At a glance
PIEQ charges 0.48% a year, above the 0.1% average of the 6 funds most like it (the most expensive of 7). It has $1.33B in assets, the 7th largest of that group; it paid 1.18% of its price in distributions over the past 12 months, annual. Over the past year it returned +12.4% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds. Its ten largest positions make up 47.1% of the fund, out of 35 in all.
The short version
Principal International Equity ETF (PIEQ) is an actively managed fund holding about 35 stocks from outside the US, including emerging markets such as China. Its biggest positions, as of June 30, 2026, were Samsung Electronics, Taiwan Semiconductor and ASML. It charges 0.48% a year, against a 0.10% average for similar international funds. It shares only about 10% or less of its holdings with those funds, so its results can differ sharply from theirs.
Price history
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PIEQ +12.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PIEQ official prospectus, to Dec 31, 2025 | — | +37.55% | — | — | — | +28.20% |
| MSCI ACWI Ex USA Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) index, same period | — | +32.39% | — | — | — | +23.21% |
| PIEQ price data to Oct 27, 2026 | +8.3% | +12.4% | — | — | — | +20.8% |
- Over the year to Oct 27, 2026, PIEQ returned +12.4%, 6th of 7 among similar funds.
- Its worst full calendar year was 2025 (+38.1%); its best was 2025 (+38.1%).
- The deepest fall in its price history was 15.2% (Mar 5, 2025 to Apr 8, 2025), recovered by May 20, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.3% | — |
| 2025 | +38.1% | +37.55% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4200 |
What's inside
As of Jun 30, 2026, the fund held 35 securities; the ten largest made up 47.09% of assets, and 2.47% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Samsung Electronics Co Ltd | 8.00% | |
| Taiwan Semiconductor Manufacturing Co Ltd | 6.96% | |
| ASML Holding NV | 6.80% | |
| Teck Resources Ltd | 4.15% | |
| British American Tobacco PLC | 3.97% | |
| AIB Group PLC | 3.77% | |
| Sompo Holdings Inc | 3.53% | |
| Erste Group Bank AG | 3.43% | |
| Spotify Technology SA | 3.27% | |
| Alibaba Group Holding Ltd | 3.21% | |
| Suncor Energy Inc | 3.17% | |
| Rexel SA | 3.07% | |
| AstraZeneca PLC | 3.05% | |
| Daimler Truck Holding AG | 2.94% | |
| Hannover Rueck SE | 2.62% |
By country
United Kingdom 13.24%Japan 9.16%Netherlands 8.76%South Korea 8%Canada 7.32%By asset type
Stocks 97.43%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $3.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.96%, +2.85%, +0.22%.
How it works
PIEQ does not track an index. Principal's investment team picks the stocks, and a sub-advisor may also help with those decisions. The prospectus requires the fund to keep at least 80% of its net assets in stocks. It invests mainly in foreign companies, including emerging markets such as China, and it typically holds companies from at least ten countries. Companies can be any size. The managers mix value stocks (shares that look cheap compared with the business behind them) with growth stocks (companies expected to grow earnings faster than average).
The result is a concentrated portfolio. As of June 30, 2026, the fund held 35 stocks, and the top 10 made up 47.1% of assets. The largest were Samsung Electronics at 8.0%, Taiwan Semiconductor Manufacturing at 7.0% and ASML Holding at 6.8%, followed by Teck Resources and British American Tobacco. The biggest country weights were the United Kingdom at 13.2%, Japan at 9.2% and the Netherlands at 8.8%. Cash was 2.5%, and the fund held no derivatives.
The prospectus sets no weighting formula or rebalancing schedule. Position sizes and trades are up to the managers. Portfolio turnover was 68.8%, which means the fund trades a large share of its portfolio each year. Those trading costs are not part of the expense ratio. The fund compares its results with the MSCI ACWI ex USA Index, but it does not try to match that index. Because the holdings trade in foreign currencies, exchange-rate moves also affect returns.
What it really costs
- PIEQ charges 0.48% a year, versus an average of 0.1% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $49 in the first year and $604 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PIEQ | $49 | $154 | $269 | $604 |
In a retirement portfolio
PIEQ is a concentrated, actively managed portfolio of about 35 non-US stocks with a short history, so it fits better as a small addition than as the core of an international allocation.
PIEQ adds non-US stocks to a portfolio, but through a manager's picks rather than broad market exposure. It launched November 5, 2024, so it has no record from the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, was a 37.55% gain. Its deepest drop was 15.2%, from March 5 to April 8, 2025, and it recovered by May 20, 2025, about 1.4 months later. That short test says little about how a fund this concentrated, with China exposure, might hold up in a long slump. That matters for anyone who may need to sell shares in a bad year. The yield was 1.18% as of October 27, 2026, paid once a year. The fee is 0.48%, or $49 on $10,000 in the first year under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want an actively managed international stock fund holding about 35 companies, rather than a broad market fund.
- Those willing to pay 0.48% a year, against a 0.10% peer average, for a manager whose picks beat the fund's benchmark in 2025.
- Investors who want a small satellite position with large stakes in Samsung Electronics, Taiwan Semiconductor and ASML, mixing value and growth stocks.
Look elsewhere if
- Cost-focused investors: Vanguard FTSE Developed Markets ETF (VEA) charges 0.03% and Schwab International Equity ETF (SCHF) charges 0.06%.
- Those who want a long track record. PIEQ launched November 5, 2024 and has no history through the 2020 or 2022 downturns.
- Income seekers. The yield was 1.18% as of October 27, 2026, and the fund pays only once a year.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PIEQ this fund | — | 0.48% | $1.33B | +12.4% | — |
| SCHF Schwab International Equity ETF | 10% | 0.06% | $69.68B | +17.7% | +20.4% |
| EFA iShares MSCI EAFE ETF | 10% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEMG iShares Core MSCI Emerging Markets ETF | 8% | 0.09% | $160.90B | +11.7% | +19.8% |
| VEA Vanguard FTSE Developed Markets ETF | 8% | 0.03% | $316.42B | +16.8% | +21.7% |
| IEFA iShares Core MSCI EAFE ETF | 8% | 0.07% | $190.11B | +13.7% | +18.5% |
| VEU Vanguard FTSE All-World ex-US Index Fund | 8% | 0.04% | $95.84B | +13.4% | +20.6% |
Questions investors ask
Is PIEQ an index fund?
No. PIEQ is actively managed, which means Principal's investment team picks the stocks instead of following an index. It compares its results with the MSCI ACWI ex USA Index. In 2025, its only full calendar year, the fund returned 37.55% against 32.39% for that index. Since its November 5, 2024 launch through December 31, 2025, it returned 28.2% a year against 23.21% for the index. Active funds can also trail their benchmarks, so this short record is no guarantee.
What's the difference between PIEQ and SCHF?
They take very different approaches. Only about 10% of their holdings overlap. PIEQ holds about 35 hand-picked stocks and charges 0.48% a year. Schwab International Equity ETF (SCHF) charges 0.06% and had about $69.7 billion in net assets as of August 31, 2026. PIEQ had about $1.33 billion as of June 30, 2026. Over one year, SCHF returned 18.5% as of October 29, 2026. PIEQ returned 12.4% as of October 27, 2026.
Does PIEQ pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, the fund paid $0.42 per share, a yield of 1.18%. That is modest income. The fund's goal is long-term growth of capital, not income. Some of its holdings are growth stocks, which often pay little or no dividend. Investors who want regular cash payments may find an annual payout less convenient than a monthly or quarterly one.
What are PIEQ's top holdings?
As of June 30, 2026, the three largest holdings were Samsung Electronics at 8.0%, Taiwan Semiconductor Manufacturing at 7.0% and ASML Holding at 6.8%. Teck Resources, British American Tobacco, AIB Group, Sompo Holdings, Erste Group Bank, Spotify and Alibaba came next. The top 10 made up 47.1% of the fund. The biggest country weights were the United Kingdom, Japan and the Netherlands, with large stakes in South Korea, Canada and Taiwan.
How much does PIEQ cost?
PIEQ charges 0.48% a year, with no fee waiver. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs come to about $49 after one year, $154 after three, $269 after five and $604 after ten. The average for similar international funds is 0.10%, and PIEQ is the most expensive of the seven funds compared. Turnover of 68.8% also adds trading costs that the expense ratio doesn't include.