iShares iBonds 2027 Term High Yield and Income ETF (IBHG) is an exchange-traded fund that seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2027. The fund employs a representative sampling indexing strategy, investing at least 90% of its assets in the component securities of the Bloomberg 2027 Term High Yield and Income Index (USD), or in certain futures, options, and swap contracts, cash, and cash equivalents; it holds a diversified portfolio of approximately 150 to 174 bonds, including top holdings such as DISH Network Corp, Mauser Packaging Solutions Holding Co, CCO Holdings LLC, Nissan Motor Co Ltd, and Vistra Operations Company LLC, with concentrations in the corporate bond sector. Launched on July 7, 2021, and listed on Cboe BZX with CUSIP 46436E478, IBHG offers monthly distributions and features a net expense ratio of 0.35%, targeting investors seeking defined maturity high yield exposure in the fixed income segment. Headquartered in Wilmington, Delaware as part of the iShares family, the ETF is managed by BlackRock Institutional Trust Company, N.A., a subsidiary of BlackRock, Inc., based in New York. In recent developments, portfolio management for IBHG and related iBonds ETFs was expanded in August 2025 with the addition of Jonathan Graves and Marcus Tom alongside James Mauro, enhancing the fund's oversight amid BlackRock's broader iShares fixed income franchise growth. The fund operates primarily in U.S. markets with global issuer exposure through USD-denominated bonds, designed to terminate around December 2027 with a final payout, supporting bond ladder strategies without ESG focus.