IBDY is part of iShares Corporate Term Bond suite. The fund behaves more like a bond than a typical bond fund. The fund provides bullet maturity, in this case December 2033 instead of perpetual exposure to a maturity pocket of the US corporate investment grade bond market. As the fund matures, its maturity, duration and YTM will continue to decline. On its target date, IBDY will unwind and return all capital to investors. This structure permits IBDY to be used as a building block for a bond ladder. In all, the fund provides a viable means to access a diverse pool of US investment grade bonds while mimicking the life cycle of an individual bond.