Skip to content
etf.net

PCEB

GradeFNew York Stock Exchange Arca

Polen Euro High Yield Bond ETF

High Yield Bond · Polen · Inception 2026-05-06

$23.85−0.27 (−1.12%)

As of Sep 23, 2026, 11:41 AM EDT

History starts May 6, 2026.History starts May 6, 2026.History starts May 6, 2026.
Intraday session: down, 4 prints from 24.12 to 23.85. Range 23.85 to 24.12. Use the arrow keys to read each point.$23.90$24.00$24.1010 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$21M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$23.95
52W range
low $23.92high $25.27

The ETF.net PCEB Grade

F

16/ 100

Rank 80 of 85 in US High Yield⁠

Confidence Medium

Six-pillar profile for PCEB. Scores out of 100: Cost 8, Risk 11, Mission not scored, Tradability 23, Holdings 47, Durability 7. Strongest: Holdings (47). Weakest: Durability (7). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 16 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 8
    Category rank79/85 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 11
    Category rank83/85 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 23
    Category rank76/85 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 47
    Category rank58/85 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 7
    Category rank84/85 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on PCEB

ETF.net Research

FNearly every fund in the US high yield aisle buys dollar bonds. PCEB goes to Europe: an actively run basket of euro-denominated high yield credit, picked by Polen's credit team.

Stated mandate

The Fund seeks attractive income together with long-term capital appreciation.

Why people hold it

  1. 01Euro-denominated high yield instead of the usual dollar corporates: European issuers, European rate and credit cycles, in a US-listed wrapper.polencapital.com
  2. 02Actively managed rather than index-locked. Polen's credit team picks the bonds, aiming for income plus long-term capital appreciation.polencapital.com
  3. 03Income is paid on a quarterly schedule, from a corner of the credit market that most US high yield funds leave out entirely.

Worth knowing

  1. 01At 0.55% a year it costs more than the 0.40% category median, and far more than the big dollar trackers (SCYB at 0.03%, SPHY at 0.05%).
  2. 02Launched in 2026, small and thinly traded, so spreads can be wide. The fund's own materials flag its limited operating history.polencapital.com
  3. 03The bonds are euro-denominated while performance is reported in US dollars, so exchange-rate moves feed into what you get. Polen lists currency risk up front.polencapital.com

PCEB Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Other
Holdings
—
Top-10 weight
19%
Largest holding
ELECTRICITE DE FR 5.125 31DEC49 FRN2.3%
The fund’s holdings, weight-ordered — page 1 of 7.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—ELECTRICITE DE FR 5.125 31DEC49 FRN2.28%400,000$477K2
002—FIBERCOP SPA 5.125 30JUN322.23%400,000$467K4
003—EDP SA 4.75 29MAY54 FRN2.21%400,000$463K5
004—VODAFONE GROUP PL 4.625 12SEP55 FRN2.11%400,000$442K3
005—TELECOM ITALIA FINANCE 7.75 24JAN332.01%300,000$420K2
006—CESAR SPA 6.5 30SEP311.71%300,000$358K4
007—BANIJAY GAMING SAS 5.125 10DEC311.68%300,000$351K5
008—AEGIS LUX 1A SARL 5.625 29OCT311.67%300,000$350K5
009—SOFTBANK GROUP CORP 6.375 22APR301.67%300,000$350K4
010—ZF EUROPE FINANCE BV 5.5 17FEB321.67%300,000$349K6
011—CZECHOSLOVAK GROUP AS 5.25 10JAN311.67%300,000$349K2
012—ALSTRIA SARL 5.5 20MAR311.66%300,000$347K6
013—BOOTS GROUP FINCO LP 5.375 31AUG321.65%300,000$346K6
014—TEVA PHARMACEUTICAL F 4.125 01JUN311.65%300,000$344K9
015—NIDDA HEALTHCARE HOLD 5.625 21FEB301.64%300,000$344K4

Showing 1–15 of 94 holdings

PCEB Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PCEB$9,917
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. PCEB $9,917. SPY $10,415. Use the arrow keys to read each point.$9,741$10,122$10,502Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PCEB. Periods over one year show the average yearly return.
PeriodPCEB
Year to dateFund launched this year—
1 month−2.7%
3 months−0.8%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PCEB
YearReturn barPCEB
2026 YTD−2.5%

Since listing, May 6, 2026

PCEB in the news

ETF.net Research hasn’t filed on PCEB yet — coverage lands here as it’s written.

PCEB Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.08 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 4 payments in 2026 YTD. May 29, 2026 $0.06; Jun 30, 2026 $0.07; Jul 31, 2026 $0.08; Aug 31, 2026 $0.08. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Aug 31, 2026Sep 1, 2026$0.08
Jul 31, 2026Aug 3, 2026$0.08
Jun 30, 2026Jul 1, 2026$0.07
May 29, 2026Jun 1, 2026$0.06

PCEB Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched May 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched May 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched May 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.61
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

PCEB Cost

Expense ratio0.75%
  • The middle half of US High Yield funds
  • Median 0.43%

76 of the 84 US High Yield funds charge less.

PCEB costs $75.00 a year on $10,000. The median US High Yield fund costs $43.50.