HYSD's largest holdings are BLK ICS USD LEAF AGENCY DIST, 1261229 BC LTD 144A, MERIDIAN ARC HOLDCO LLC 144A, PR RNO PROPERTY OWNER 1 LLC 144A, GALAXY HELIOS DATA CENTERS II LLC 144A. The full top list is on this page.

How concentrated is HYSD?

The top 10 holdings are 3.6% of the fund, across 1,907 positions.

The total expense ratio on record is 0.22%. That is cheaper than 34% of the 1,341 European UCITS bond funds we track.

UCITS · Ireland · Distributing

HYSD IE000IIOOR48

US high-yield corporate bonds, broadly diversified

iShares Broad USD High Yield C ETFS

BlackRock (iShares)

1,907 holdings as of 2026-09-14 · top 10 = 3.6% · TER 0.22%

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Concentration

Well diversifiedtop 10 = 3.6%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

1,907

as of 2026-09-14

Top 10

3.6%

TER

0.22%

cheaper than 34% of peers

Net assets

£136M

reported in GBP

Largest

1.1%

P / E

–

Sections

Holdings as of 2026-09-14.

01Overview

the fund's regulatory facts

Distribution

Distributing

Fund currency

GBP

Domicile

Ireland

Structure

Open-ended

First listed

2022-08-03

Volatility 1Y

5.9%

Tracked index

ICE BofA US High Yield Constrained Index

How it tracks

Physical, optimised

Risk rating

4 of 7

Lends its stock

Yes

02Performance

market price return · as of 2026-10-07

-2.1%

-3.4%

-4.2%

YTD

-7.0%

-5.9%

Trackingfund minus ICE BofA US High Yield Constrained Index · annualised

1Y return gap

-0.18 pp/yr

3Y return gap

-0.39 pp/yr

3Y tracking error

0.19%

A positive return gap means the fund finished ahead of the index over that window. The 3Y tracking error shows how variable that monthly gap was; lower means steadier tracking. MethodologyReturn gap and tracking errorReturn gap is the fund's return minus its index over the same months, converted to a yearly rate. Tracking error is the annualised standard deviation of those monthly fund-minus-index returns. Both lines come from the manager's own chart, in the same currency and the exact index variant the fund tracks. We use month-end values so different intraday valuation times are not mistaken for tracking error.. Not investment advice.

03Holdings

50 largest · as of 2026-09-14

#	Company	Identifier	Weight
1	BLK ICS USD LEAF AGENCY DIST IE	-	1.1
2	1261229 BC LTD 144A US	BHCCN	0.5
3	MERIDIAN ARC HOLDCO LLC 144A US	MERIDI	0.4
4	PR RNO PROPERTY OWNER 1 LLC 144A US	TRACTD	0.3
5	GALAXY HELIOS DATA CENTERS II LLC 144A US	GALHLI	0.2
6	WULF COMPUTE LLC 144A US	WULF	0.2
7	SV RNO PROPERTY OWNER 1 LLC 144A US	TRACTC	0.2
8	CORE SCIENTIFIC FINANCE I LLC 144A US	CORZ	0.2
9	PANTHER ESCROW ISSUER LLC 144A US	TIHLLC	0.2
10	ASURION LLC 144A US	ASUCOR	0.2
11	AADVANTAGE LOYALTY IP LTD 144A US	AAL	0.2
12	OAK EAGLE ACQUIRECO INC 144A US	EA	0.2
13	MPT OPERATING PARTNERSHIP LP / MPT 144A US	MPW	0.2
14	APLD COMPUTECO LLC 144A US	APLD	0.2
15	ECHOSTAR CORP US	SATS	0.2
16	MEDLINE BORROWER LP 144A US	MEDIND	0.2
17	CCO HOLDINGS LLC US	CHTR	0.2
18	UKG INC 144A US	ULTI	0.2
19	CARRIX INC 144A US	CARRIX	0.2
20	CVS HEALTH CORP NC5.25 US	CVS	0.2
21	CARVANA CO 144A US	CVNA	0.2
22	BEACH ACQUISITION BIDCO LLC 144A US	SKX	0.2
23	APLD COMPUTECO 2 LLC 144A US	PFORGE	0.2
24	IMOLA MERGER CORP 144A US	IM	0.2
25	ZENITH ARC LLC 144A US	ZENARC	0.1
26	CONNECT HOLDING II LLC 144A US	BSPEED	0.1
27	BLACK PEARL COMPUTE LLC 144A US	BLKPRL	0.1
28	VOLTAGRID LLC 144A US	VOLTAG	0.1
29	CONNECT FINCO SARL 144A GB	ISATLN	0.1
30	VOYAGER PARENT LLC 144A US	EVRI	0.1
31	GAINWELL ACQUISITION CORP 144A US	GAINAC	0.1
32	SHIFT4 PAYMENTS LLC 144A US	FOUR	0.1
33	TENNECO LLC 144A US	TENINC	0.1
34	JETBLUE AIRWAYS CORPORATION 144A US	JBLU	0.1
35	ELECTRICITE DE FRANCE SA 144A FR	EDF	0.1
36	CIPHER COMPUTE LLC 144A US	CIFR	0.1
37	CACI INTERNATIONAL INC 144A US	CACI	0.1
38	PRIME HEALTHCARE SERVICES INC 144A US	PRIHEA	0.1
39	APLD COMPUTECO 3 LLC 144A US	ELNFOR	0.1
40	QUIKRETE HOLDINGS INC 144A US	QUIKHO	0.1
41	QXO BUILDING PRODUCTS INC 144A US	BECN	0.1
42	SBA COMMUNICATIONS CORP US	SBAC	0.1
43	ARDONAGH GROUP FINANCE LTD 144A GB	ARDGRP	0.1
44	MCAFEE CORP 144A US	MCFE	0.1
45	ALBION FINANCING 1 SARL 144A LU	AGKLN	0.1
46	WAND NEWCO 3 INC 144A US	CALCOL	0.1
47	ARDONAGH FINCO LTD 144A GB	ARDGRP	0.1
48	SURGERY CENTER HOLDINGS INC 144A US	SURCEN	0.1
49	JAZZ SECURITIES DAC 144A US	JAZZ	0.1
50	MPT OPERATING PARTNERSHIP LP 144A US	MPW	0.1

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04Exposure

Bonds 98.9%Cash 1.1%

By country

USUnited States87.1%

CACanada4.4%

GBUnited Kingdom1.8%

IEIreland1.3%

FRFrance0.9%

JPJapan0.8%

DEGermany0.6%

LULuxembourg0.6%

CurrencyUSD 87.2% EUR 4.4% CAD 4.4% GBP 1.9% JPY 0.8%

06Where it trades

1 exchange

Exchange	MIC	Listed since
London Stock Exchange	XLON	2022-08-05

Also admitted to 6 other venues, mostly multilateral trading facilities and regional segments.

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