PIEQ Fees and Costs — Principal International Equity ETF
Data updated: 2026-09-10
The net expense ratio is 0.48%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $847K in broker commissions, 0.0746% of average net assets, and portfolio turnover was 20%.
PIEQ Fees and Expenses
Annual operating expenses and sales charges of PIEQ. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.48% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.48% |
| Fee waiver | — |
| Net expense ratio | 0.48% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PIEQ Costs Over Time
On $10,000 invested in PIEQ, assuming 5% a year before costs, total costs come to $350 over 5 years, cutting the return by 0.58% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.48%) | $50 | $158 | $275 |
| Trading costs (broker commissions) | $8 | $25 | $43 |
| Lost growth on money paid in costs | $0 | $9 | $32 |
| Total costs | $58 | $192 | $350 |
| Value after costs | $10,442 | $11,385 | $12,413 |
| Impact on return, per year | 0.58% | 0.58% | 0.58% |
PIEQ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0746%
- Total broker commissions: $847K
- Bought from dealers (principal trades, not a cost): $1.5B
- Portfolio turnover (prospectus): 20%
- Securities on loan, average value: $2.8M
- Net income from securities lending: $48K (0.004% of average net assets)
PIEQ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $130K | 19.26% |
| J.P. Morgan Securities LLC | $129K | 19.11% |
| Jefferies LLC | $107K | 15.83% |
| Morgan Stanley & Co. LLC | $86K | 12.69% |
| BofA Securities, Inc. | $55K | 8.12% |
| Citigroup Global Markets Inc. | $52K | 7.65% |
| Goldman Sachs & Co. LLC | $37K | 5.53% |
| Barclays Capital Inc. | $33K | 4.94% |
| Macquarie Capital (USA) Inc. | $23K | 3.47% |
| BNP Paribas Securities Corp. | $23K | 3.41% |
PIEQ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $1.2B | 75.56% |
| BofA Securities, Inc. | $215.3M | 13.91% |
| J.P. Morgan Securities LLC | $86.2M | 5.57% |
| UBS Securities LLC | $61.0M | 3.94% |
| Virtu Americas LLC | $9.8M | 0.63% |
| Mizuho Securities USA LLC | $4.5M | 0.29% |
| CACEIS Bank Deutschland GmbH | $1.5M | 0.10% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.