This "BulletShares" ETF is a relatively recent innovation in the bond ETF space, and is somewhat unique among the universe of fixed income ETPs. BSCE offers focused exposure to investment grade corporate bonds maturing in 2014, making it much more granular than many other products. Most bond ETFs focus on securities maturing within a certain number of years (such as 1-5 year Treasuries or 20+ year corporate bonds). These bond ETFs generally operate indefinitely, maintaining a similar duration and interest rate risk across time and reinvesting any proceeds from the sale of component bonds into new securities. BSCE is different in that it has a target maturity date and will eventually close down after the underlying bonds have reached maturity and the principal has been distributed to shareholders (over time, BSCE's portfolio will gradually shift to cash). As such, this product will deliver a "yield experience" that is more similar to holding an individual bond; investors in BSCE will receive periodic interest payments as well as repayments of principal when the underlying bonds reach maturity. Unlike holding a single bond, however, BSCE provides diversification across sectors and issuers--reducing risk in the process. This "BulletShares" strategy has a number of potential advantages and applications. It allows investors to precisely manage the risk/return profile of a fixed income portfolio, and can be a useful tool for matching up expected cash inflows (from bond maturities) with expected future liabilities. The predictable cash flow profile afforded by this approach may be appealing for all types of investors, from pension funds planning for a big distribution several years down the road to families planning to fund a college education. The target maturity date structure has other potential advantages as well; it may sidestep the "return erosion" that some believe plagues bond ETFs as a result of minimum maturity windows or front-running opportunities. BSCE might not be useful for all investors; those looking for a low maintenance approach to fixed income exposure or those interested in maintaining a stable risk profile across time may ETFs that effectively reinvest any proceeds as bonds get close to maturity (such as LQD). But for those looking to fine tune fixed income portfolios and manage future liabilities, BSCE and the other BulletShares products may be extremely useful tools.