IBHE offers exposure primarily to high yield, USD-denominated corporate bonds and comes with 2 distinctions: bullet maturity and an allowance for BBB-rated bonds. Part of a suite of similar funds, IBHE behaves more like a bond than a typical bond fund. The fund provides bullet maturity, in this case December 2025, instead of perpetual exposure to a maturity range. As the fund matures, its maturity, duration and YTM will decrease. In December 2025, IBHE will unwind and distribute all fund assets as cash to investors. This structure permits IBHE to be used as a building block for a bond ladder. The fund can hold BBB-rated bonds too, subject to certain triggers and constraints. Thus the fund can avoid selling a bond if its rating improves just beyond junk status. High yield and BBB-rated bonds are sourced from Bloomberg U.S. High Yield and Bloomberg U.S. Corporate indexes, respectively.