Principal Spectrum Preferred and Income ETF
PQDI
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- Principal Spectrum Tax-Advantaged Dividend Active ETF (PQDI) is an actively managed exchange-traded fund that seeks current income through investments in dividend-paying securities eligible for favorable U.S. federal income tax treatment, including qualified dividend income (QDI); preferred securities; capital securities such as contingent convertible securities (CoCos); and other income-producing securities like fixed-to-floating rate notes and junior subordinated debt from global issuers across sectors including financials, utilities, energy, industrials, insurance, banks, and telecommunications. The fund normally invests at least 80% of its net assets, plus borrowings for investment purposes, in such securities from U.S. and non-U.S. issuers, with a portfolio typically comprising 80-90 holdings, geographic allocations of approximately 49% U.S. and 51% non-U.S. securities, and a focus on investment-grade credits rated BBB or higher; it trades on NYSE Arca with a net expense ratio of 0.60%, monthly dividend distributions averaging around $0.08 per share, and total assets under management of approximately $60-65 million as of late 2025. Launched on June 17, 2020, PQDI is issued by Principal Exchange-Traded Funds and managed by Spectrum Asset Management, Inc., an affiliate of Principal Global Investors, LLC, under Principal Asset Management℠, part of Principal Financial Group, Inc., headquartered at 711 High Street, Des Moines, Iowa. Recent portfolio adjustments reflect active management strategies, including top holdings such as State Street Corp. junior subordinated debt (3.7%), Enbridge Inc. subordinated notes (3.6%), Dominion Energy Inc. junior subordinated debt (3.2%), Nordea Bank Abp junior subordinated debt (3.0%), and Citigroup Inc. junior subordinated debt (3.0%) as of September 30, 2025, alongside ongoing monthly dividend declarations such as $0.0833 per share ex-date December 2, 2025, and $0.0853 per share ex-date November 3, 2025. In December 2025, Principal Asset Management announced changes to its broader ETF lineup, including renaming the Principal Investment Grade Corporate Active ETF to Principal Investment Grade Corporate ETF and shifting its exchange listing from NYSE Arca to Cboe BZX effective around April 21, 2026, signaling ongoing strategic reviews of exchange-traded products without direct impact on PQDI. The fund continues to emphasize tax-advantaged income for U.S. taxpayers, with 96.2% qualified dividend income potential, a yield to worst of 5.8%, and average effective duration of 4.3 years, targeting individual investors seeking after-tax income optimization in preferred and capital securities markets.