ETF Evaluator:
Principal Value ETF (PY)
Follow This ETF
(as of Jul 31)
Best Performing in Large Value Over the Last Year
| 80.0% | iShares MSCI USA Value Factor ETF (VLUE) |
| 37.2% | Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) |
| 36.6% | SEI QiM U.S. Lrg Cap Value Actv ETF (SEIV) |
| 35.3% | Avantis US Large Cap Value ETF (AVLV) |
| 35.1% | LSV Disciplined Value ETF (LSVD) |
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Risk
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ETF Details
Principal Value ETF Overview
Principal Value ETF (PY) is an actively managed U.S. Equity Large Value exchange-traded fund (ETF). Principal Funds launched the ETF in 2016.
The investment seeks long-term growth of capital.
Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of value companies. For this fund, value companies are those with market capitalizations within the range of companies comprising the S&P 500 Index (as of September 30, 2025, this range was between $6.5 billion and $4.6 trillion) and included within the S&P 500 Value Index.
About Principal Value ETF (PY)
There are 2 members of the management team with an average tenure of 4.00 years: Aaron Siebel (2020) and Kyle Johnson (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 Value TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. Principal Value ETF has 100 securities in its portfolio. The top 10 holdings constitute 27.5% 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 Value ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Principal Value ETF has 1.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.1% There is 1.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Principal Value ETF has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $220 million in total assets, which is below the $5 billion average for the Large Value 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.
PY 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 Value ETF expense ratio is low compared to funds in the Large Value category. Principal Value ETF has an expense ratio of 0.15%, which is 59% lower than its category average, making the fund expense ratio grade a A. 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 Value ETF has a portfolio turnover rate of 91%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Large Value category.
Recently, in the month of June 2026, Principal Value ETF returned -1.4%, which earned it a grade of F, as the Large Value category had an average return of 1.1%. 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 Value ETF has a trailing yield of 2.14%, which is above the 1.74% category average.
The fund normally distributes its income quarterly 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.
Principal Value ETF Grades
Year to date, the ETF has returned 3.8%, 8.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 11.3% over the past year (grade of F), 11.7% over the past three years (grade of F) and 7.8% per year over the past five years (grade of F) and 11.0% per year over the past 10 years (grade of F).
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PY Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PY Return (NAV) | -1.4% | 5.1% | 11.3% | 11.7% | 7.8% | 11.0% |
| PY Return (Price) | -1.4% | 5.1% | 11.2% | 11.7% | 7.8% | 10.8% |
| NAV +/- Price Return | 0.005% | -0.044% | 0.093% | 0.019% | -0.012% | 0.109% |
| Large Value Avg | 1.1% | 9.8% | 22.0% | 16.7% | 11.0% | 12.2% |
| PY Grade (NAV) | F | F | F | F | F | F |
| +/- Category (NAV) | -2.5% | -4.7% | -10.7% | -5.0% | -3.2% | -1.3% |
| PY Tax-Cost Ratio | na | na | 0.9% | 1.0% | 1.1% | 1.1% |
PY Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PY Return (NAV) | 3.8% | 7.6% | 16.7% | 9.1% | -4.9% | 34.8% | 2.6% | 26.3% | -12.5% | 19.1% | na |
| PY Return (Price) | 3.7% | 7.7% | 16.8% | 9.1% | -5.1% | 34.8% | 2.7% | 26.9% | -13.3% | 18.9% | na |
| NAV +/- Price Ret | -0.027% | 0.011% | 0.006% | 0.001% | 0.046% | 0.002% | 0.046% | 2.2% | 6.8% | -1.1% | na |
| Large Value Avg | 11.9% | 14.8% | 15.5% | 13.1% | -6.5% | 26.7% | 5.4% | 27.4% | -6.6% | 17.7% | 15.7% |
| PY Grade (NAV) | F | F | B | D | B | A | D | D | F | B | na |
| +/- Category | -8.0% | -7.2% | 1.2% | -4.0% | 1.6% | 8.1% | -2.8% | -1.0% | -5.9% | 1.4% | na |
| Risk Measures | |
| Beta: | 0.80 |
| R-Squared: | 69% |
| Standard Deviation: | 12.6% |
| Category Risk Index: | 1.03 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.04 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 2.1% |
| Total Assets: | $ 220 Mil |
| Share Class Assets: | $ 220 Mil |
| Turnover: | 91.0% |
| Expense Ratio: | 0.15% |
| Index Fund: | No |
| Index Tracked: | S&P 500 Value TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.3 years | |||
| Average Tenure: 4.0 years | |||
| Managers (Year): Siebel Aaron (2020), Johnson Kyle (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 100 |
| % in Top 10 Holdings: | 27.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 98.1% |
| Foreign Stock: | 1.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | |
| Inception Date: | March 21, 2016 |
Expenses and Fees
| Expense Ratio (%): | 0.15% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.37% |
