'Polar Fleece' (any variant of Polyester fleece) vents well, needs a wind barrier.
I like multipurposing my cycling gear. A mid-weight ('light' for many...) fleece vest - usually one of my Pearl Izumis.
With a cycling vest which has a full mesh back panel, also usually a pearl izumi.
Depending on base layer and shirt, I may add DeFeet wool arm warmers, if cold enough.
All Under a Marmot shell with pit zips (one size up).
Cycling vests are intended to provide max back ventilation, while protecting the frontal/chest area from wind chill. Perfect as a cover for fleece.
Covers me down to about 20 deg. - below that I take off the cycling vest & arm warmers and replace with soft shell, over fleece under the marmot shell.