Polen High Income ETF (PCHI) ETF Analysis

The Polen High Income ETF (PCHI) is a fixed-income ETF managed by Polen, with $0.02 billion in assets under management.

Charging an expense ratio of 0.56%, PCHI aims to outperform the broader high-yield market by investing in undervalued, below-investment-grade debt securities of middle-market issuers primarily in the US and Canada. PCHI differentiates itself through a bottom-up, value-oriented approach, emphasizing downside protection and security selection over maturity or duration considerations, holding between 60 and 150 bonds.

Polen High Income ETF (PCHI) ETF — Price, Holdings & Analysis

The Polen High Income ETF (PCHI) is a fixed-income ETF managed by Polen, with $0.02 billion in assets under management. Charging an expense ratio of 0.56%, PCHI aims to outperform the broader high-yield market by investing in undervalued, below-investment-grade debt securities of middle-market issuers primarily in the US and Canada. PCHI differentiates itself through a bottom-up, value-oriented approach, emphasizing downside protection and security selection over maturity or duration considerations, holding between 60 and 150 bonds.

ETF Overview

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.

The Polen High Income ETF (PCHI) seeks to deliver total return by investing in fixed and floating-rate high-yield debt securities, including corporate bonds, senior loans, convertible bonds, and preferred stock, primarily of middle-market issuers in the US and Canada. PCHI employs a value investing approach, focusing on undervalued securities with the goal of balancing risk and potential reward. The fund's investment strategy emphasizes bottom-up security selection, prioritizing downside protection. Unlike many high-yield ETFs, PCHI does not focus on maturity or duration, instead favoring shorter-maturity securities. The fund typically holds a portfolio of 60 to 150 bonds, allowing for focused exposure. A significant portion, 79.5%, of the fund's assets are allocated to the United States, with 5.3% in Canada and smaller allocations to other regions. This targeted approach distinguishes PCHI from broader high-yield market indices.

Risk Metrics

PCHI's risk profile is shaped by its focus on high-yield debt of middle-market issuers. The fund's concentration in below-investment-grade securities exposes it to higher credit risk compared to investment-grade bond ETFs. As of 2026-03-15, PCHI's beta is 0.00, indicating very low volatility relative to the market. The fund's expense ratio of 0.56% creates a drag on performance, which investors may want to research. The fund's country exposure is primarily concentrated in the United States (79.5%), which introduces geographic concentration risk. The fund's relatively small AUM of $0.02 billion may pose liquidity risks. Investors should be aware that investments in high-yield bonds are speculative and carry a higher risk of default.

Expense Ratio

0.56%

How Is the Fund Allocated?

Country	Weight
United States	79.5%
Other	14.6%
Canada	5.3%
United Kingdom	0.6%

Dividend Yield

0.00%

JPMorgan International Bond Opportunities ETF (JPIB) — 0.50% expense ratio
IDX Dynamic Fixed Income ETF (DYFI) — 1.12% expense ratio
Invesco Taxable Municipal Bond ETF (BAB) — 0.28% expense ratio
Academy Veteran Impact ETF (VETZ) — 0.35% expense ratio
iShares MBS ETF (MBB) — 0.04% expense ratio
iShares iBonds Oct 2027 Term TIPS ETF (IBID) — 0.10% expense ratio
Bluemonte Long Term Bond ETF (BLTD) — 0.23% expense ratio
JPMorgan Mortgage-Backed Securities ETF (JMTG) — 0.24% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is PCHI and what does it track?

The Polen High Income ETF (PCHI) is an actively managed fixed-income ETF that aims to outperform the broader high-yield market over a credit cycle.

It invests primarily in below-investment-grade, fixed and floating-rate debt securities of middle-market issuers in the United States and Canada.

What is the expense ratio for PCHI?

The Polen High Income ETF (PCHI) has an expense ratio of 0.56%. This means that for every $10,000 invested in the fund, investors will pay $56 in annual fees.

While this expense ratio impacts returns, it is important to consider it in the context of the fund's active management strategy and potential for outperformance.

What are the top holdings in PCHI?

As an actively managed fund, PCHI's holdings are subject to change. While a full list of current holdings is not available, the fund primarily invests in high-yield debt securities of middle-market issuers in the US and Canada.

These may include corporate bonds, senior loans, convertible bonds, and preferred stock.

Is PCHI a good long-term investment?

Whether PCHI is a suitable long-term investment depends on an investor's individual circumstances, risk tolerance, and investment objectives. PCHI's focus on high-yield debt offers the potential for higher returns but also carries greater risk.

The fund's active management and value-oriented approach may appeal to investors seeking to outperform the broader high-yield market.

How does PCHI compare to similar ETFs?

PCHI differentiates itself from other high-yield ETFs through its active management, value-oriented approach, and focus on middle-market issuers. While many high-yield ETFs passively track broad market indices, PCHI employs a bottom-up security selection process.

PCHI's expense ratio of 0.56% may be higher than some passively managed high-yield ETFs.

Does PCHI pay dividends?

As of 2026-03-15, the Polen High Income ETF (PCHI) has a dividend yield of 0.00%. This indicates that the fund is not currently distributing income to shareholders in the form of dividends.

The dividend yield can fluctuate over time depending on the fund's underlying holdings and market conditions. Investors seeking current income from their fixed-income investments may want to consider other high-yield ETFs with a history of paying dividends.