PRINCIPAL INTERNATIONAL ADAPTIVE MULTI-FACTOR ETF ETF

The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 40% of its net assets, plus any borrowings for investment purposes, in securities of foreign companies. It invests in securities regardless of market capitalization size (small, medium or large). For security selection and portfolio construction, Principal Global Investors, LLC (PGI) uses a proprietary quantitative model. The model is designed to identify and rank equity securities in the MSCI World Ex-U.S. Index (the index). The fund is non-diversified.