iShares Broad USD High Yield Corporate Bond ETF (USHY)
XSGO 
Summary
USHY Chart
USHY: A Practical Guide Of HY
The iShares Broad USD High Yield Corporate Bond ETF offers diversified exposure to US high-yield corporate bonds with a low 0.08% fee. USHY's portfolio is broadly diversified across sectors and issuers, with most weighting in BB and B rated bonds, minimizing idiosyncratic risk. Current macro indicators, such as the ISM manufacturing PMI and high-yield risk premium, suggest a neutral environment for USHY, with moderate contraction and stabilizing trends.
USHY: We Were Maybe Wrong About Inflation
More neutral on inflation risks given recent moderate CPI amid encouraging jobs data. USHY remains sensitive to overall YTM changes with 3-year duration, but the reduced evidence of stagflation reduces the inflation and credit spread pressure. Tariff risks persist, with reciprocal tariffs still not out of the picture, but we do point to moderating data such as low export exposure of the US economy.
3 Reasons Why USHY's Yield Could Still Be Attractive Despite Its Low Spread Over IG Bonds
My initial pessimism on USHY was too severe; deeper analysis shows a less wicked outlook for 2025 despite low spread levels. USHY holds exposure to BB and B-rated bonds, which in 2025 experienced a default rate below the historical average. Rising net leverage in IG bonds may increase fallen angels, suggesting the market is pricing in this risk rather than mispricing HY risk.
iShares Broad USD High Yield Corporate Bond ETF (USHY) FAQ
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iShares Broad USD High Yield Corporate Bond ETF Profile
| XSGO Exchange | US Country |
Overview
This fund is designed to offer investors exposure to the U.S. dollar-denominated high yield corporate bond market by investing a substantial portion of its assets in the securities that constitute its underlying index. The fund aims to closely track the performance of this index through strategic asset allocation, with at least 80% of its assets invested in the index's component securities and a minimum of 90% of its assets invested in fixed income securities similar to those included in the index. Managed by BFA, the fund seeks to mirror the index's broad representation of the high yield corporate bond market, focusing on securities that BFA believes will help achieve this goal.
Products and Services
The fund's primary commitment lies in offering investors defined exposure and engagement with the high yield corporate bond market through carefully selected securities. Below are the key products and services offered:
- Component Securities Investment:
Following its strategy, the fund invests at least 80% of its total assets in the component securities of its underlying index. This approach ensures that the fund's performance closely aligns with the performance of the underlying index, offering investors consistency and reliability in returns relative to the high yield corporate bond market.
- Fixed Income Securities Investment:
With a commitment to invest at least 90% of its assets in fixed income securities of the types included in the underlying index, the fund focuses on securing assets that support its objective of tracking the underlying index. These securities are selected based on BFA's analysis and belief that they will contribute to the fund's alignment with the index's performance, providing a broad representation of the U.S. dollar-denominated high yield corporate bond market.
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