"iShares USD High Yield Corp Bond UCITS ETF USD (Dist)" is an exchange-traded investment fund (ETF). It refers to the Markit iBoxx USD Liquid High Yield Capped Index. This index reflects the development of world wide corporate bonds . The ETF replicates its index using physical replication with sampling, so it contains the most important securities of its reference index. The ETF's earnings (interest payments) are distributed to the investors. The fund company iShares claims a total expense ratio (TER) of 0.50% per year. The yearly average divergence from the index performance (Tracking Difference) since 2012 was 0.30% per year. Therefore, the ETF was less expensive than the TER suggests.