BIV

The Vanguard Intermediate‑Term Bond Index Fund ETF (BIV) invests almost exclusively in U.S. investment‑grade fixed‑income securities, including Treasury and agency notes as well as corporate and dollar‑denominated foreign bonds with maturities roughly between five and ten years. Its investment approach is passive, seeking to mirror the Bloomberg U.S. 5‑10 Year Government/Credit Float Adjusted Index through a representative sampling technique that matches the index’s sector weight, duration, coupon and credit quality characteristics. Because it provides moderate current income with relatively low interest‑rate and credit risk, BIV is suited to investors who want a core intermediate‑term bond exposure to diversify a broader portfolio, balance equity volatility, or maintain a steady income stream.