The iShares Global High Yield Corp Bond UCITS ETF (HYLA) is an Ireland-domiciled fixed-income ETF managed by BlackRock through its iShares platform. HYLA represents the fund's USD accumulating share class traded on the London Stock Exchange.

The fund seeks to track the iBoxx Global Developed Markets Liquid High Yield Capped (USD) Index, a benchmark comprising high-yield corporate bonds issued by companies across developed markets.

HYLA follows a passive investment strategy and uses physical replication through sampling. The fund invests directly in a representative selection of bonds with the objective of closely tracking the characteristics and performance of its benchmark.

Composition / Exposure Profile

HYLA holds corporate bonds issued by companies across different segments, including:

• Industrials.

• Utilities.

• Financials.

The fund provides exposure to issuers across different developed markets and securities denominated in currencies eligible under the index methodology, resulting in diversification across companies, regions, and individual bond issues.

Because the portfolio primarily invests in below-investment-grade bonds, HYLA carries greater credit risk than funds focused on investment-grade corporate debt. Lower-rated issuers tend to be more sensitive to changes in economic and financial conditions.

Structure and Costs

The fund and share class have the U.S. dollar as their base currency. HYLA trades in USD on the London Stock Exchange.

The ETF has a total expense ratio (TER) of 0.50% per year, uses physical replication through sampling, and is domiciled in Ireland. It operates as part of iShares plc under the UCITS framework.

HYLA follows an accumulating income policy. Interest and other income generated by the portfolio's bonds are therefore reinvested within the fund rather than periodically distributed to shareholders.

History and Evolution of the ETF

The iShares Global High Yield Corp Bond UCITS ETF USD (Acc) was launched in 2017, while the underlying fund has operated since 2012.

Since its launch, HYLA has maintained a passive strategy focused on developed-market high-yield corporate credit, providing exposure to different issuers and segments through a single portfolio.

Throughout its history, HYLA's performance has reflected changes in interest rates, credit spreads, economic conditions, and the financial strength of corporate issuers.

Additional Information

iShares Global High Yield Corp Bond UCITS ETF USD Acc (Ireland) is an exchange-traded fund (ETF), with assets under management totaling $628.85 million.

Over the past 12 months, iShares Global High Yield Corp Bond UCITS ETF USD Acc recorded a return of -0.15%, with its price trading between $6.61 and $6.93 during the same period.

The ETF is traded under the ticker HYLA.