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iShares Global High Yield Corp Bond CHF Hedged UCITS ETF (Dist)Index, costs, backtest, listings and taxation

ISIN: IE00B988C465Ticker: 0Y3O (London SE) · GHYC (SIX)Issuer: iSharesCurrency hedging: CHF-hedged share class
Issuer-declared data
Declared index
iBoxx Global Developed Markets High Yield Capped CHF Hedged Index
TER
0.55%
Transaction costs
0.07% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Replication
Physical (optimised) (from the KID)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
192.9 mln EUR
NAV
67.49 CHF (31 August 2026)
Domicile
Ireland
Inception date
11 April 2014
Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

iShares Global High Yield Corp Bond CHF Hedged UCITS ETF (Dist) tracks the issuer-declared index: iBoxx Global Developed Markets High Yield Capped CHF Hedged Index. Mind the share class: this is the version hedged to CHF — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.55%, plus 0.07% in transaction costs estimated by the issuer in the KID. Income is distributed to investors. The fund has assets of about 193 million euro, was launched on 11 April 2014 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the iBoxx Global Developed Markets Liquid High Yield Capped (GBP Hedged) Index, the Fund’s benchmark index (Index). The Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index. If the credit ratings of the FI securities are upgraded to investment grade or downgraded to default grade or credit ratings are withdrawn, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them. The Index provides a return on the iBoxx Global Developed Markets Liquid High Yield Capped index (Parent Index) which measures the performance of the global developed corporate high yield liquid debt market. The bonds will, at the time of inclusion in the Index, include sub-investment grade (i.e. have an average rating below investment grade) bonds rated by at least one of three rating services: Fitch Ratings, Moody’s Investors Service, or Standard & Poor’s Rating Services. The Parent Index is market-value weighted with a 3% issuer cap and a 10% cap on (i) bonds issued pursuant to Rule 144A of the 1933 Act that are not reportable on TRACE and that do not have SEC registration rights or that have a SEC registration period greater than one year and (ii) bonds issued pursuant to Regulation S of the 1933 Act that are not listed on a regulated market. Further details regarding the Index (including the methodology and its constituents) are available on the Index provider’s website at products.markit.com/indices/ UCITS/Indices.aspx. The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index.

Keep reading the KID section ▾

Your shares will be distributing shares (i.e. income will be paid on the shares quarterly). The Fund’s base currency is Swiss Franc. The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded. Indicative net asset value is published on relevant stock exchanges websites.

From the KID’s “Objectives” section · 7 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.55%: above the median of bond ETFs we track (0.15%).
  • Average tracking difference over the last 3 years: -0.32% p.a., against a declared TER of 0.55%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · CHF · from Apr 2014 to Aug 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+21.4%
Annualised
+1.6%
Volatility (ann.)
4.6%
Max drawdown
-21.84%
-14%-4%+6%+16%+26%Apr 2014May 2017Jun 2020Jul 2023Aug 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+21%Apr 2014Aug 2026
Note — currency risk: the fund is denominated (or hedged) in CHF and the chart is in CHF. For a euro investor, returns also depend on the EUR/CHF exchange rate, up or down.
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-5%-10%-15%-20%-25%-30%2014201620182020202220242026−21.84% · 23 Mar 2020
Max drawdown
-21.84%
peak → trough
Trough
23 Mar 2020
from the 20 Feb 2020 peak
Recovery time
246 days
recovery only: trough to break-even · ≈ 8 months
Underwater
278 days
decline + recovery: peak to break-even · ≈ 9 months · → recovered on 24 Nov 2020

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
20 Feb 202023 Mar 2020-21.84%24 Nov 2020278
16 Sept 202129 Sept 2022-15.32%10 Jul 20251,393
15 Apr 201511 Feb 2016-12.85%10 Aug 2016483
24 Oct 201727 Dec 2018-5.91%01 Apr 2019524
24 Jun 201416 Dec 2014-4.70%25 Feb 2015246

Calendar-year returns

2016
10.9%
2017
3.7%
2018
-4.8%
2019
9.6%
2020
2.5%
2021
3.0%
2022
-11.2%
2023
7.7%
2024
3.2%
2025
3.4%
2026
-0.3%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.30.0-2.21.40.40.1-0.60.5-0.3
20250.60.7-1.2-0.11.00.70.60.40.4-0.10.10.23.4
2024-0.2-0.10.4-0.70.60.31.10.90.8-0.30.5-0.33.2
20232.9-1.00.20.3-0.50.60.9-0.0-0.8-0.83.32.67.7
2022-2.3-1.7-0.5-3.30.1-6.45.3-2.5-3.82.32.5-1.0-11.2
20210.30.30.30.80.10.80.20.4-0.2-0.5-0.91.23.0
2020-0.3-1.9-11.54.63.60.73.41.0-1.30.33.91.22.5
20193.61.40.70.9-1.62.10.30.3-0.20.10.51.29.6
20180.3-1.0-0.60.4-0.5-0.21.00.30.2-1.8-1.1-1.8-4.8
20170.71.2-0.40.90.7-0.10.7-0.20.50.3-0.5-0.23.7
2016-1.60.53.42.70.10.52.01.90.10.0-0.71.610.9
20150.82.0-0.80.6-0.1-2.0-0.2-1.7-3.13.3-1.8-2.6-5.6
20140.80.7-1.31.4-2.01.3-0.6-0.9-0.3
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
Source: iShares. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.32% /anno
Declared TER
0.55%
YearFundIndexDifference
2025+3.36%+3.59%-0.23%
2024+3.17%+3.56%-0.39%
2023+7.72%+8.05%-0.33%
2022-11.22%-10.88%-0.34%
2021+3.05%+3.35%-0.30%
2020+2.52%+2.62%-0.09%
2019+9.63%+10.03%-0.40%
2018-4.80%-4.30%-0.49%
2017+3.74%+4.15%-0.41%
2016+10.89%+11.70%-0.81%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsLast 10 yearsFull history
Volatility (ann.)5.33%6.25%7.24%7.19%8.63%
Max drawdown-8.16%-10.36%-14.41%-27.22%-35.24%
Sharpe-1.90-0.79-0.60-0.40-0.20
Sortino-2.22-0.97-0.75-0.50-0.31
Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Duration and maturities

Duration · effective duration
2.98years

Price sensitivity to rates: the longer, the more the fund moves. What is duration →

Maturity breakdown (% of fund)
0–1 years
6.52%
1–2 years
12.15%
2–3 years
20.75%
3–5 years
39.17%
5–7 years
12.69%
7–10 years
6.84%
10–15 years
0.12%
20+ years
0.04%
Cash and derivatives
1.70%

Source: product page iShares, data as of 20 August 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Credit rating

How the portfolio is spread by credit quality: from AAA (strongest) downwards. More weight in the top buckets = lower risk that an issuer fails to pay, usually with lower yields.

Rating breakdown (% of fund)
BBB
1.62%
BB
59.83%
B
30.39%
CCC
5.13%
CC
0.43%
C
0.01%
D
0.35%
Not rated
0.54%
Cash and derivatives
1.70%

Source: product page iShares, data as of 20 August 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Ratings are those the issuer assigns to portfolio holdings under its own methodology (usually the median of S&P, Moody’s and Fitch); scale and buckets are those of the original document.

Portfolio holdings

Securities in portfolio
1,808
1866 total lines: 58 cash & derivatives
Top-10 weight
3.0%

Top 10 holdings

MPT OPERATING PARTNERSHIP LP / MPT 144A · MPW
0.52%
ECHOSTAR CORP · ECHO
0.34%
MERIDIAN ARC HOLDCO LLC 144A · MERIDI
0.33%
CCO HOLDINGS LLC · CHTR
0.33%
CVS HEALTH CORP NC5.25 · CVS
0.27%
ECHOSTAR CORP · ECHO
0.26%
PR RNO PROPERTY OWNER 1 LLC 144A · TRACTD
0.26%
1261229 BC LTD 144A · BHCCN
0.25%
BELLIS ACQUISITION COMPANY PLC RegS · ASSDLN
0.24%
VODAFONE GROUP PLC · VOD
0.23%

Sectors

Consumer Cyclical
18.5%
Communications
15.8%
Consumer Non-Cyclical
12.2%
Capital Goods
8.9%
Technology
7.6%
Energy
6.9%
Basic Industry
5.7%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 0.4%Austria: 0.2%AzerbaijanBurundiBelgium: 0.3%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 2.6%SwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech Republic: 0.1%Germany: 4.4%DjiboutiDenmark: 0.5%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 0.7%Estonia: 0.1%EthiopiaFinland: 0.2%FijiFalkland IslandsFrance: 6.9%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 0.8%GreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 0.7%IranIraqIcelandIsrael: 0.4%Italy: 4.4%JamaicaJordanJapan: 1.2%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourg: 2%LatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysia: 0.1%NamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 1.5%Norway: 0.1%NepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPoland: 0.1%Puerto RicoNorth KoreaPortugal: 0.7%ParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSlovenia: 0.3%Sweden: 0.6%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 61.6%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States61.6%
France6.9%
United Kingdom6.7%
Italy4.4%
Germany4.4%
Canada2.6%
Luxembourg2%
⬇ Download the full portfolio — Excel, 1,866 rows
Full portfolio declared by iShares, as of 31 August 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Dividends

Latest dividend
0.99 CHF
ex 16 Jul 2026 · paid 29 Jul 2026
Dividends, last 12 months
4.84 CHF
Dividend yield
7.19%
12-month sum over the NAV as of 8 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year4.84 CHF6.70 %
20253.96 CHF5.49 %
20243.85 CHF5.22 %
20233.47 CHF4.83 %
20223.08 CHF3.65 %
20213.30 CHF3.88 %

Dividend contribution to total return

-20%-10%0%10%−0.15 %1 year+3.21 %2025+3.06 %2024+7.46 %2023−11.18 %2022+2.99 %2021
dividendsprice changeprice decline

Calendar per share (CHF)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.940.940.99
20251.991.97
20241.881.97
20231.681.79
20221.511.57
20211.741.56
20201.901.71
20192.102.41
20182.541.96
20172.201.67
20162.192.27
20152.232.28
20142.00

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.99 CHF16 Jul 202617 Jul 202629 Jul 2026
0.94 CHF16 Apr 202617 Apr 202629 Apr 2026
0.94 CHF15 Jan 202616 Jan 202628 Jan 2026
1.97 CHF16 Oct 202517 Oct 202529 Oct 2025
1.99 CHF17 Apr 202522 Apr 202530 Apr 2025
1.97 CHF17 Oct 202418 Oct 202430 Oct 2024
1.88 CHF18 Apr 202419 Apr 202430 Apr 2024
1.79 CHF12 Oct 202313 Oct 202325 Oct 2023
Per-share dividends as declared by the issuer, in CHF, since the first payment (24 Sept 2014). Past dividends are not indicative of future ones.

Italian taxation

Effective rate on capital gains
25.96%
White-list share
0.29%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Börse HamburgAYEY15 Feb 2021
Börse HannoverAYEY9 Dec 2024
Börse München / gettexAYEY16 Sept 2021
+ 2 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does iShares Global High Yield Corp Bond CHF Hedged UCITS ETF (Dist) track?
The issuer iShares declares the benchmark: iBoxx Global Developed Markets High Yield Capped CHF Hedged Index.
How much does GHYC cost?
The issuer-declared TER is 0.55% per year; the transaction costs estimated in the KID are 0.07%.
How is GHYC taxed in Italy?
On sale, the capital gain is taxed at an effective 25.96% rate (white-list share 0.29%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of GHYC?
The fund size declared by iShares is about 193 million euro.
When was GHYC launched?
The fund was launched on 11 April 2014: it has 12 years of history.
How does GHYC replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (declared in the KID objectives).
Does GHYC pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing”).
Where does GHYC trade?
Per the official ESMA register it trades on 3 main exchanges, including Börse Hamburg (AYEY), Börse Hannover (AYEY), Börse München / gettex (AYEY).
What was GHYC's worst fall?
Over the available history (since 2014), the maximum drawdown was -34.10%, reached in July 2026. Past performance is not indicative of future results.
What is GHYC's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.32% per year versus its index (from issuer-declared series).
How many securities does GHYC hold?
The declared portfolio holds 1,808 securities (plus 58 cash & derivative lines); the top 10 positions weigh 3%.
Transparency note
The data in this sheet is declared by iShares in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.