Principal Healthcare Innovators ETF
BTEC
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- Principal Healthcare Innovators ETF (BTEC) is an exchange-traded fund that seeks long-term growth of capital by investing at least 80% of its net assets in equity securities of companies in the healthcare sector, with a significant focus on early-stage, small- and mid-cap firms in healthcare equipment and supplies, pharmaceuticals, biotechnology, and life sciences industries that are not yet consistently profitable. The fund employs a proprietary quantitative model to select the highest-ranked 150 to 200 companies based on innovation scores derived from factors such as research and development intensity, patents, investment in innovation, and product pipeline; top holdings have historically included companies like Seattle Genetics, Exact Sciences Corp., and Moderna. Launched on August 19, 2016, and managed by Principal Global Investors, LLC, a unit of Principal Financial Group headquartered in Des Moines, Iowa, BTEC targets U.S. healthcare innovators within the Russell 3000 Healthcare Index market capitalization range and trades on Nasdaq. In June 2024, Principal Asset Management announced the closure and liquidation of BTEC following a standard review of its exchange-traded product lineup to align with investor demand and market conditions, marking a significant operational change. Trading on Nasdaq halted after market close on or about July 31, 2024, with proceeds distributed to shareholders and the fund fully closed on or about August 7, 2024; prior to liquidation, the fund deviated from its investment objective as required. No recent partnerships, acquisitions, funding rounds, or new product launches were reported for BTEC itself, though Principal Financial Group continues to evolve its broader ETF offerings, including name changes and new launches in other sectors.