ETF Evaluator:
Principal Active High Yield ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in High Yield Bond Over the Last Year
| 7.6% | Fidelity Sustainable High Yield ETF (FSYD) |
| 7.4% | Horizon Flexible Income ETF (FLXN) |
| 6.7% | iShares Interest Rate Hdg Hi Yld Bd ETF (HYGH) |
| 6.6% | Fidelity Enhanced High Yield ETF (FDHY) |
| 6.3% | Harbor Ares Systematic High-Yield ETF (SIHY) |
Risk
Index
Risk
Index
ETF Details
Principal Active High Yield ETF Overview
Principal Active High Yield ETF (YLD) is an actively managed Taxable Bond High Yield Bond exchange-traded fund (ETF). Principal Funds launched the ETF in 2015.
The investment seeks to provide a high level of current income.
The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in below-investment-grade (commonly known as "junk" or "high yield") fixed-income securities, such as bonds and bank loans. The fund invests in U.S. treasury securities, investment grade bank loans (also known as senior floating rate interests), and preferred securities.
About Principal Active High Yield ETF (YLD)
There are 3 members of the management team with an average tenure of 4.92 years: Darrin Smith (2021), Joshua Rank (2021) and Mark Denkinger (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US HY 2% Issuer Cap TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Principal Active High Yield ETF has 146 securities in its portfolio. The top 10 holdings constitute 18.2% 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 Active High Yield ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Principal Active High Yield ETF has 18.1% 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 1.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.1% (78.0% domestic bond, 18.1% foreign bond and 0.0% convertible bond). Principal Active High Yield ETF has 2.7% of the portfolio in cash.
Assets Under Management
The fund has $580 million in total assets, which is below the $1 billion average for the High Yield Bond 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.
YLD 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 Active High Yield ETF expense ratio is below average compared to funds in the High Yield Bond category. Principal Active High Yield ETF has an expense ratio of 0.39%, which is 2% lower than its category average, making the fund expense ratio grade a C. 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 Active High Yield ETF has a portfolio turnover rate of 45%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the High Yield Bond category.
Recently, in the month of July 2026, Principal Active High Yield ETF returned -0.2%, which earned it a grade of C, as the High Yield Bond category had an average return of -0.2%. 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 Active High Yield ETF has a trailing yield of 7.32%, which is above the 6.77% category average.
The fund normally distributes its income monthly.
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.
Principal Active High Yield ETF Grades
Year to date, the ETF has returned 3.0%, 1.3 percentage points better than the category, which translates into a grade of A. The fund has returned 5.4% over the past year (grade of B), 8.2% over the past three years (grade of B) and 4.7% per year over the past five years (grade of A) and 5.5% per year over the past 10 years (grade of B).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Principal Active High Yield ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
YLD 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 |
|
| YLD Return (NAV) | -0.2% | 0.9% | 5.4% | 8.2% | 4.7% | 5.5% |
| YLD Return (Price) | -0.1% | 1.2% | 5.6% | 8.4% | 4.8% | 5.5% |
| NAV +/- Price Return | -0.148% | -0.295% | -0.274% | -0.135% | -0.049% | 0.003% |
| High Yield Bond Avg | -0.2% | 0.5% | 5.0% | 7.8% | 3.8% | 5.0% |
| YLD Grade (NAV) | C | A | B | B | A | B |
| +/- Category (NAV) | 0.0% | 0.4% | 0.4% | 0.4% | 0.9% | 0.5% |
| YLD Tax-Cost Ratio | na | na | 2.9% | 2.9% | 2.7% | 2.4% |
YLD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| YLD Return (NAV) | 3.0% | 6.6% | 9.1% | 13.1% | -8.6% | 9.1% | 2.3% | 15.2% | -4.5% | 8.3% | 16.2% |
| YLD Return (Price) | 3.3% | 6.6% | 9.2% | 12.9% | -8.8% | 9.8% | 1.5% | 13.6% | -2.9% | 8.7% | 14.6% |
| NAV +/- Price Ret | 0.126% | -0.013% | 0.017% | -0.013% | 0.025% | 0.083% | -0.337% | -10.6% | -35.5% | 4.1% | -10.2% |
| High Yield Bond Avg | 1.7% | 8.4% | 7.5% | 12.4% | -10.1% | 4.2% | 6.1% | 13.4% | -2.3% | 7.1% | 13.0% |
| YLD Grade (NAV) | A | F | A | B | B | A | F | B | F | B | A |
| +/- Category | 1.3% | -1.8% | 1.6% | 0.6% | 1.5% | 4.8% | -3.9% | 1.8% | -2.2% | 1.2% | 3.2% |
| Risk Measures | |
| Beta: | 0.55 |
| R-Squared: | 60% |
| Standard Deviation: | 4.1% |
| Category Risk Index: | 0.94 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.33 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 7.3% |
| Total Assets: | $ 580 Mil |
| Share Class Assets: | $ 580 Mil |
| Turnover: | 45.8% |
| Expense Ratio: | 0.39% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US HY 2% Issuer Cap TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.9 years | |||
| Average Tenure: 4.9 years | |||
| Managers (Year): Smith Darrin (2021), Rank Joshua (2021), Denkinger Mark (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 146 |
| % in Top 10 Holdings: | 18.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 18.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 1.2% |
| Domestic Bond: | 78.0% |
| Foreign Bond: | 18.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | |
| Inception Date: | July 8, 2015 |
Expenses and Fees
| Expense Ratio (%): | 0.39% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.40% |
