Seems like a decent enough ETF. Modern portfolio theory holds that you're diversified with 30 names, you don't need 187. Top 10 holdings account for %21 of the fund which is very reasonable, although fund may not be diversified as you think. Seems to be concentrations of holdings in certain industries ie: travel (Harrahs, MGM, Hertz). Some impaired holdings like AIG.
All in all, not a bad ETF although I'm not sure where it's expenses land vis-a-vis it's competitors. Definately not a fund if you're concerned about capital preservation. Concern about rate hikes in the UK and Canada going to hurt the ETF as well as the underlying businesses that need cheap financing to continue to operate even with a relatively modest duration of 5.