Principal US Small-Cap Adaptive Multi-Factor ETF
PLTL
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- Principal US Small-Cap Adaptive Multi-Factor ETF (PLTL) is an actively managed exchange-traded fund that invests in a portfolio of U.S. small-cap companies, primarily those within the range of the S&P SmallCap 600 Index, selected and weighted based on multiple factors including value (yield on earnings, free cash flow, and sales), quality (return on equity, sales growth, and earnings growth), momentum (recent performance), and volatility (12-month standard deviation of returns), with adjustments according to the current market risk regime as determined by the fund's adviser. The ETF, issued by Principal Exchange-Traded Funds, a business unit of Principal Asset Management, which is the global investment solutions arm of Principal Financial Group, Inc. (Nasdaq: PFG), launched in May 2021 and was listed on the Cboe BZX exchange. Headquartered in Des Moines, Iowa, Principal Financial Group, founded in 1879, manages approximately $602 billion in assets across retirement, insurance, and investment solutions, with its ETF lineup targeting institutional and retail investors seeking active strategies in U.S. equities, fixed income, and alternatives. PLTL's portfolio construction incorporates a proprietary model to assign weights dynamically—lower in low-risk regimes, higher in higher or increasing risk environments—while certain holdings maintain index-like weights; the fund rebalanced holdings semi-annually under normal conditions and held minor international exposures including Canada (0.14%), the United Kingdom (0.09%), and others. Principal Asset Management offers a broader suite of active ETFs, such as the Principal US Mega-Cap ETF (USMC), Principal Focused Blue Chip ETF (BCHP), Principal Quality ETF (PSET), and Principal Active High Yield ETF (YLD), focusing on mega-cap, growth, quality, and income strategies, respectively. In a significant operational change, Principal announced the liquidation and delisting of PLTL, along with sister funds Principal U.S. Large-Cap Adaptive Multi-Factor ETF (PLRG) and Principal International Adaptive Multi-Factor ETF (PXUS), effective October 16, 2023, with proceeds distributed to shareholders on or about October 20, 2023, as part of a strategic review of its ETF offerings amid low assets under management. Subsequently, Principal has expanded its active ETF lineup, launching the Principal International Equity ETF in late 2024 and the Principal Capital Appreciation Select ETF (LCAP) in March 2025, managed by its Principal Edge team overseeing $21 billion in assets, while renaming the Principal Investment Grade Corporate Active ETF to Principal Investment Grade Corporate ETF, effective April 2026, with a shift to Cboe BZX. These moves reflect Principal's ongoing optimization of its approximately 10-12 active ETFs totaling nearly $5 billion in assets, emphasizing large-cap U.S. and international equity, real estate, and fixed income segments for risk mitigation and enhanced returns.