The iShares Fallen Angels High Yield Corp Bond UCITS ETF is an exchange-traded fund that tracks the Bloomberg Global Corporate ex EM Fallen Angels 3% Capped Index, focusing on high yield corporate bonds from developed market issuers. These 'fallen angel' bonds are securities originally rated investment grade at issuance or subsequently, but later downgraded to high yield status, offering potential for higher yields due to their credit profile transition. Managed by BlackRock and domiciled in Ireland, the ETF launched in June 2016 with assets under management around 373 million EUR (approximately 484 million USD) and a total expense ratio of 0.50% per annum. It employs a physical replication strategy, is currency unhedged in USD, and distributes dividends semi-annually, with a recent yield of about 5.70%. Top holdings include issuers like New Immo Holding SA, Worldline SA, VF Corporation, and Nordstrom Inc., spanning sectors such as real estate, technology, apparel, and retail. This ETF plays a key role in fixed income markets by providing targeted exposure to a niche segment of corporate debt, appealing to investors seeking yield enhancement from downgraded bonds while excluding emerging market exposures.