PRINCIPAL SECURITIES, INC.

Principal Securities' $6.8 billion Q1 2026 book (1,411 positions) is built substantially from its own affiliated Principal Exchange Traded Funds — USMC, PSC, PIEQ, LCAP, BCHP, IG, PY and YLD together represent well over $1 billion of the platform. This quarter, 38 of the book's positions were increased against just 8 decreases, and the buying was concentrated in that proprietary fund lineup: Principal's Large Cap ETF (LCAP) rose 64.0% in shares (a genuine $54.5 million inflow, the largest of the quarter), its flagship US Mega Cap ETF (USMC) added $17.1 million, and its Investment Grade Corporate ETF (IG), International Equity ETF (PIEQ) and other in-house funds each picked up $12-14 million. That kind of broad, simultaneous accumulation across a platform's own fund suite reads more like steady new participant contributions flowing through a retirement or advisory platform than a tactical reallocation. Two funds were sold entirely — JPMorgan's option-income ETF JEPI ($30.2 million) and SPDR's S&P 500 Growth fund SPYG ($28.5 million) — while a new $29.9 million position opened in the Treasury ETF GOVT.