ETF Evaluator:
Principal Long Duration ETF ()
Follow This ETF
(as of Aug 07)
Best Performing in Long Government Over the Last Year
| 3.8% | iShares 20+ Year Trs Bd Buywrt Stgy ETF (TLTW) |
| 2.3% | First Trust Long Duration Opp ETF (LGOV) |
| 1.9% | BondBloxx Bloomberg SevenYrTrgDurUSTrETF (XSVN) |
| 1.8% | WisdomTree 7-10 Year Laddered Trsy ETF (USIN) |
| 1.7% | iShares 7-10 Year Treasury Bond ETF (IEF) |
Risk
Index
Risk
Index
ETF Details
Principal Long Duration ETF Overview
Principal Long Duration ETF (DWWN) is an actively managed Taxable Bond Long Government exchange-traded fund (ETF). Principal Funds launched the ETF in 2026.
The investment seeks to provide current income, as a secondary objective, capital appreciation during periods of falling U.S. interest rates.
Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in Separate Trading of Registered Interest and Principal of Securities ("STRIPS").
About Principal Long Duration ETF (DWWN)
There are 2 members of the management team with an average tenure of 0.28 years: Zach Gassmann (2026) and Jeff Callahan (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Strips 20+ Yr TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Principal Long Duration ETF has 58 securities in its portfolio. The top 10 holdings constitute 30.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Principal Long Duration ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Principal Long Duration ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.8% (99.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Principal Long Duration ETF has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $10 million in total assets, which is below the $4 billion average for the Long Government category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DWWN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Principal Long Duration ETF expense ratio is low compared to funds in the Long Government category. Principal Long Duration ETF has an expense ratio of 0.19%, which is 18% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Principal Long Duration ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 60% for the Long Government category.
Recently, in the month of July 2026, Principal Long Duration ETF returned -7.4%, which earned it a grade of F, as the Long Government category had an average return of -4.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Principal Long Duration ETF has a trailing yield of 0.00%, which is below the 5.37% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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DWWN Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DWWN Return (NAV) | -7.4% | na | na | na | na | na |
| DWWN Return (Price) | 0.5% | na | na | na | na | na |
| NAV +/- Price Return | -7.901% | na | na | na | na | na |
| Long Government Avg | -4.1% | -2.7% | -1.0% | -1.5% | -7.7% | -2.3% |
| DWWN Grade (NAV) | F | na | na | na | na | na |
| +/- Category (NAV) | -3.3% | na | na | na | na | na |
| DWWN Tax-Cost Ratio | na | na | na | na | na | na |
DWWN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DWWN Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| DWWN Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Long Government Avg | -3.2% | 4.1% | -6.3% | 2.4% | -29.1% | -4.5% | 16.7% | 14.2% | -1.6% | 8.1% | 1.2% |
| DWWN Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 11 Mil |
| Share Class Assets: | $ 11 Mil |
| Turnover: | na |
| Expense Ratio: | 0.19% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Strips 20+ Yr TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.3 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Gassmann Zach (2026), Callahan Jeff (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 58 |
| % in Top 10 Holdings: | 30.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | |
| Inception Date: | May 21, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.19% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.23% |
