Principal Financial Services, Inc.
711 High Street,
Des Moines, IA 50392
www.principal.com

May 19, 2021

Mr. Kamal Bhatia

Chief Executive Officer and President

Principal Exchange-Traded Funds

Principal Financial Group

Des Moines, IA 50392

Dear Mr. Bhatia:

Principal Financial Services, Inc. intends to purchase the following shares (the “Shares”):

Principal Exchange-Traded Funds	Purchase Amount	Shares Purchased
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	$25.00	1
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	$25.00	1

Each share of the Principal Exchange-Traded Funds has no par value and a price of $25 per share. In connection with such purchases, Principal Financial Services, Inc. represents and warrants that it will purchase such Shares as an investment and not with a view to resell, distribute or redeem.

PRINCIPAL FINANCIAL SERVICES, INC.
BY	/s/ Clint Woods
	Clint Woods
	Vice President, Associate General Counsel, Governance Officer, and Assistant Corporate Secretary