ISHARES EUROPEAN HIGH YIELD CORP BOND ACTIVE UCITS ETF (EUR, EBHY) EBHY.DE

iShares European High Yield Corp Bond Active UCITS ETF is an actively managed fixed income fund that seeks to deliver total return by combining capital growth and income through investments in high yield (below investment grade) fixed income securities.

The investment manager has discretion over security selection and portfolio construction, and the fund is not strictly index-tracking though it uses a benchmark for performance comparison. Its constraint benchmark is the ICE BofA Euro High Yield Constrained Index (HEC0 EUR), which can be used to assess performance against the European high yield corporate bond market.

The fund's scope covers securities issued by companies based in or operating in Europe, as well as supranational, governmental or agency entities. It invests in high yield debt denominated in various currencies, subject to the mandate that at least 70% of assets are invested in high yield fixed income securities.

The securities may include fixed or floating rate bonds. The issuer is iShares (a BlackRock product), with domicile in Ireland under a UCITS regulatory wrapper. The fund is structured as an open-ended ETF. It applies an ESG screening policy to exclude companies whose activities are inconsistent with ESG criteria, and uses the ICE BofA Euro High Yield Constrained Index for benchmark purposes but retains active management authority.