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iShares € High Yield Corp Bond ESG Paris-Aligned Climate UCITS ETF is an exchange-traded fund (ETF) from iShares, traded under the ticker HYEP (ISIN IE000H92C4B8). It lets you buy a basket of holdings in a single trade, spreading your money across them rather than one company. In plain terms it is about lending to governments and companies in return for regular interest, which tends to be steadier than shares but grows more slowly, spread across its target market. Its largest holdings include EMRLD BORROWER LP RegS, LOTTOMATICA GROUP SPA RegS and BLK LEAF FUND AGENCY ACC T0 EUR. Spread across roughly 408 holdings (the ten largest ≈ 11.4%), no one position makes or breaks the fund. By geography it is weighted towards ~19.6% France, ~17.6% United States and ~15.2% Italy. By industry it concentrates most in ~99.5% Corporate and ~0.7% Other. Funds like this are often used as the steadier, lower-swing part of a portfolio — the ballast that cushions the ups and downs of shares. Its ongoing charge (TER) is 0.25% a year — about €25 a year on a €10,000 holding, taken automatically from the fund. It is a distributing share class — dividends are paid to you as cash rather than reinvested, and over the last year it paid out roughly 5.469348% (its trailing yield). It holds the underlying investments directly (physical replication); it is domiciled in Ireland and UCITS-regulated, a European standard built to protect everyday investors and trades in EUR. On the standard KID risk scale it is rated 3 out of 7 and its price has swung about 4.7% over the past year — a gauge of how much the value moves, not a judgement of quality. It launched in 2023, and its KID suggests a holding period of medium to long term. As with any investment, its value can go down as well as up, and past performance is not a guide to future results. (Fund data sourced from iShares.)