The Polen High Income ETF (PCHI) is designed to offer specialized access to the North American fixed income market, with the overarching goal of outperforming the broader high-yield sector over the course of a full credit cycle. Its objective is to generate substantial total returns by allocating capital to both fixed and floating-rate sub-investment-grade debt. These investments primarily target middle-market companies situated in the United States, with a partial allocation to Canadian issuers. The holdings encompass a range of below-investment-grade instruments—such as corporate bonds, senior secured loans, convertible debt, and preferred stock—all selected for their perceived undervaluation. The fund employs a value-oriented investment philosophy, striving to prudently balance the inherent risks with the potential rewards offered by these discounted securities. A predominantly bottom-up investment approach guides the fund, with significant emphasis placed on individual security selection as the primary driver of value creation, coupled with a robust focus on mitigating downside risks. While maturity and duration are not central to its investment strategy, PCHI anticipates that its portfolio holdings will generally exhibit shorter maturities and lower duration compared to typical broad-based high-yield market indices. The portfolio is expected to maintain a diversified yet concentrated structure, typically comprising between 60 and 150 distinct bond holdings.

Polen High Income ETF

PCHI provides segmented exposure to the North American fixed income market with the intention to exceed the performance of the broader high yield market over a credit cycle. It aims to deliver overall total return through investments in fixed- and floating-rate high yield debt securities of middle market issuers in the US and, partially, in Canada. These below investment-grade securities may be corporate bonds, senior loans, convertible bonds, and preferred stock that are believed to be undervalued. The fund utilizes value investing with the intention of balancing the risks with the potential reward of discounted securities. It mainly follows a bottom-up investment approach, emphasizing downside protection, with the aim of adding value initially through security selection. The fund will not focus on maturity and duration but expects to hold securities with shorter maturity and duration than broad-based high yield market indices. The portfolio will typically include 60 to 150 bonds.

PCHI Holdings & Sector Breakdown

PCHI Holdings & Sector Breakdown