PSC Fees and Costs — Principal U.S. Small-Cap ETF
Data updated: 2026-09-10
The net expense ratio is 0.38%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.2M in broker commissions, 0.0788% of average net assets, and portfolio turnover was 80%.
PSC Fees and Expenses
Annual operating expenses and sales charges of PSC. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.38% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.38% |
| Fee waiver | — |
| Net expense ratio | 0.38% |
| 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 |
PSC Costs Over Time
On $10,000 invested in PSC, assuming 5% a year before costs, total costs come to $290 over 5 years, cutting the return by 0.48% 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 0.38%) | $40 | $125 | $218 |
| Trading costs (broker commissions) | $8 | $26 | $45 |
| Lost growth on money paid in costs | $0 | $7 | $26 |
| Total costs | $48 | $159 | $290 |
| Value after costs | $10,452 | $11,418 | $12,473 |
| Impact on return, per year | 0.48% | 0.48% | 0.48% |
PSC 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): 0.0788%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $2.5B
- Portfolio turnover (prospectus): 80%
- Securities on loan, average value: $17.0M
- Net income from securities lending: $74K (0.005% of average net assets)
PSC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $1.2M | 96.87% |
| Jefferies LLC | $10K | 0.83% |
| Raymond James & Associates, Inc. | $7K | 0.57% |
| Piper Sandler & Co. | $6K | 0.51% |
| Mischler Financial Group, Inc. | $4K | 0.37% |
| Stifel, Nicolaus & Company, Incorporated | $4K | 0.31% |
| Goldman Sachs & Co. LLC | $2K | 0.20% |
| Morgan Stanley & Co. LLC | $2K | 0.17% |
| Telsey Advisory Group LLC | $1K | 0.09% |
| CastleOak Securities, L.P. | $1K | 0.09% |
PSC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| National Securities Clearing Corporation | $2.3B | 92.27% |
| State Street Bank and Trust Company | $160.5M | 6.45% |
| Goldman Sachs & Co. LLC | $14.4M | 0.58% |
| Wells Fargo Securities, LLC | $12.5M | 0.50% |
| Raymond James & Associates, Inc. | $3.7M | 0.15% |
| Barclays Capital Inc. | $1.2M | 0.05% |
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.