Principal Spectrum Preferred Securities Active ETF (PREF)

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Show data:

Fund Prices
(as of ) (as of ) (as of ) (as of )

$ Price $ NAV $ Chg Price $ Chg NAV YTD % (Price)
100.98 100.98 101.68 101.68 -0.02 -0.02 NA NA 0.05 0.05 NA NA NA NA NA NA

Average Annual Total Returns (%)
(as of ) (as of ) (as of ) (as of )

1 yr 3 yr 5 yr 10 yr Since
Incep
Incep
Date
NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 1.47 1.47 2.28 2.28

Fund Expenses

Net
Expense
Gross
Expense
Expense Limit
Expiration
Expense Waiver
Expiration
0.55 0.55 N/A N/A
SEC Yield % Benchmark
3.93 CIPS

Morningstar Rating

Category: Preferred Stock

N/A
41 funds
N/A
35 funds
N/A
17 funds
N/A
41 funds

​Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns, and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. 


Investment Strategy What's This?

The investment seeks to provide current income. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in preferred securities at the time of purchase. Examples of preferred securities include preferred stock, certain depositary receipts, and various types of junior subordinated debt (such debt generally includes the contractual ability to defer payment of interest without accelerating an immediate default event). It concentrates its investments (invests more than 25% of its net assets) in securities in the financial services (i.e., banking, insurance and commercial finance) industry.

Investment Manager or Sub-advisor

Principal Global Investors, LLC
Spectrum Asset Management, Inc.

Portfolio Managers

Manu Krishnan
Since
Roberto Giangregorio
Since
Daniela Spassova
Since
Mark Lieb
Since
Paul Kim
Since
L. Jacoby
Since

Premium/Discount to NAV What's This?

Sorry, but there is no data available for this quarter.
Sorry, but there is no data available for this quarter.
Sorry, but there is no data available for this quarter.

This information shows differences between the per share net asset value (NAV) of the Fund and the market trading price of shares. For these purposes, the market price is the midpoint of the highest bid and lowest offer for Fund shares as of close of trading on the exchange where Fund shares are listed. Timing discrepancies may exist between NAV and closing price. Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices.​

Total Returns What's This?


Average Annual Total Returns
as of
1Mo 3Mo YTD 1Yr 3Yr 5Yr 10Yr Since Inception*
Net Asset Value (NAV) Return 0.63 NA NA NA NA NA NA 1.47
Market Price Return 0.59 NA NA NA NA NA NA 2.28
The BofA Merrill Lynch US Investment Grade Institutional Capital Securities Index 0.43 NA NA NA NA NA NA 1.70
Preferred Stock 0.44 1.44 9.22 6.89 5.77 5.58 6.22 NA
Morningstar Percentile Rankings 20 NA NA NA NA NA NA NA
# of Funds in Category 61 59 55 55 41 35 17 NA
Average Annual Total Returns
as of
1Mo 3Mo YTD 1Yr 3Yr 5Yr 10Yr Since Inception*
Net Asset Value (NAV) Return 0.63 NA NA NA NA NA NA 1.47
Market Price Return 0.59 NA NA NA NA NA NA 2.28
The BofA Merrill Lynch US Investment Grade Institutional Capital Securities Index 0.43 NA NA NA NA NA NA 1.70
* Inception date: What's This?

Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.


Where gross and net expense ratios differ, Principal Management Corporation has contractually agreed to limit the investment option's expenses. Differences also may be due to Principal Management Corporation's decision to pay (through the same dates) certain expenses that would normally be payable by the fund. Returns displayed are based on net total investment expense.

Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.



Calendar Year Total Returns 2016 2015 2014 2013 2012
Net Asset Value (NAV) Return 0.00 0.00 0.00 0.00 0.00
Market Price Return 0.00 0.00 0.00 0.00 0.00
The BofA Merrill Lynch US Investment Grade Institutional Capital Securities Index 0.00 0.00 0.00 0.00 0.00
Preferred Stock 5.66 3.18 11.44 1.11 18.05
Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.

Expenses
as of

Total Investment Expense - Gross:
0.55%
Total Investment Expense - Net:
0.55%
Waiver Date:
NA
Contractual Cap Date:
NA

Distribution History What's This?

Ex-Date
Type
$ Per Share
10/02/2017
Income
0.464666
09/01/2017
Income
0.454666
08/01/2017
Income
0.136800

Dividends are paid monthly.

Daily Pricing at NAV

Risk and Return Statistics
as of N/A

3 Year
5 Year
Alpha
--
--
Beta
--
--
R-Squared
--
--
Standard Deviation
--
--
Mean
--
--
Sharpe Ratio
--
--
Excess Return
--
--
Tracking Error
--
--
Information Ratio
--
--
Inception Date:

Risk and return statistical data is calculated by Morningstar, Inc. Excess Return is calculated by Principal Life Insurance Company.

Alpha - The difference between an investment's actual returns and its expected performance, given its level of risk (as measured by beta).

Beta - An investment's sensitivity to market movements.

R-Squared - Ranges from 0 to 100 and reveals how closely an investment's returns track those of a benchmark index.

Standard Deviation - Measures how much an investment's returns are likely to fluctuate.

Mean - Represents the annualized total return for a fund over 3 years.

Sharpe Ratio - Measures how an investment balances risks and rewards. The higher the Sharpe ratio, the better the investment's historical risk-adjusted performance.

Excess Return - The difference between an investment option's return and the return of an external standard such as a passive index.

Tracking Error - Also known as "excess risk", is defined as the standard deviation or volatility of excess returns.

Information Ratio - A risk-adjusted measure commonly used to evaluate an active manager's involvement skill. It's defined as the manager's excess return divided by the variability or standard deviation of the excess return.

Morningstar Star Rating™
as of N/A

3 Year
5 Year
Overall
Rating
---
---
---
# Funds
41
35
41
Morningstar Category: Preferred Stock
What's This?
Morningstar's Star Ratings reflect risk adjusted performance and are derived from a weighted average of the performance figures associated with its three, five, and ten-year (if applicable) time periods.

Portfolio Composition
as of What's This?

Asset Type
Net
Short
Long
U.S. Bonds
53.90%
0.00%
53.90%
Non-U.S. Bonds
30.62%
0.00%
30.62%
U.S. Stocks
0.00%
0.00%
0.00%
Non-U.S. Stocks
0.00%
0.00%
0.00%
Preferred
13.79%
0.00%
13.79%
Other
0.00%
0.00%
0.00%
Cash
1.70%
0.00%
1.70%
Convertibles
0.00%
0.00%
0.00%
Total
100.00%

Top 10 Holdings
as of What's This?

Total Market Value
% of Net Assets
BNP PARIBAS JR SUBORDINA 144A 12/49 VAR
1,431,101.16
4.74%
STANDARD CHARTERED PLC JR SUBORDINA 144A 07/49 VAR
1,415,036.40
4.68%
BHP BILLITON FIN USA LTD COMPANY GUAR 144A 10/75 VAR
1,352,707.67
4.48%
BANK OF AMERICA CORP JR SUBORDINA 12/49 VAR
1,335,303.34
4.42%
METLIFE INC JR SUBORDINA 144A 04/38 9.25
1,314,286.46
4.35%
DAI ICHI LIFE INSURANCE JR SUBORDINA 144A 10/49 VAR
1,308,399.99
4.33%
NIPPON LIFE INSURANCE SUBORDINATED 144A 10/44 VAR
1,290,339.99
4.27%
AMERICAN INTL GROUP JR SUBORDINA 05/68 VAR
1,258,644.37
4.17%
LLOYDS BANK PLC JR SUBORDINA 144A 12/49 VAR
1,251,620.70
4.14%
DRESDNER FNDG TRUST I JR SUBORDINA 144A 06/31 8.151
1,187,954.10
3.93%

Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest.

Values may exceed 100% if both long and short positions are included in the portfolio.

Holdings subject to change​.

Stock Sector Breakdown
as of
What's This?

% of Stocks

Cyclical
0.00
Basic Materials
0.00
Consumer Cyclical
0.00
Financial Services
0.00
Real Estate
0.00

Defensive
0.00
Consumer Defensive
0.00
Healthcare
0.00
Utilities
0.00

Sensitive
0.00
Communication Services
0.00
Energy
0.00
Industrials
0.00
Technology
0.00

Morningstar Style Box
as of
What's This?

Sorry, but there is no style box data available for this fund.

Analysis
as of

Average Market Cap (mil):
$
Price/Earnings Ratio:
N/A
Price/Book Ratio:
N/A
Price/Cash Flow Ratio:
N/A
Turnover Ratio:
0
# Stock Holdings:
0
# Bond Holdings:
26
# Other Holdings:
5
# Total Holdings:
31

The Principal Spectrum Preferred Securities Active ETF is an actively managed exchange traded fund incorporated in the USA. The benchmark is Bank of America Merrill Lynch U.S. Investment Grade Institutional Capital Securities Index (CIPS). The Fund seeks to provide current income through active security selection, exclusively in the $1,000 par institutional preferred securities sector.

Find a Fund

Principal Spectrum Preferred Securities Active ETF (PREF) Overview

Ticker
PREF

Benchmark
The BofA Merrill Lynch US Investment Grade Institutional Capital Securities Index
(CIPS)


Net Assets
as of
$30,206,316.21

Daily Volume
102

Shares Outstanding
300,001
30 Day SEC Yield
as of
3.93%

30 Day SEC Yield (Unsubsidized)
as of
3.93%

Distribution Yield
as of
5.55

Number of Holdings
as of
31

Premium/Discount to NAV
0.29%

Additional Tickers

NAV Per SharePREF.NV
Intraday NAVPREF.IV
Shares OutstandingPREF.SO
Estimated CashPREF.EU
Total CashPREF.TC

Disclosures

Investor shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Ordinary brokerage commissions apply.

Returns shown for periods of less than one year are not annualized.

The market price used to calculate the Market Price Return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

© 2016 Morningstar, Inc. All Rights Reserved. Part of the mutual fund data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Where gross and net expense ratios differ, the investment adviser has contractually agreed to limit the investment option's expenses. Differences also may be due to the investment adviser's decision to waive (through the same dates) certain expenses that would normally be payable by the fund. The net expense figure reflects the impact of any limits or waivers. Returns displayed are based on net total investment expense.

The Morningstar Style Box is a nine-square grid that provides a graphical representation of the “investment style” of stocks and mutual funds. For stocks and stock funds, it classifies securities according to market capitalization (the vertical axis) and growth and value factors (the horizontal axis). Fixed income funds are classified according to creditquality (the vertical axis) and sensitivity to changes in interest rates (the horizontal axis).

The model for the fixed- income style box is based on the two pillars of fixed-income performance: interest-rate sensitivity and credit quality. The three interest sensitivity groups are limited, moderate and extensive and the three credit quality groups are high, medium and low. These groupings display a portfolio’s effective duration and third party credit ratings to provide an overall representation of the fund’s risk orientation given the sensitivity to interest rate and credit rating of bonds in the portfolio.


Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns, and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted.

Investors should carefully consider a fund’s investment objectives, risks, charges, and expenses prior to investing.

Asset allocation and diversification do not ensure a profit or protect against a loss. Investing in ETFs involves risk, including possible loss of principal. ETFs are subject to risk similar to those of stocks, including those regarding short-selling and margin account maintenance.

Investor shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Ordinary brokerage commissions apply.

Returns shown for periods of less than one year are not annualized.

Morningstar Ratings do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.


Footnotes

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


Unlike typical ETFs, there are no indices that the Principal Spectrum Preferred Securities Active ETF attempts to track or replicate. Thus, the ability of the Fund to achieve its objectives will depend on the effectiveness of the portfolio manager.