iShares iBonds Dec 2025 Term Corporate ETF (IBDQ) is an exchange-traded fund that seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing between January 1, 2025, and December 15, 2025. The ETF provides targeted exposure to this defined maturity pocket of the U.S. investment-grade corporate bond market, with holdings spanning diverse sectors including financials, industrials, and utilities; top issuers include Visa Inc., AON Global Ltd., and Allstate Corp.; the fund maintains approximately 253 holdings and transitions into short-term instruments and cash as its target maturity approaches. Launched on March 12, 2015, and managed by BlackRock, Inc., headquartered in New York, the ETF operates primarily in the United States, targeting fixed-income investors seeking bond ladder building blocks with predictable maturity profiles. As part of its term structure design, IBDQ plans to cease trading and liquidate on or around December 16, 2025, with final net asset value calculation on December 15, 2025, and shareholder distributions by December 18, 2025, aligning with its planned unwinding upon reaching the December 2025 target date.