |  |  |  |  |
| <sup>(b)</sup> | &nbsp;&nbsp; Calculated on average shares outstanding during the period. | &nbsp;&nbsp; Calculated on average shares outstanding during the period. | &nbsp;&nbsp; Calculated on average shares outstanding during the period. |  |  |  |  |  |  |  |  |
| <sup>(c)</sup> | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If | &nbsp;&nbsp; During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If |
|  | &nbsp;&nbsp;&nbsp;&nbsp; such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%. | &nbsp;&nbsp;&nbsp;&nbsp; such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%. | &nbsp;&nbsp;&nbsp;&nbsp; such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%. | &nbsp;&nbsp;&nbsp;&nbsp; such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%. | &nbsp;&nbsp;&nbsp;&nbsp; such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%. | &nbsp;&nbsp;&nbsp;&nbsp; such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%. | &nbsp;&nbsp;&nbsp;&nbsp; such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%. | &nbsp;&nbsp;&nbsp;&nbsp; such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%. | &nbsp;&nbsp;&nbsp;&nbsp; such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%. |  |  |
| <sup>(d)</sup> | &nbsp;&nbsp; Total return amounts have not been annualized. | &nbsp;&nbsp; Total return amounts have not been annualized. |  |  |  |  |  |  |  |  |  |
| <sup>(e)</sup> | &nbsp;&nbsp; Computed on an annualized basis. |  |  |  |  |  |  |  |  |  |  |
| <sup>(f)</sup> | &nbsp;&nbsp; Includes reimbursement from Advisor. |  |  |  |  |  |  |  |  |  |  |
| <sup>(g)</sup> | &nbsp;&nbsp; Ratio is not applicable as there was no waiver during the period. | &nbsp;&nbsp; Ratio is not applicable as there was no waiver during the period. | &nbsp;&nbsp; Ratio is not applicable as there was no waiver during the period. | &nbsp;&nbsp; Ratio is not applicable as there was no waiver during the period. |  |  |  |  |  |  |  |
| <sup>(h)</sup> | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. | &nbsp;&nbsp; Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *See accompanying notes.* |  |  |  |  |  |  |  |  |  |  |
| 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 | 151 |

---

------

---

| | | |
|:---|:---|:---|
|  |  | **Financial Highlights** |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| | | **(unaudited)** |
| **Principal Real Estate Active Opportunities ETF** | | |
| **For a share outstanding:** | | |
|  | <br>**Period ended**<br> **December 31,**<br> **2022** **<sup>(a)</sup>** | <br>**Period ended**<br> **June 30, 2022 <sup>(b)</sup>** |
| Net asset value, beginning of period | $24.50 | $25.00 |
| **Investment Operations:** |  |  |
| Net investment income (loss) <sup>(c)</sup> | 0.29 | 0.10 |
| Net realized and change in unrealized gain (loss) | (2.02) | (0.60) |
| Total from investment operations | (1.73) | (0.50) |
| **Dividends to Shareholders from:** |  |  |
| Net investment income | (0.31) |  |
| Net realized gains | (0.10) |  |
| Total dividends to stockholders | (0.41) |  |
| Net asset value, end of period | $22.36 | $24.50 |
| Total return <sup>(d)</sup> | (7.05)% | (2.01)% |
| **Ratios/Supplemental Data:** |  |  |
| Net assets, end of period (000s) | $4920 | $5390 |
| Ratio of expenses to average net assets <sup>(e)</sup> | 0.65% | 0.65% |
| Ratio of net investment income (loss) to average |  |  |
| &nbsp;&nbsp; net assets <sup>(e)</sup> | 2.45% | 3.51% |
| Portfolio turnover rate <sup>(f)</sup> | 8.7% | 16.2% |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Period from May 18, 2022, date operations commenced, through June 30, 2022.

<sup>(c)</sup> Calculated on average shares outstanding during the period.

<sup>(d)</sup> Total return amounts have not been annualized.

<sup>(e)</sup> Computed on an annualized basis.

<sup>(f)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

 *See accompanying notes.*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **Principal Spectrum Preferred Securities Active ETF** | | | |  | |  | | |
| **For a share outstanding:** | | | |  | |  | | |
|  | <br>**Period ended**<br> **December 31,**<br> **2022** **<sup>(a)</sup>** | <br>&nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** | <br>**Year ended**<br> **June 30, 2021** | | <br>**Year ended**<br> **June 30, 2020** | | <br>**Year ended**<br> **June 30, 2019** | <br>**Period ended**<br> **June 30, 2018 <sup>(b)</sup>** |
| Net asset value, beginning of period | $17.20 | $20.64 | $19.31 <sup>(c)</sup> | $— | 19.36 <sup>(c)</sup> | $— | 18.89 <sup>(c)</sup> | $20.00 <sup>(c)</sup> |
| **Investment Operations:** |  |  |  |  |  |  |  |  |
| Net investment income (loss) <sup>(d)</sup> | 0.33 | 0.64 | 0.70 |  | 0.80 <sup>(c)</sup> |  | 0.68 <sup>(c)</sup> | 0.94 <sup>(c)</sup> |
| Net realized and change in unrealized gain (loss) | 0.01 | (3.27) | 1.86 |  | 0.08 <sup>(c)</sup> |  | 0.77 <sup>(c)</sup> | (1.18) <sup>(c)</sup> |
| Total from investment operations | 0.34 | (2.63) | 2.56 |  | 0.88 <sup>(c)</sup> |  | 1.45 <sup>(c)</sup> | (0.24) <sup>(c)</sup> |
| **Dividends to Shareholders from:** |  |  |  |  |  |  |  |  |
| Net investment income | (0.46) | (0.81) | (1.23) |  | (0.93) <sup>(c)</sup> |  | (0.98) <sup>(c)</sup> | (0.87) <sup>(c)</sup> |
| Net realized gains |  |  |  |  | <sup>(c)</sup> |  | <sup>(c)</sup> | (0.00) <sup>(c),(e)</sup> |
| Total dividends to stockholders | (0.46) | (0.81) | (1.23) |  | (0.93) <sup>(c)</sup> |  | (0.98) <sup>(c)</sup> | (0.87) <sup>(c)</sup> |
| Net asset value, end of period | $17.08 | $17.20 | $20.64 | $— | 19.31 <sup>(c)</sup> | $— | 19.36 <sup>(c)</sup> | $18.89 <sup>(c)</sup> |
| Total return | 1.96 % <sup>(f)</sup> | (13.15)% | 11.58% |  | 4.60% |  | 7.99% | (1.28)% <sup>(f)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |
| Net assets, end of period (000s) | 452618 | 344957 | $363333 | $— | 139995 | $— | 67750 | $51949 |
| Ratio of expenses to average net assets | 0.55 % <sup>(g)</sup> | 0.55% | 0.55% |  | 0.55% |  | 0.55% | 0.55 % <sup>(g)</sup> |
| Ratio of net investment income (loss) to average |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; net assets | 3.84 % <sup>(g)</sup> | 3.24% | 3.43% |  | 4.10% |  | 3.65% | 4.93 % <sup>(g)</sup> |
| Portfolio turnover rate <sup>(h)</sup> | 4.0% | 9.2% | 12.6% |  | 41.9% |  | 27.6% | 41.0 % <sup>(g)</sup> |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Period from July 7, 2017, date operations commenced, through June 30, 2018.

<sup>(c)</sup> Reflects a 5 to 1 stock split effective after the close of trading on July 22, 2020, see Notes to Financial Statements.

<sup>(d)</sup> Calculated on average shares outstanding during the period.

<sup>(e)</sup> Reflects an amount rounding to less than one cent.

<sup>(f)</sup> Total return amounts have not been annualized.

<sup>(g)</sup> Computed on an annualized basis.

<sup>(h)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

 *See accompanying notes.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |
| | | **(unaudited)** | | |
| **Principal Spectrum Tax-Advantaged Dividend Active ETF** | **Principal Spectrum Tax-Advantaged Dividend Active ETF** | | | |
| **For a share outstanding:** | | | | |
|  | <br>**Period ended**<br>**December 31,**<br>**2022** **<sup>(a)</sup>** | <br>**Year ended**<br>**June 30, 2022** | <br>**Year ended**<br>**June 30, 2021** | <br>**Period ended**<br>**June 30, 2020 <sup>(b)</sup>** |
| Net asset value, beginning of period | $18.34 | $21.57 | $19.95 | $20.00 |
| **Investment Operations:** |  |  |  |  |
| Net investment income (loss) <sup>(c)</sup> | 0.43 | 0.84 | 0.88 | 0.03 |
| Net realized and change in unrealized gain (loss) | (0.25) | (2.98) | 1.76 | (0.08 |
| Total from investment operations | 0.18 | (2.14) | 2.64 | (0.05 |
| **Dividends to Shareholders from:** |  |  |  |  |
| Net investment income | (0.59) | (1.00) | (0.98) |  |
| Net realized gains |  | (0.09) | (0.04) |  |
| Total dividends to stockholders | (0.59) | (1.09) | (1.02) |  |
| Net asset value, end of period | $17.93 | $18.34 | $21.57 | $19.95 |
| Total return | 0.98 % <sup>(d)</sup> | (10.38)% | 13.42% | (0.26)% <sup>(d)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net assets, end of period (000s) | $20614 | $21088 | $22647 | $19948 |
| Ratio of expenses to average net assets | 0.60 % <sup>(e)</sup> | 0.60% | 0.60% | 0.60 |
| Ratio of net investment income (loss) to average |  |  |  |  |
| &nbsp;&nbsp;net assets | 4.72 % <sup>(e)</sup> | 4.09% | 4.15% | 4.35 |
| Portfolio turnover rate <sup>(f)</sup> | 4.1% | 6.7% | 15.5% | 6.3 |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Period from June 16, 2020, date operations commenced, through June 30, 2020.

<sup>(c)</sup> Calculated on average shares outstanding during the period.

<sup>(d)</sup> Total return amounts have not been annualized.

<sup>(e)</sup> Computed on an annualized basis.

<sup>(f)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

* *See accompanying notes.* 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial Highlights** | **Financial Highlights** |  |  |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |
| | | **(unaudited)** | | | |
| **Principal Ultra-Short Active Income ETF** | | | | | |
| **For a share outstanding:** | | | | | |
|  | <br>**Period ended**<br> **December 31,**<br> **2022** **<sup>(a)</sup>** | <br>&nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** | <br>**Year ended**<br> **June 30, 2021** | <br>**Year ended**<br> **June 30, 2020** | <br>**Period ended**<br> **June 30, 2019 <sup>(b)</sup>** |
| Net asset value, beginning of period | $24.11 | $24.73 | $25.02 | $25.09 | $25.00 |
| **Investment Operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(c)</sup> | 0.33 | 0.14 | 0.18 | 0.55 | 0.12 |
| Net realized and change in unrealized gain (loss) | 0.04 | (0.48) | (0.04) | 0.07 | 0.04 |
| Total from investment operations | 0.37 | (0.34) | 0.14 | 0.62 | 0.16 |
| **Dividends to Shareholders from:** |  |  |  |  |  |
| Net investment income | (0.40) | (0.28) | (0.43) | (0.69) | (0.07) |
| Total dividends to stockholders | (0.40) | (0.28) | (0.43) | (0.69) | (0.07) |
| Net asset value, end of period | $24.08 | $24.11 | $24.73 | $25.02 | $25.09 |
| Total return | 1.53 % <sup>(d)</sup> | (1.40)% | 0.57% | 2.54% | 0.62 % <sup>(d)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (000s) | $7223 | $8439 | $8657 | $12509 | $12543 |
| Ratio of expenses to average net assets | 0.18 % <sup>(e)</sup> | 0.18% | 0.18% | 0.18% | 0.18 % <sup>(e)</sup> |
| Ratio of net investment income (loss) to average |  |  |  |  |  |
| &nbsp;&nbsp; net assets | 2.72 % <sup>(e)</sup> | 0.56% | 0.72% | 2.19% | 2.51 % <sup>(e)</sup> |
| Portfolio turnover rate <sup>(f)</sup> | 9.6% | 61.3% | 88.1% | 32.7% | 0.0 % <sup>(e)</sup> |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Period from April 24, 2019, date operations commenced, through June 30, 2019.

<sup>(c)</sup> Calculated on average shares outstanding during the period.

<sup>(d)</sup> Total return amounts have not been annualized.

<sup>(e)</sup> Computed on an annualized basis.

<sup>(f)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial Highlights** | **Financial Highlights** |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| | | **(unaudited)** | |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** | | |
| **For a share outstanding:** | | | |
|  | <br> **Period ended**<br> **December 31,**<br> **2022** **<sup>(a)</sup>** | <br>**Year ended**<br> **June 30, 2022** | <br>**Period ended**<br> **June 30, 2021 <sup>(b)</sup>** |
| Net asset value, beginning of period | $23.18 | $25.95 | $25.00 |
| **Investment Operations:** |  |  |  |
| Net investment income (loss) <sup>(c)</sup> | 0.20 | 0.32 | 0.03 |
| Net realized and change in unrealized gain (loss) |  | (2.85) | 0.92 |
| Total from investment operations | 0.20 | (2.53) | 0.95 |
| **Dividends to Shareholders from:** |  |  |  |
| Net investment income | (0.51) | (0.24) |  |
| Total dividends to stockholders | (0.51) | (0.24) |  |
| Net asset value, end of period | $22.87 | $23.18 | $25.95 |
| Total return | 0.87 % <sup>(d)</sup> | (9.89)% | 3.80 % <sup>(d)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets, end of period (000s) | $5717 | $12750 | $29842 |
| Ratio of expenses to average net assets | 0.15 % <sup>(e)</sup> | 0.15% | 0.15 % <sup>(e)</sup> |
| Ratio of net investment income (loss) to average |  |  |  |
| &nbsp;&nbsp; net assets | 1.67 % <sup>(e)</sup> | 1.19% | 0.99 % <sup>(e)</sup> |
| Portfolio turnover rate <sup>(f)</sup> | 42.3% | 106.6% | 0.4% |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Period from May 19, 2021, date operations commenced, through June 30, 2021.

<sup>(c)</sup> Calculated on average shares outstanding during the period.

<sup>(d)</sup> Total return amounts have not been annualized.

<sup>(e)</sup> Computed on an annualized basis.

<sup>(f)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

 *See accompanying notes.*

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Highlights** | **Financial Highlights** |  |  |  |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |  |
| | | **(unaudited)** | | | | |
| **Principal U.S. Mega-Cap ETF** | | | | | | |
| **For a share outstanding:** | | | | | | |
|  | <br>**Period ended**<br> **December 31,**<br> **2022** **<sup>(a)</sup>** | <br>&nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** | <br>&nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2021** | <br>**Year ended**<br> **June 30, 2020** | <br>**Year ended**<br> **June 30, 2019** | <br>**Period ended**<br> **June 30, 2018 <sup>(b)</sup>** |
| Net asset value, beginning of period | $36.61 | $39.68 | $30.04 | $29.07 | $26.02 | $25.00 |
| **Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(c)</sup> | 0.28 | 0.68 | 0.59 | 0.60 | 0.63 | 0.38 |
| Net realized and change in unrealized gain (loss) | (0.26) | (3.05) | 9.60 | 1.00 | 3.04 | 0.80 |
| Total from investment operations | 0.02 | (2.37) | 10.19 | 1.60 | 3.67 | 1.18 |
| **Dividends to Shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.48) | (0.70) | (0.55) | (0.63) | (0.62) | (0.16) |
| Total dividends to stockholders | (0.48) | (0.70) | (0.55) | (0.63) | (0.62) | (0.16) |
| Net asset value, end of period | $36.15 | $36.61 | $39.68 | $30.04 | $29.07 | $26.02 |
| Total return | 0.03 % <sup>(d)</sup> | (6.18)% | 34.25% | 5.62% | 14.32% | 4.73 % <sup>(d)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000s) | $1064587 | 1367427 | 1958064 | $1505046 | $1618941 | $1666525 |
| Ratio of expenses to average net assets <sup>(e)</sup> | 0.12 % <sup>(f)</sup> | 0.12% | 0.12% | 0.12% | 0.12% | 0.12 % <sup>(f)</sup> |
| Ratio of gross expenses to average net assets | 0.15 % <sup>(f)</sup> | 0.15% | 0.15% | 0.15% | 0.15% | 0.15 % <sup>(f)</sup> |
| Ratio of net investment income (loss) to average |  |  |  |  |  |  |
| &nbsp;&nbsp; net assets | 1.47 % <sup>(f)</sup> | 1.65% | 1.67% | 2.05% | 2.30% | 2.02 % <sup>(f)</sup> |
| Portfolio turnover rate <sup>(g)</sup> | 11.9% | 41.1% | 42.9% | 42.9% | 27.0% | 39.8 % <sup>(f)</sup> |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Period from October 11, 2017, date operations commenced, through June 30, 2018.

<sup>(c)</sup> Calculated on average shares outstanding during the period.

<sup>(d)</sup> Total return amounts have not been annualized.

<sup>(e)</sup> Includes reimbursement from Advisor.

<sup>(f)</sup> Computed on an annualized basis.

<sup>(g)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

 *See accompanying notes.*

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial Highlights** | **Financial Highlights** |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| | | **(unaudited)** | |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** | | |
| **For a share outstanding:** | | | |
|  | <br> **Period ended**<br> **December 31,**<br> **2022** **<sup>(a)</sup>** | <br>**Year ended**<br> **June 30, 2022** | <br>**Period ended**<br> **June 30, 2021 <sup>(b)</sup>** |
| Net asset value, beginning of period | $21.85 | $25.61 | $25.00 |
| **Investment Operations:** |  |  |  |
| Net investment income (loss) <sup>(c)</sup> | 0.22 | 0.39 | 0.03 |
| Net realized and change in unrealized gain (loss) | 0.54 | (3.71) | 0.58 |
| Total from investment operations | 0.76 | (3.32) | 0.61 |
| **Dividends to Shareholders from:** |  |  |  |
| Net investment income | (0.32) | (0.31) |  |
| Net realized gains |  | (0.13) |  |
| Total dividends to stockholders | (0.32) | (0.44) |  |
| Net asset value, end of period | $22.29 | $21.85 | $25.61 |
| Total return | 3.53 % <sup>(d)</sup> | (13.25)% | 2.44 % <sup>(d)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets, end of period (000s) | $5574 | $5463 | $6403 |
| Ratio of expenses to average net assets | 0.19 % <sup>(e)</sup> | 0.19% | 0.19 % <sup>(e)</sup> |
| Ratio of net investment income (loss) to average |  |  |  |
| &nbsp;&nbsp; net assets | 1.92 % <sup>(e)</sup> | 1.55% | 0.96 % <sup>(e)</sup> |
| Portfolio turnover rate <sup>(f)</sup> | 66.8% | 128.4% | 0.2% |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Period from May 19, 2021, date operations commenced, through June 30, 2021.

<sup>(c)</sup> Calculated on average shares outstanding during the period.

<sup>(d)</sup> Total return amounts have not been annualized.

<sup>(e)</sup> Computed on an annualized basis.

<sup>(f)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

 *See accompanying notes.*

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **Principal U.S. Small-Cap Multi-Factor ETF** | | | | | | |
| **For a share outstanding:** | | | | | | |
|  | <br>**Period ended**<br> **December 31,**<br> **2022** **<sup>(a)</sup>** | <br>&nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2022** | <br>&nbsp;&nbsp;&nbsp; **Year ended**<br> **June 30, 2021** | <br>**Year ended**<br> **June 30, 2020** | <br>**Year ended**<br> **June 30, 2019** | <br>**Year ended**<br> **June 30, 2018** |
| Net asset value, beginning of period | $38.04 | $46.92 | $27.36 | $31.43 | $33.45 | $28.84 |
| **Investment Operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(b)</sup> | 0.38 | 0.62 | 0.54 | 0.45 | 0.40 | 0.29 |
| Net realized and change in unrealized gain (loss) | 1.38 | (8.90) | 19.51 | (4.11) | (2.03) | 4.64 |
| Total from investment operations | 1.76 | (8.28) | 20.05 | (3.66) | (1.63) | 4.93 |
| **Dividends to Shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.73) | (0.60) | (0.49) | (0.41) | (0.39) | (0.30) |
| Net realized gains |  |  |  |  |  | (0.02) |
| Total dividends to stockholders | (0.73) | (0.60) | (0.49) | (0.41) | (0.39) | (0.32) |
| Net asset value, end of period | $39.07 | $38.04 | $46.92 | $27.36 | $31.43 | $33.45 |
| Total return | 4.64 % <sup>(c)</sup> | (17.88)% | 74.05% | (11.71)% | (4.84)% | 17.14% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (000s) | $232447 | 616265 | 1628003 | $328305 | $355200 | $351176 |
| Ratio of expenses to average net assets | 0.38 % <sup>(d)</sup> | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| Ratio of net investment income (loss) to average |  |  |  |  |  |  |
| &nbsp;&nbsp; net assets | 1.86 % <sup>(d)</sup> | 1.37% | 1.39% | 1.54% | 1.27% | 0.94% |
| Portfolio turnover rate <sup>(e)</sup> | 39.4% | 70.6% | 93.1% | 80.4% | 81.9% | 76.3% |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Calculated on average shares outstanding during the period.

<sup>(c)</sup> Total return amounts have not been annualized.

<sup>(d)</sup> Computed on an annualized basis.

<sup>(e)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

 *See accompanying notes.*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **Principal Value ETF** | |  |  |  |  | | | |
| **For a share outstanding:** | |  |  |  |  | | | |
|  | | &nbsp;&nbsp;&nbsp; **Year ended** | &nbsp;&nbsp;&nbsp; **Year ended** | **Year ended** | **Year ended** | | | |
|  | <br>**Period ended**<br> **December 31,**<br> **2022** **<sup>(a)</sup>** | **June 30, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2021** | <br>**Year ended**<br> **June 30, 2020** | <br>**Year ended**<br> **June 30, 2019** | <br>**Year ended**<br> **June 30, 2018** |
| Net asset value, beginning of period | $38.90 | $| 42.38 | $| 27.75 | $31.99 | $32.49 | $29.16 |
| **Investment Operations:** |  |  |  |  |  |  |  |  |
| Net investment income (loss) <sup>(b)</sup> | 0.48 |  | 1.63 |  | 1.16 | 0.87 | 0.71 | 0.61 |
| Net realized and change in unrealized gain (loss) | 2.63 |  | (3.89) |  | 14.52 | (4.36) | (0.51) | 3.21 |
| Total from investment operations | 3.11 |  | (2.26) |  | 15.68 | (3.49) | 0.20 | 3.82 |
| **Dividends to Shareholders from:** |  |  |  |  |  |  |  |  |
| Net investment income | (1.09) |  | (1.22) |  | (1.05) | (0.75) | (0.70) | (0.47) |
| Net realized gains |  |  |  |  |  |  |  | (0.02) |
| Total dividends to stockholders | (1.09) |  | (1.22) |  | (1.05) | (0.75) | (0.70) | (0.49) |
| Net asset value, end of period | $40.92 | $| 38.90 | $| 42.38 | $27.75 | $31.99 | $32.49 |
| Total return | 8.17 % <sup>(c)</sup> |  | (5.58)% |  | 57.97% | (11.09)% | 0.68% | 13.17% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |
| Net assets, end of period (000s) | $57295 | $215875 | 215875 | $| 44498 | $31907 | $14395 | $14622 |
| Ratio of expenses to average net assets | 0.15 % <sup>(d)</sup> |  | 0.15% |  | 0.15% | 0.29 % <sup>(e)</sup> | 0.29 % <sup>(e)</sup> | 0.29 % <sup>(e)</sup> |
| Ratio of gross expenses to average net assets | —% <sup>(f)</sup> |  | —% <sup>(f)</sup> |  | —% <sup>(f)</sup> | 0.32% | 0.40% | 0.40% |
| Ratio of net investment income (loss) to average |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; net assets | 2.37 % <sup>(d)</sup> |  | 3.83% |  | 3.31% | 2.95% | 2.26% | 1.90% |
| Portfolio turnover rate <sup>(g)</sup> | 0.9% |  | 298.2% |  | 44.8% | 47.6% | 49.2% | 55.5% |

---

<sup>(a)</sup> Six months ended December 31, 2022.

<sup>(b)</sup> Calculated on average shares outstanding during the period.

<sup>(c)</sup> Total return amounts have not been annualized.

<sup>(d)</sup> Computed on an annualized basis.

<sup>(e)</sup> Includes reimbursement from Advisor.

<sup>(f)</sup> Ratio is not applicable as there was no waiver during the period.

<sup>(g)</sup> Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's Shares.

 *See accompanying notes.*

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shareholder Expense Example** |  |  |  |  |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |  |  |
| | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | | | | |
| As a shareholder of Principal Exchange-Traded Funds, you incur two types of costs: (1) transaction costs, including | As a shareholder of Principal Exchange-Traded Funds, you incur two types of costs: (1) transaction costs, including | As a shareholder of Principal Exchange-Traded Funds, you incur two types of costs: (1) transaction costs, including | As a shareholder of Principal Exchange-Traded Funds, you incur two types of costs: (1) transaction costs, including | As a shareholder of Principal Exchange-Traded Funds, you incur two types of costs: (1) transaction costs, including | As a shareholder of Principal Exchange-Traded Funds, you incur two types of costs: (1) transaction costs, including |  |
| brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, including management | brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, including management | brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, including management | brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, including management | brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, including management | brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, including management |  |
| fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal | fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal | fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal | fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal | fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal | fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal |  |
| Exchange-Traded Funds and to compare these costs with the ongoing costs of investing in other exchange-traded | Exchange-Traded Funds and to compare these costs with the ongoing costs of investing in other exchange-traded | Exchange-Traded Funds and to compare these costs with the ongoing costs of investing in other exchange-traded | Exchange-Traded Funds and to compare these costs with the ongoing costs of investing in other exchange-traded | Exchange-Traded Funds and to compare these costs with the ongoing costs of investing in other exchange-traded | Exchange-Traded Funds and to compare these costs with the ongoing costs of investing in other exchange-traded |  |
| funds. |  |  |  |  |  |  |
| The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire | The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire | The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire | The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire | The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire | The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire |  |
| period, July 1, 2022 through December 31, 2022, except as noted in the following table. | period, July 1, 2022 through December 31, 2022, except as noted in the following table. | period, July 1, 2022 through December 31, 2022, except as noted in the following table. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Actual Expenses** |  |  |  |  |  |  |
| The first section of the table provides information about actual account values and actual expenses. You | The first section of the table provides information about actual account values and actual expenses. You | The first section of the table provides information about actual account values and actual expenses. You | The first section of the table provides information about actual account values and actual expenses. You | The first section of the table provides information about actual account values and actual expenses. You | The first section of the table provides information about actual account values and actual expenses. You |  |
| may use the information in this section, together with the amount you invested, to estimate the expenses | may use the information in this section, together with the amount you invested, to estimate the expenses | may use the information in this section, together with the amount you invested, to estimate the expenses | may use the information in this section, together with the amount you invested, to estimate the expenses | may use the information in this section, together with the amount you invested, to estimate the expenses | may use the information in this section, together with the amount you invested, to estimate the expenses |  |
| that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account | that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account | that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account | that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account | that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account | that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account |  |
| value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading | value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading | value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading | value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading | value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading | value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading |  |
| entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this | entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this | entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this | entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this | entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this | entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;period. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical Example for Comparison Purposes** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical Example for Comparison Purposes** |  |  |  |  |  |
| The second section of table provides information about hypothetical account values and hypothetical | The second section of table provides information about hypothetical account values and hypothetical | The second section of table provides information about hypothetical account values and hypothetical | The second section of table provides information about hypothetical account values and hypothetical | The second section of table provides information about hypothetical account values and hypothetical | The second section of table provides information about hypothetical account values and hypothetical |  |
| expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before | expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before | expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before | expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before | expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before | expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before |  |
| expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be | expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be | expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be | expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be | expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be | expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be |  |
| used to estimate the actual ending account balance or expenses you paid for the period. You may use this | used to estimate the actual ending account balance or expenses you paid for the period. You may use this | used to estimate the actual ending account balance or expenses you paid for the period. You may use this | used to estimate the actual ending account balance or expenses you paid for the period. You may use this | used to estimate the actual ending account balance or expenses you paid for the period. You may use this | used to estimate the actual ending account balance or expenses you paid for the period. You may use this |  |
| information to compare the ongoing costs of investing in the Fund. To do so, compare this 5% hypothetical | information to compare the ongoing costs of investing in the Fund. To do so, compare this 5% hypothetical | information to compare the ongoing costs of investing in the Fund. To do so, compare this 5% hypothetical | information to compare the ongoing costs of investing in the Fund. To do so, compare this 5% hypothetical | information to compare the ongoing costs of investing in the Fund. To do so, compare this 5% hypothetical | information to compare the ongoing costs of investing in the Fund. To do so, compare this 5% hypothetical |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;example with the 5% hypothetical examples that appear in the shareholder reports of the other fund. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;example with the 5% hypothetical examples that appear in the shareholder reports of the other fund. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;example with the 5% hypothetical examples that appear in the shareholder reports of the other fund. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;example with the 5% hypothetical examples that appear in the shareholder reports of the other fund. |  |  |  |
| Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect | Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect | Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect | Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect | Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect | Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect |  |
| any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the | any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the | any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the | any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the | any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the | any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the |  |
| second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative | second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative | second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative | second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative | second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative | second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative |  |
| total costs of owning different fund. In addition, if these transaction costs were included, your costs would have been | total costs of owning different fund. In addition, if these transaction costs were included, your costs would have been | total costs of owning different fund. In addition, if these transaction costs were included, your costs would have been | total costs of owning different fund. In addition, if these transaction costs were included, your costs would have been | total costs of owning different fund. In addition, if these transaction costs were included, your costs would have been | total costs of owning different fund. In addition, if these transaction costs were included, your costs would have been |  |
| higher. |  |  |  |  |  |  |
|  |  |  | **Annualized** |  | **Expenses** |  |
|  |  | **Ending** | **Expense** |  | **Paid During** |  |
|  | **Beginning** | **Account** | **Ratio July 1,** |  | **Period July 1,** |  |
|  | **Account** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** | **2022** | **to** | **2022** | **to** |
|  | **Value** | **December 31,** | **December 31,** |  | **December 31,** |  |
|  | **July 1, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | **2022** |  | **2022** | **<sup>(a)</sup>** |
| **Principal Active High Yield ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045.40 | 0.39 | % | $2.01 |  |
| Hypothetical 5% Annual Return | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023.24 | 0.39 | % | $1.99 |  |
| **Principal Healthcare Innovators ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043.80 | 0.42 | % | $2.16 |  |
| Hypothetical 5% Annual Return | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023.09 | 0.42 | % | $2.14 |  |
| **Principal International Adaptive Multi-Factor ETF** | **Principal International Adaptive Multi-Factor ETF** |  |  |  |  |  |
| Actual Fund Return | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037.00 | 0.24 | % | $1.23 |  |
| Hypothetical 5% Annual Return | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.00 | 0.24 | % | $1.22 |  |
|  | 161 |  |  |  |  |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder Expense Example** | **Shareholder Expense Example** |  |  |  |  |  |
| **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |  |  |
| **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | | | | |
|  |  |  | **Annualized** |  | **Expenses** |  |
|  |  | **Ending** | **Expense** |  | **Paid During** |  |
|  | **Beginning** | **Account** | **Ratio July 1,** |  | **Period July 1,** |  |
|  | **Account** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Value** | **2022** | **to** | **2022** | **to** |
|  | **Value** | **December 31,** | **December 31,** |  | **December 31,** |  |
|  | **July 1, 2022** | **2022** | **2022** |  | **2022** | **<sup>(a)</sup>** |
| **Principal Investment Grade Corporate Active ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $984.80 | 0.19 | % | $0.95 |  |
| Hypothetical 5% Annual Return | $1000 | $1024.25 | 0.19 | % | $0.97 |  |
| **Principal Millennial Global Growth ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $1020.10 | 0.43 | % | $2.19 |  |
| Hypothetical 5% Annual Return | $1000 | $1023.04 | 0.43 | % | $2.19 |  |
| **Principal Quality ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $1052.80 | 0.15 | % | $0.78 |  |
| Hypothetical 5% Annual Return | $1000 | $1024.45 | 0.15 | % | $0.77 |  |
| **Principal Real Estate Active Opportunities ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $929.50 | 0.65 | % | $3.16 |  |
| Hypothetical 5% Annual Return | $1000 | $1021.93 | 0.65 | % | $3.31 |  |
| **Principal Spectrum Preferred Securities Active ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $1019.60 | 0.55 | % | $2.80 |  |
| Hypothetical 5% Annual Return | $1000 | $1022.43 | 0.55 | % | $2.80 |  |
| **Principal Spectrum Tax-Advantaged Dividend Active ETF** | **Principal Spectrum Tax-Advantaged Dividend Active ETF** |  |  |  |  |  |
| Actual Fund Return | $1000 | $1009.80 | 0.60 | % | $3.04 |  |
| Hypothetical 5% Annual Return | $1000 | $1022.18 | 0.60 | % | $3.06 |  |
| **Principal Ultra-Short Active Income ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $1015.30 | 0.18 | % | $0.91 |  |
| Hypothetical 5% Annual Return | $1000 | $1024.30 | 0.18 | % | $0.92 |  |
| **Principal U.S. Large-Cap Adaptive Multi-Factor ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $1008.70 | 0.15 | % | $0.76 |  |
| Hypothetical 5% Annual Return | $1000 | $1024.45 | 0.15 | % | $0.77 |  |
| **Principal U.S. Mega-Cap ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $1000.30 | 0.12 | % | $0.61 |  |
| Hypothetical 5% Annual Return | $1000 | $1024.60 | 0.12 | % | $0.61 |  |
| **Principal U.S. Small-Cap Adaptive Multi-Factor ETF** |  |  |  |  |  |  |
| Actual Fund Return | $1000 | $1035.30 | 0.19 | % | $0.97 |  |
| Hypothetical 5% Annual Return | $1000 | $1024.25 | 0.19 | % | $0.97 |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shareholder Expense Example** |  |  |  |  |
|  | **Principal Exchange-Traded Funds** | **Principal Exchange-Traded Funds** |  |  |  |
| | **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | | | |
|  | <br>**Beginning**<br> **Account**<br> **Value**<br> **July 1, 2022** | <br> **Ending**<br> **Account**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Value**<br> **December 31,**<br> **2022** | **Annualized**<br> **Expense**<br> **Ratio July 1,**<br> **2022**<br> **December 31,**<br> **2022** | **Expenses**<br> **Paid During**<br> **Period July 1,**<br> **2022**<br> **December 31,**<br> **2022** | <br>**to**<br>**<sup>(a)</sup>** |
| **Principal U.S. Small-Cap Multi-Factor ETF** | **Principal U.S. Small-Cap Multi-Factor ETF** |  |  |  |  |
| Actual Fund Return | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046.40 | 0.38% | $1.96 |  |
| Hypothetical 5% Annual Return | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023.29 | 0.38% | $1.94 |  |
| **Principal Value ETF** |  |  |  |  |  |
| Actual Fund Return | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081.70 | 0.15% | $0.79 |  |
| Hypothetical 5% Annual Return | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024.45 | 0.15% | $0.77 |  |

---

<sup>(a)</sup> Expenses are equal to a Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365.

------

 **PRINCIPAL EXCHANGE-TRADED FUNDS**<br> (unaudited)

 **Notification of Source of Distributions**<br> Pursuant to Rule 19a-1 of the Investment Company Act of 1940

As noted in the table provided below, certain of the Principal Exchange-Traded Funds made distributions for the months of October 2022 and December 2022 for which a portion is estimated to be in excess of the Fund's current and accumulated net income. As of these month ends, the estimated sources of these distributions were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **October 2022** | | |
| **Fund** | **Net Income** | **Realized Gain** | **Capital Sources** |
| Principal International Adaptive Multi-Factor ETF | 80.70% | 0.00% | 19.30% |
| Principal Millennial Global Growth ETF | 25.51 | 0.00 | 74.49 |
|  | **December 2022** |  |  |
| **Fund** | **Net Income** | **Realized Gain** | **Capital Sources** |
| Principal International Adaptive Multi-Factor ETF | 96.37% | 0.00% | 3.63% |

---

The ultimate composition of these distributions may vary from the estimates provided above due to a variety of factors including future income and expenses, and realized gains and losses from the purchase and sale of securities.

Please note that this information is being provided to satisfy certain notice requirements under the Investment Company Act of 1940. Tax reporting information for shareholders of the Funds will not be available until the end of the Funds' fiscal year.

 **As a result, shareholders should not use the information provided in this notice for tax reporting purposes.**

------

 **FUND BOARD OF TRUSTEES AND OFFICERS**

The Board of Trustees (the "Board") has overall responsibility for overseeing the Fund's operations in accordance with the Investment Act of 1940, as amended (the "1940 Act"), other applicable laws, and the Fund's charter. Each member of the Board ("Board Member") serves on the Boards of the following investment companies: Principal Funds, Inc., Principal Variable Contracts Funds, Inc., Principal Exchange-Traded Funds, and Principal Diversified Select Real Asset Fund which are collectively referred to as the "Fund Complex". Board Members that are affiliated persons of any investment advisor, the principal distributor, or the principal underwriter of the Fund Complex are considered "interested persons" of the Fund (as defined in the 1940 Act) and are referred to as "Interested Board Members". Board Members who are not Interested Board Members are referred to as "Independent Board Members".

Each Board Member generally serves until the next annual meeting of shareholders or until such Board Member's earlier death, resignation, or removal. Independent Board Members have a 72-year age limit and, for Independent Board Members elected on or after September 14, 2021, a 72-year age limit or a 15-year term limit, whichever occurs first. The Board may waive the age or term limits in the Board's discretion. The Board elects officers to supervise the day-to-day operations of the Fund Complex. Officers serve at the pleasure of the Board, and each officer has the same position with each investment company in the Fund Complex.

 **INDEPENDENT BOARD MEMBERS**

---

| | | | |
|:---|:---|:---|:---|
| **Name,**<br> **Position Held with the Fund Complex,**<br> **Year of Birth** | <br> **Principal Occupation(s)**<br> **During past 5 years** | **Number of Portfolios**<br> **in Fund Complex**<br> **Overseen by Board Member** | **Other Directorships**<br> **Held by Board Member**<br> **During Past 5 Years** |
| Leroy T. Barnes, Jr. | Retired | 131 | Formerly: McClatchy Newspapers, Inc.; |
| Board Member since 2012 |  |  | Frontier Communications, Inc. |
| Member, Audit Committee |  |  |  |
| 1951 |  |  |  |
| Craig Damos | President, C.P. Damos Consulting LLC | 131 |  |
| Lead Independent Board Member since 2020 |  |  |  |
| Board Member since 2008 |  |  |  |
| Member, Nominating and Governance |  |  |  |
| Committee |  |  |  |
| Member, Operations Committee |  |  |  |
| Member, Executive Committee |  |  |  |
| 1954 |  |  |  |
| Katharin S. Dyer | Founder and Chief Executive Officer, Pivotwise, | 131 | Liquidity Services, Inc. |
| Board Member since 2023 | Global Partner, IBM (2016 – 2018) |  |  |
| Member, Operations Committee |  |  |  |
| 1957 |  |  |  |
| Frances Grieb | Retired | 131 | First Interstate BancSystems, Inc. since |
| Board Member since 2023 |  |  | 2022; Great Western Bancorp, Inc. and |
| Member, Audit Committee |  |  | Great Western Bank (2014-2022) |
| 1960 |  |  |  |
| Fritz S. Hirsch | Interim CEO, MAM USA: February 2020 to | 131 | MAM USA |
| Board Member since 2005 | October 2020 |  |  |
| Member, Nominating and Governance |  |  |  |
| Committee |  |  |  |
| Member, 15(c) Committee |  |  |  |
| 1951 |  |  |  |
| Victor Hymes | Founder and Managing Member of Legato Capital | 131 | Formerly, Montgomery Street Income |
| Board Member since 2020 | Management, LLC |  | Securities Inc. |
| Chair, Audit Committee |  |  |  |
| Member, Nominating and Governance |  |  |  |
| Committee |  |  |  |
| 1957 |  |  |  |
| Padelford ("Padel") L. Lattimer | Managing Partner, TBA Management Consulting | 131 |  |
| Board Member since 2020 | LLC |  |  |
| Chair, Operations Committee |  |  |  |
| Member, 15(c) Committee |  |  |  |
| 1961 |  |  |  |
| Karen ("Karrie") McMillan | Founder/Owner, Tyche Consulting LLC | 131 |  |
| Board Member since 2014 | Formerly, Managing Director, Patomak Global |  |  |
| Member, Operations Committee | Partners, LLC |  |  |
| Chair, 15(c) Committee |  |  |  |
| 1961 |  |  |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name,**<br> **Position Held with the Fund Complex,**<br> **Year of Birth** | <br> **Principal Occupation(s)**<br> **During past 5 years** | **Number of Portfolios**<br> **in Fund Complex**<br> **Overseen by Board Member** | **Other Directorships**<br> **Held by Board Member**<br> **During Past 5 Years** |
| Elizabeth A. Nickels | Retired | 131 | SpartanNash |
| Board Member since 2015 |  |  |  |
| Member, Audit Committee |  |  |  |
| Chair, Nominating and Governance Committee |  |  |  |
| 1962 |  |  |  |
| Mary M. ("Meg") VanDeWeghe | CEO and President, Forte Consulting, Inc. | 131 | Helmerich & Payne; Formerly: Brown |
| Board Member since 2018 |  |  | Advisory; Denbury Resources Inc. |
| Member, Audit Committee |  |  |  |
| Member, 15(c) Committee |  |  |  |
| 1959 |  |  |  |
| **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** |  |  |
|  |  |  | **Other** |
| **Name,** |  | **Number of Portfolios** | **Directorships** |
| **Position Held with the Fund Complex,** | **Principal Occupation(s)** | **in Fund Complex** | **Held by Board Member** |
| **Year of Birth** | **During past 5 years** | **Overseen by Board Member** | **During Past 5 Years** |
| Timothy M. Dunbar | Principal Global Investors ("PGI") | 131 |  |
| Chair and Board Member since 2019 | President (2018-2021) |  |  |
| Chair, Executive Committee | Director (2018-2020) |  |  |
| 1957 |  |  |  |
|  | Principal Financial Group, Inc. ("PFGI"), Principal |  |  |
|  | Financial Services, Inc. ("PFSI"), and Principal Life |  |  |
|  | Insurance Company ("PLIC") |  |  |
|  | Division President (2020-2021) |  |  |
|  | President (2018-2020) |  |  |
|  | Executive Vice President and Chief Investment |  |  |
|  | Officer (2014-2018) |  |  |
|  | Post Advisory Group, LLC ("Post") |  |  |
|  | Director (2018-2020) |  |  |
|  | RobustWealth |  |  |
|  | Chair and Executive Vice President (2018-2021) |  |  |
| Patrick G. Halter | PGI | 131 |  |
| Board Member since 2017 | Chair since 2018 |  |  |
| Member, Executive Committee | Chief Executive Officer and |  |  |
| 1959 | President since 2018 |  |  |
|  | Chief Operating Officer (2017-2018) |  |  |
|  | Director since 2003 |  |  |

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 <u>PFGI, PFSI, and PLIC</u><br> President and Chief Executive Officer – Principal<br> Asset Management ("PAM") since 2022<br> President – Principal Global Asset Management<br> ("PGAM") (2020-2022)<br><u>Post</u>

Director since 2017<br> Chair (2017-2020)<br><u>Principal Real Estate Investors, LLC ("PREI")</u><br> President - PGAM since 2022<br> Director and Chair since 2004<br> Chief Executive Officer and<br> President (2018-2021)<br> Chief Executive Officer (2005-2018)<br><u>Origin Asset Management LLP ("Origin")</u><br> Director (2018-2019)

Correspondence intended for each Board Member who is other than an Interested Board Member may be sent to 655 9th Street, Des Moines, IA 50392.

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| | |
|:---|:---|
| **FUND COMPLEX OFFICERS**<br> **Name,**<br> **Position Held with the Fund Complex,**<br> **Address, and Year of Birth** | <br>**Principal Occupation(s)**<br> **During past 5 years** |
| Kamal Bhatia | PGI |
| President and Chief Executive Officer | Director since 2019 |
| Des Moines, IA 50392 | President – Principal Funds since 2019 |
| 1972 |  |
|  | Principal Funds Distributor, Inc. ("PFD") |
|  | Director since 2019 |
|  | PFGI, PFSI, and PLIC |
|  | Senior Executive Director and Chief Operating |
|  | Officer - PAM since 2022 |
|  | Senior Executive Director and Chief Operating |
|  | Officer – PGI (2020-2022) |
|  | President-Principal Funds (2019-2020) |
| Post | Post |
|  | Director since 2020 |
| PREI | PREI |
|  | Senior Executive Director and Chief Operating |
|  | Officer – PGI since 2022 |
|  | Director since 2020 |
|  | Principal Shareholder Services, Inc. ("PSS") |
|  | Executive Vice President since 2019 |
|  | Director and Chair (2019-2022) |
|  | Spectrum Asset Management, Inc. ("Spectrum") |
|  | Director since 2021 |
| Origin | Origin |
|  | Additional Director since 2022 |
|  | Oppenheimer Funds |
|  | Senior Vice President (2011-2019) |
| Randy D. Bolin | Vice President/Associate General Counsel, PGI |
| Assistant Tax Counsel | since 2016 |
| Des Moines, IA 50392 | Vice President/Associate General Counsel, PFSI |
| 1961 | since 2013 |
|  | Vice President/Associate General Counsel, PLIC |
|  | since 2013 |
| Beth Graff | Director – Fund Accounting, PLIC since 2016 |
| Vice President and Assistant Controller |  |
| Des Moines, IA 50392 |  |
| 1968 |  |
| Gina L. Graham | Vice President and Treasurer, PGI since 2016 |
| Treasurer | Vice President and Treasurer, PFD since 2016 |
| Des Moines, IA 50392 | Vice President and Treasurer, PFSI since 2016 |
| 1965 | Vice President and Treasurer, PLIC since 2016 |
|  | Vice President and Treasurer, PREI since 2017 |
|  | Vice President and Treasurer, Principal Securities, |
|  | Inc. ("PSI") since 2016 |
|  | Vice President and Treasurer, PSS since 2016 |
|  | Vice President and Treasurer, RobustWealth, Inc. |
|  | since 2018 |
| Megan Hoffmann | Director – Accounting, PLIC since 2020 |
| Vice President and Controller | Assistant Director – Accounting, PLIC (2017-2020) |
| Des Moines, IA 50392 |  |
| 1979 |  |
| Laura B. Latham | Counsel, PGI since 2018 |
| Assistant Counsel and Assistant Secretary | Counsel, PLIC since 2018 |
| Des Moines, IA 50392 |  |
| 1986 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |

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------

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| | |
|:---|:---|
| **Name,**<br> **Position Held with the Fund Complex,**<br> **Address, and Year of Birth** | <br> **Principal Occupation(s)**<br> **During past 5 years** |
| Diane K. Nelson | Chief Compliance Officer/AML Officer, PSS since |
| AML Officer | 2015 |
| Des Moines, IA 50392 |  |
| 1965 |  |
| Tara Parks | Director – Accounting, PLIC since 2019 |
| Vice President and Assistant Controller | Tax Manager – ALPS Fund Services (2011-2019) |
| Des Moines, IA 50392 |  |
| 1983 |  |
| Deanna Y. Pellack | Counsel, PLIC since 2022 |
| Assistant Counsel and Assistant Secretary | Vice President, The Northern Trust Company (2019- |
| Des Moines, IA 50392 | 2022) |
| 1987 | Second Vice President, The Northern Trust |
|  | Company (2014-2019) |
|  | Secretary, Advisers Investment Trust (2021-2022) |
|  | Assistant Secretary, Advisers Investment Trust |
|  | (2018-2021) |
| Sara L. Reece | Managing Director – Global Funds Ops, PLIC since |
| Vice President and Chief Operating Officer | 2021 |
| Des Moines, IA 50392 | Managing Director – Financial Analysis/ Planning, |
| 1975 | PLIC (2021) |
|  | Director - Accounting, PLIC (2015-2021) |
| Teri R. Root | Interim Chief Compliance Officer - Funds (2018) |
| Chief Compliance Officer | Deputy Chief Compliance Officer - Funds (2015- |
| Des Moines, IA 50392 | 2018) |
| 1979 | Chief Compliance Officer – Funds, PGI since 2018 |
|  | Deputy Chief Compliance Officer, PGI (2017-2018) |
|  | Vice President, PSS since 2015 |
| Michael Scholten | Chief Operations Officer, PFD since 2022 |
| Chief Financial Officer | Chief Financial Officer – PFD (2016-2022) |
| Des Moines, IA 50392 | Assistant Vice President and Actuary, PLIC since |
| 1979 | 2021 |
|  | Chief Financial Officer – Funds/Platforms, PLIC |
|  | since 2015 |
|  | Chief Financial Officer, PSS since 2015 |
| Adam U. Shaikh | Assistant General Counsel, PGI since 2018 |
| Assistant Counsel and Assistant Secretary | Counsel, PGI (2017-2018) |
| Des Moines, IA 50392 | Counsel, PLIC since 2006 |
| 1972 |  |
| John L. Sullivan | Counsel, PGI since 2020 |
| Assistant Counsel and Assistant Secretary | Counsel, PLIC since 2019 |
| Des Moines, IA 50392 | Prior thereto, Attorney in Private Practice |
| 1970 |  |
| Dan L. Westholm | Assistant Vice President-Treasury, PGI since 2013 |
| Assistant Treasurer | Assistant Vice President-Treasury, PFD since 2013 |
| Des Moines, IA 50392 | Assistant Vice President-Treasury, PLIC since 2014 |
| 1966 | Assistant Vice President-Treasury, PSI since 2013 |
|  | Assistant Vice President-Treasury, PSS since 2013 |
| Beth C. Wilson | Director and Secretary – Funds, PLIC since 2007 |
| Vice President and Secretary |  |
| Des Moines, IA 50392 |  |
| 1956 |  |

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------

---

| | |
|:---|:---|
| **Name,**<br> **Position Held with the Fund Complex, Address, and Year of Birth**<br> Clint L. Woods<br> Counsel, Vice President, and Assistant Secretary Des Moines, IA 50392 1961 | **Principal Occupation(s) During past 5 years**<br> PGI<br> Vice President, Associate General Counsel, and Assistant Secretary since 2021 Vice President, Associate General Counsel, and Secretary (2020-2021) Vice President, Associate General Counsel, Governance Officer, and Assistant Corporate Secretary (2018-2020)<br> PFD<br> Vice President, Associate General Counsel, and Secretary since 2022 Vice President, Associate General Counsel, and Assistant Corporate Secretary (2019-2022)<br> PFSI<br> Vice President, Associate Counsel, Governance Officer, and Assistant Corporate Secretary since 2015<br> PLIC<br> Vice President, Associate General Counsel, Governance Officer, and Assistant Corporate Secretary since 2015<br> Post<br> Assistant Secretary since 2021 Secretary (2020-2021)<br> PREI<br> Vice President, Associate General Counsel, Governance Officer, and Secretary since 2020 Vice President, Associate Counsel, Governance Officer, and Assistant Corporate Secretary (2020)<br> PSI<br> Vice President, Associate General Counsel, and Secretary (2021-2022) Vice President, Associate General Counsel, and Assistant Corporate Secretary (2019-2021)<br> PSS<br> Vice President, Associate General Counsel, and Secretary since 2021 Vice President, Associate General Counsel, and Assistant Corporate Secretary (2019-2021)<br> RobustWealth, Inc.<br> Vice President, Associate General Counsel, and Assistant Corporate Secretary since 2019<br> Spectrum<br> Assistant Secretary since 2021 Secretary (2020-2021) |
| Jared A. Yepsen Assistant Tax Counsel Des Moines, IA 50392 1981 | Counsel, PGI (2017-2019) Counsel, PLIC since 2015 |

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------

The 15(c) Committee's primary purpose is to assist the Board in performing the annual review of the Fund's advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act. The Committee responsibilities include requesting and reviewing related materials.

The Audit Committee's primary purpose is to assist the Board by serving as an independent and objective party to monitor the Fund Complex's accounting policies, financial reporting and internal control system, as well as the work of the independent registered public accountants. The Audit Committee assists Board oversight of 1) the integrity of the Fund Complex's financial statements; 2) the Fund Complex's compliance with certain legal and regulatory requirements; 3) the independent registered public accountants' qualifications and independence; and 4) the performance of the Fund Complex's independent registered public accountants. The Audit Committee also provides an open avenue of communication among the independent registered public accountants, the Manager's internal auditors, Fund Complex management, and the Board.

The Executive Committee's primary purpose is to exercise certain powers of the Board when the Board is not in session. When the Board is not in session, the Committee may exercise all powers of the Board in the management of the Fund Complex's business except the power to 1) issue stock, except as permitted by law; 2) recommend to the stockholders any action which requires stockholder approval; 3) amend the bylaws; or 4) approve any merger or share exchange which does not require shareholder approval.

The Nominating and Governance Committee's primary purpose is to oversee the structure and efficiencyof the Board and the committees. The Committee is responsible for evaluating Board membership and functions, committee membership and functions, insurance coverage, and legal matters. The Committee's nominating functions include selecting and nominating Independent Board Member candidates for election to the Board. Generally, the Committee requests nominee suggestions from Board Members and management. In addition, the Committee considers candidates recommended by shareholders of the Fund Complex. Recommendations should be submitted in writing to the Principal Funds Complex Secretary, in care of the Principal Funds Complex, 711 High Street, Des Moines, IA 50392. Such recommendations must include all information specified in the Committee's charter and must conform with the procedures set forth in Appendix A thereto, which can be found at https://secure02.principal.com/publicvsupply/GetFile?fm=MM13013&ty=VOP&EXT=.VOP. Examples of such information include the nominee's biographical information; relevant educational and professional background of the nominee; the number of shares of each Fund owned of record and beneficially by the nominee and by the recommending shareholder; any other information regarding the nominee that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies for the election of board members; whether the nominee is an "interested person" of the Fund as defined in the 1940 Act; and the written consent of the nominee to be named as a nominee and serve as a board member if elected.

When evaluating a potential nominee for Independent Board Member, the Committee may consider, among other factors: educational background; relevant business and industry experience; whether the person is an "interested person" of the Fund as defined in the 1940 Act; and whether the person is willing to serve, and willing and able to commit the time necessary to attend meetings and perform the duties of an Independent Board Member. In addition, the Committee may consider whether a candidate's background, experience, skills and views would complement the background, experience, skills and views of other Board Members and would contribute to the diversity of the Board. The Committee meets with nominees and conducts a reference check. The final decision is based on a combination of factors, including the strengths and the experience an individual may bring to the Board. The Board does not regularly use the services of professional search firms to identify or evaluate potential candidates or nominees.

The Operations Committee's primary purpose is to review and oversee the provision of administrative and distribution services to the Fund Complex, communications with the Fund Complex's shareholders, and review and oversight of the Fund Complex's operations.

Additional information about the Fund is available in the Prospectuses and the Statement of Additional Information dated November 1, 2022 and as supplemented. These documents may be obtained free of charge by writing Principal Exchange-Traded Funds, c/o ALPS Distributors, Inc., 1290 Broadway, Suite 1000, Denver, CO 80203 or telephoning 1-800-222-5852. The prospectus may be viewed at www.PrincipalAM. com/ETFProspectuses.

 **PROXY VOTING POLICIES**

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities and the results of the proxy votes for the most recent twelve months ended June 30 may be obtained free of charge by telephoning 1-800-222-5852, or on the SEC website at www.sec.gov.

 **SCHEDULES OF INVESTMENTS**

The Fund files complete schedules of investments with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Commission's website at www. sec.gov.

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 **BOARD CONSIDERATION OF INVESTMENT ADVISORY CONTRACTS**

During the period covered by this report, the Board of Trustees of Principal Exchange-Traded Funds ("PETF") approved the annual review and renewal of the Management Agreements for all Funds and the annual renew and review of the Sub-Advisory Agreements for the Principal Spectrum Preferred Securities Active ETF and the Principal Spectrum Tax-Advantaged Dividend Active ETF.

 **<u>Annual Review and Renewal of Management Agreement and Sub-Advisory Agreements</u>**

At its September 13, 2022 meeting, the Board performed its annual review and renewal process relating to the Management Agreement and the Sub-Advisory Agreement for all Funds.

Section 15(c) of the Investment Company Act of 1940 (the "1940 Act") requires the Board, including a majority of the Directors who have no direct or indirect interest in the investment advisory agreements and who are not "interested persons" of PETF, as defined in the 1940 Act (the "Independent Directors"), annually to review and to consider the continuation of: (1) the Management Agreement between the Principal Global Investors, LLC (the "Manager") and PETF, on behalf of each of the fifteen (15) series of PETF (each series is referred to as a "Fund"); and (2) the Sub-Advisory Agreement between the Manager and each of Principal Real Estate Investors, LLC ("Principal-REI") and Spectrum Asset Management Inc. ("Spectrum") (collectively, the "Sub-Advisors"). The Management Agreement and the Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements." The Board considered the factors and reached the conclusions described below relating to the continuation of the Advisory Agreements. In evaluating the Advisory Agreements, the Board reviewed a broad range of information requested for this purpose, including, among other information, information regarding performance, investment advisory fees, total expenses, profitability from the Advisory Agreements to the Manager and information about economies of scale and fall out benefits. The Board reviewed the materials provided and concluded that it was provided all information reasonably necessary to evaluate the Advisory Agreements. For the Principal Real Estate Active Opportunities ETF, which began operations after the previous annual evaluation of the Advisory Agreements in September 2021, the Board considered that the Fund had less than a full year of operations and reviewed the information that they had considered in connection with the initial approval of the Advisory Agreements for the Fund, as updated, along with such additional information as the Board requested. The Board reviewed the materials provided and, with the assistance of independent legal counsel, concluded that they were provided information reasonably necessary to evaluate the Advisory Agreements.

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 **Management Agreement**

With respect to the Management Agreement for each Fund, the Board considered, among other factors, that the Manager and its affiliates have demonstrated a long-term commitment to support the Funds. In addition, the Board considered the following factors, and made certain findings and conclusions with respect thereto, for each of the Funds. The Board concluded that a relationship with a capable and conscientious adviser is in the best interests of each Fund.

 ***Nature, Extent and Quality of Services***

The Board considered the nature, quality and extent of the services provided under the Management Agreement, including accounting and administrative services, as applicable. The Board considered the experience and skills of senior management leading Fund operations, the experience and skills of the personnel performing the functions under the Management Agreement and the resources made available to such personnel, the ability of the Manager to attract and retain high-quality personnel and the organizational depth and stability of the Manager. The Board concluded that appropriate resources were provided under the Management Agreement. The Board also considered that for certain Funds, during the periods reviewed, the Manager had delegated day-to-day portfolio management responsibility to the Sub-Advisors. The Board noted that the Manager's process for the selection of sub-advisors emphasizes the selection of Principal-affiliated sub-advisors that are determined to be qualified under the Manager's due diligence process. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Manager to the Funds under the Management Agreement was satisfactory.

 ***Investment Performance***

The Board reviewed each Fund's investment performance over longer-term periods, reviewing both the investment return during the three-year period ended March 31, 2022 and the blended investment return (50%/50%) of the three- and five-year periods ended March 31, 2022, and compared those returns to various agreed-upon performance measures, including peer-group data based upon a broad-based, industry category determined by Morningstar.

For Funds that did not have a three-year or five-year performance history, the Board reviewed performance for a one-year or three-year period ended March 31, 2022, respectively, if available. The Board also compared each Fund's investment performance over the one-, three- and five-year periods ended March 31, 2022, as available, to one or more relevant benchmark indices. The Board noted that certain Funds had commenced operations recently and, accordingly, no or limited performance information was considered. The Board also considered whether investment results were consistent with a Fund's investment objective(s) and policies. For most Funds, the Board concluded that the Fund's investment returns met acceptable levels of investment performance. There were certain Funds that had not attained during the relevant period(s) a level of investment performance considered satisfactory by the Board. For such Funds, the Board also considered other factors, such as the longer-term performance of each such Fund, remedial efforts being taken to improve performance and/or the Manager's explanation for the performance of such Fund. The Board considered the Manager's due diligence process for evaluating the performance of all Funds for which they received regular reporting and concluded that the Manager has in place an effective due diligence process to monitor investment performance, and to encourage remedial action if necessary.

 ***Investment Management Fees***

The Board considered each Fund's effective unitary management fee rate. For each Fund, the Board received certain information from Broadridge including comparing the contractual and effective unitary

------

management fee rates and total expense ratio for the Fund's commons shares to investment advisory fee rates and expense ratios of funds in an appropriate Expense Group and Expense Universe provided by Broadridge.

In evaluating the effective management fee rates, the Board considered a variety of factors, including the contractual and effective fee rates, comparison to fee rates of peer group funds and other funds and non-fund accounts managed by the Manager, sub-advisory fee rates paid, services provided, investment performance, total net expense ratios, profitability, the existence and sharing of economies of scale, fallout benefits and expense caps and fee waivers. The Board considered that certain Funds with similar investment strategies and policies as other mutual funds managed by the Manager have different management fee schedules and noted the reasons cited by the Manager for the differing fee rates. In reviewing the fee rates of other accounts managed by the Manager, the Board considered information provided by the Manager regarding differences between the services provided to the Funds and the services provided to such other accounts*.* For most Funds, effective net management fee rates were within the third quartile or better when compared to the applicable Expense Group. For some Funds, although effective net management fee rates were higher than the third quartile, total net expense ratios were within the third quartile or better.

With regard to Principal Millennial Global Growth ETF, the Board noted that the effective net management fee rate and the total net expense ratio on the basis of common shares were higher than the third quartile (99th and 80th percentiles, respectively) in the Expense Group. The Board accepted the Manager's proposal to amend the unitary management fee schedule for the Fund to reduce the effective management fee rate payable at all asset levels and considered the pro forma effect of the lower unitary management fee schedule on the rankings of the Fund's effective net management fee rate and total net expense ratio in the Expense Group, noting that the Fund's effective net management fee rate and total net expense ratio would both move to the 60th percentile. The Board considered information regarding the Fund's tracking error and excess return versus the Fund's target index for the one-, three- and five-year periods ended March 31, 2022 and noted that the Fund's performance had adequately tracked that of its target index. The Independent Board Members also considered that, effective July 15, 2022, the Fund transitioned from a passive, index-tracking investment strategy to an active management strategy. Considering all relevant factors, including the Fund's performance in the fourth and third quartiles, respectively, of its Performance Universe for the three-year and blended three- and five-year periods ended March 31, 2022 (88th and 65th percentiles, respectively) and the Manager's explanation of the Fund's relative performance, the Independent Board Members concluded that the Management Agreement, as amended, should be renewed.

Considering all factors they deemed relevant, the Board concluded that the management fee payable by each Fund was reasonable in light of the nature, quality and extent of the services provided by the Manager and other relevant factors.

 ***Profitability***

The Board reviewed detailed information regarding revenues the Manager, received under the Management Agreement and the estimated direct and indirect costs incurred in providing to each Fund the services described in the Management Agreement for the year ended December 31, 2021. The Board also considered the returns on revenue generated in connection with the payment of sub-advisory fees to affiliated Sub-Advisors (Principal-REI and Spectrum) and the aggregated return on revenue to the Manager and its affiliates for the year ended December 31, 2021. The Board concluded that the management fee for each Fund was reasonable, taking into account the profitability information presented by the Manager.

------

 ***Economies of Scale***

The Board noted that the Funds pay a unitary fee and determined that no breakpoints are necessary at this time, due, among other factors, to their current asset levels and taking into account levels of profitability to the Manager.

 **Sub-Advisory Agreement**

 ***Nature, Quality and Extent of Services***

The Board consideredthe nature, quality and extent of the services provided under each Sub-Advisory Agreement. The Board considered the reputation, qualifications and background of the Sub-Advisor, the investment approach of the Sub-Advisor, the experience and skills of investment personnel responsible for the day-to-day management of each Fund and the resources made available to such personnel. The Board also considered the Sub-Advisors' compliance with investment policies and general legal compliance. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Sub-Advisors to the sub-advised Funds under the Sub-Advisory Agreements were satisfactory.

 ***Investment Performance***

The Manager had advised the Board that the investment services delivered by the Sub-Advisors was reasonable. Based upon all relevant factors, the Board concluded that the Sub-Advisors is qualified and that the investment performance of the Sub-Advisors' met acceptable levels of investment performance

 ***Sub-Advisory Fees, Economies of Scale and Profitability***

The Board considered the sub-advisory fee rates, noting that the Manager compensates each Sub-Advisor from its own management fee, so that shareholders pay only the management fee.

 **Other Benefits to the Manager and Sub-Advisor**

The Board also considered the character and amount of other incidental benefits received by the Manager and its affiliates from their relationships with the Funds. The Board concluded that the management and sub-advisory fees were reasonable in light of these fall-out benefits.

The Board also considered the character and amount of other incidental benefits received by Spectrum when evaluating the sub-advisory fee. The Board concluded that taking into account these fall-out benefits, the sub-advisory fee was reasonable.

 **Overall Conclusions**

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of each Advisory Agreement, including the fee rate payable thereunder, continue to be fair and reasonable and that the continuation of each Advisory Agreement, with the actions proposed by the Manager, is in the best interests of each Fund.

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 **Opt in form for California, Montana, New Mexico, North Dakota and VermontResidents**

 **IMPORTANT PRIVACY CHOICES FOR PRINCIPAL SECURITIES, INC., CONSUMERS**

You have the right to control whether we share some of your personal information with certain nonaf liated third parties, such as your nancial professional if he/she changes his/her broker-dealer af liation and leaves Principal Securities. Please read the following information carefully.

 **<u>YOUR RIGHTS</u>**

Except as permitted by law, Principal Securities, Inc. will not disclose any nonpublic personal information about you to nonaf liated third parties without your authorization.

We will keep a copy of your consent on le and your consent will remain in effect until you revoke it, unless state requirement limits the period of time for which your consent is valid. However, you may revoke your consent at any time by contacting us at 1-888-774-6267 option 2.

 **Please make a copy for your personal records.**

 **MY CONSENT:** Principal Securities, Inc. may share my nonpublic personal information with my nancial professional, and/or their new nancial institution, if he/she leaves Principal Securities, Inc.

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| | | | |
|:---|:---|:---|:---|
| Name (Please print) | | | |
| Account Number(s) | | | |
| Address (street) | | | |
| City | State | | Zip Code |
| Daytime Telephone Number | | | Evening Telephone Number |
| Signature | | Date | |

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 **X**

For California, Montana, New Mexico, North Dakota and Vermont Residents: If completing the Opt-In form by mail send to: Principal Securities, Inc.

711 High Street

Des Moines, Iowa 50392-0200

If completing the Opt-In form by fax send to: 1-844-767-7811

------

![](principalexchange-tradx180x1.jpg) <br>

 **ITEM 2 – CODE OF ETHICS**

Not applicable to semi-annual reports.

 **ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT**

Not applicable to semi-annual reports.

 **ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES**

Not applicable to semi-annual reports.

 **ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS**

Not applicable to semi-annual reports.

 **ITEM 6 – SCHEDULE OF INVESTMENTS**

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

 **ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable.

 **ITEM 8 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable.

 **ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS**

Not applicable.

 **ITEM 10 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

None.

 **ITEM 11 – CONTROLS AND PROCEDURES** a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

(b) There have been no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 **ITEM 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

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**ITEM 13 – EXHIBITS**

(a)(1) Code of Ethics - Not applicable to semi-annual reports.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached hereto as [Exhibit 99.CERT](cert99.htm) .

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as [Exhibit 99.906CERT](cert99906.htm).

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 **SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| (Registrant) | (Registrant) | Principal Exchange-Traded Funds |
| By | s/ Kamal Bhatia | s/ Kamal Bhatia |
|  | Kamal Bhatia, President and CEO | Kamal Bhatia, President and CEO |
| Date | 2/13/2023 | 2/13/2023 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By | s/ Kamal Bhatia |
| Kamal Bhatia, President and CEO | Kamal Bhatia, President and CEO |
| Date | 2/13/2023 |
| By | s/ Michael Scholten |
|  | Michael Scholten, Chief Financial Officer |

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Date 2/13/2023

## Ex-99.Cert

---

| | |
|:---|:---|
| **Exhibit 99.CERT** |  |
| **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, Kamal Bhatia, certify that: |  |
| 1. I have reviewed this report on Form N-CSR of | Principal Exchange-Traded Funds |
| 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit | 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit |
| to state a material fact necessary to make the statements made, in light of the circumstances under which | to state a material fact necessary to make the statements made, in light of the circumstances under which |
| such statements were made, not misleading with respect to the period covered by this report; | such statements were made, not misleading with respect to the period covered by this report; |
| 3. Based on my knowledge, the financial statements, and other financial information included in this | 3. Based on my knowledge, the financial statements, and other financial information included in this |
| report, fairly present in all material respects the financial condition, results of operations, changes in net | report, fairly present in all material respects the financial condition, results of operations, changes in net |
| assets, and cash flows (if the financial statements are required to include a statement of cash flows) of | assets, and cash flows (if the financial statements are required to include a statement of cash flows) of |
| the registrant as of, and for, the periods presented in this report; | the registrant as of, and for, the periods presented in this report; |
| 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining | 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining |
| disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of | disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of |
| 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment | 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment |
| Company Act of 1940) for the registrant and have: | Company Act of 1940) for the registrant and have: |
| (a) Designed such disclosure controls and procedures, or caused such disclosure controls and | (a) Designed such disclosure controls and procedures, or caused such disclosure controls and |
| procedures to be designed under our supervision, to ensure that material information relating to the | procedures to be designed under our supervision, to ensure that material information relating to the |
| registrant, including its consolidated subsidiaries, is made known to us by others within those entities, | registrant, including its consolidated subsidiaries, is made known to us by others within those entities, |
| particularly during the period in which this report is being prepared; | particularly during the period in which this report is being prepared; |
| (b) Designed such internal control over financial reporting, or caused such internal control over financial | (b) Designed such internal control over financial reporting, or caused such internal control over financial |
| reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability | reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability |
| of financial reporting and the preparation of financial statements for external purposes in accordance with | of financial reporting and the preparation of financial statements for external purposes in accordance with |
| generally accepted accounting principles; |  |
| (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in | (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in |
| this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date | this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date |
| within 90 days prior to the filing date of this report, based on such evaluation; and | within 90 days prior to the filing date of this report, based on such evaluation; and |
| (d) Disclosed in this report any change in the registrant's internal control over financial reporting that | (d) Disclosed in this report any change in the registrant's internal control over financial reporting that |
| occurred during the second fiscal quarter of the period covered by this report that has materially affected, | occurred during the second fiscal quarter of the period covered by this report that has materially affected, |
| or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit | 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit |
| committee of the registrant's board of directors (or persons performing the equivalent functions): | committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) All significant deficiencies and material weaknesses in the design or operation of internal control over | (a) All significant deficiencies and material weaknesses in the design or operation of internal control over |
| financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, | financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, |
| summarize, and report financial information; and |  |
| (b) Any fraud, whether or not material, that involves management or other employees who have a | (b) Any fraud, whether or not material, that involves management or other employees who have a |
| significant role in the registrant's internal control over financial reporting. | significant role in the registrant's internal control over financial reporting. |

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| | | |
|:---|:---|:---|
| Date: | 2/13/2023 |  |
|  |  | s/ Kamal Bhatia |
|  |  | Kamal Bhatia, President and CEO |

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| |
|:---|
| **Exhibit 99.CERT** |
| **CERTIFICATIONS** |
| I, Michael Scholten, certify that: |
| &nbsp;&nbsp; 1. I have reviewed this report on Form N-CSR of Principal Exchange-Traded Funds |
| 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit |
| to state a material fact necessary to make the statements made, in light of the circumstances under which |
| such statements were made, not misleading with respect to the period covered by this report; |
| 3. Based on my knowledge, the financial statements, and other financial information included in this |
| report, fairly present in all material respects the financial condition, results of operations, changes in net |
| assets, and cash flows (if the financial statements are required to include a statement of cash flows) of |
| the registrant as of, and for, the periods presented in this report; |
| 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining |
| disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of |
| 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment |
| Company Act of 1940) for the registrant and have: |
| (a) Designed such disclosure controls and procedures, or caused such disclosure controls and |
| procedures to be designed under our supervision, to ensure that material information relating to the |
| registrant, including its consolidated subsidiaries, is made known to us by others within those entities, |
| particularly during the period in which this report is being prepared; |
| (b) Designed such internal control over financial reporting, or caused such internal control over financial |
| reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability |
| of financial reporting and the preparation of financial statements for external purposes in accordance with |
| generally accepted accounting principles; |
| (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in |
| this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date |
| within 90 days prior to the filing date of this report, based on such evaluation; and |
| (d) Disclosed in this report any change in the registrant's internal control over financial reporting that |
| occurred during the second fiscal quarter of the period covered by this report that has materially affected, |
| or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit |
| committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) All significant deficiencies and material weaknesses in the design or operation of internal control over |
| financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, |
| summarize, and report financial information; and |
| (b) Any fraud, whether or not material, that involves management or other employees who have a |
| significant role in the registrant's internal control over financial reporting. |

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| | | |
|:---|:---|:---|
| Date: | 2/13/2023 |  |
|  |  | s/ Michael Scholten |
|  |  | Michael Scholten, Chief Financial Officer |

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## Exhibit 99.906

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| |
|:---|
| **Exhibit 99.906CERT** |
| **Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code As** |
| **Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** |
| In connection with the Certified Shareholder Report of Principal Exchange-Traded Funds (the |
| "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does |
| hereby certify that, to the best of their knowledge: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Act of 1934; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2) the information contained in the Report fairly presents, in all material respects, the financial |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; condition and results of operations of the Registrant. |

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| | |
|:---|:---|
| &nbsp;&nbsp; By | s/ Kamal Bhatia |
|  | Kamal Bhatia, President and CEO |
| &nbsp;&nbsp; Date | 2/13/2023 |
| &nbsp;&nbsp; By | s/ Michael Scholten |
|  | Michael Scholten, Chief Financial Officer |
| &nbsp;&nbsp; Date | 2/13/2023 |
| This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is |
| &nbsp;&nbsp;&nbsp;&nbsp; not being filed as part of the Form N-CSR filed with the Commission. | &nbsp;&nbsp;&nbsp;&nbsp; not being filed as part of the Form N-CSR filed with the Commission. |

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