Polen Euro High Yield Bond ETF (PCEB)

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PCEB is actively managed and aims to outperform the euro high yield market over a rolling three-year basis. It invests in below-investment grade, euro-denominated fixed income securities, focusing primarily on the corporate bond market. The fund employs a bottom-up, fundamentally oriented investment process with an emphasis on downside protection. The investment team conducts detailed research, including legal analysis, to identify undervalued securities with a margin of safety and potential for total return. The fund's portfolio may include distressed or defaulted securities and issuers in bankruptcy, with investments guided by a low loan-to-value ratio to help manage default risk. While generally avoiding illiquid securities, the fund may hold reclassified illiquid investments in compliance with applicable regulations. The portfolio does not have any maturity or duration requirements and will typically comprise 70-90 securities.