GVI Fund Description

The iShares Intermediate Government/Credit Bond ETF tracks a market-weighted index of US Treasury, agency and investment-grade corporate bonds with remaining maturities of 1-10 years.

GVI ETF.com Insight

[As of 3/31/14] GVI is a large, reasonably liquid fund that holds a mix of Treasury, agency and investment-grade corporate debt maturing in the next 1-10 years. Those who define theit's a broad, balanced take on the US credit market intermediate market as bonds expiring between 3 and 10 years from now may consider GVI to be too inclusive in its coverage as, like our benchmark, more than 40% of the portfolio is in bonds expiring less than 3 years from now. Nearly 60% of the portfolio is in Treasury securities of different maturities, with roughly 30% in investment-grade corporate debt. Despite a recent uptick in yields and hefty exposure to corporates, the current YTM on GVI is just 1.53%. In all, it’s a broad, balanced take on the US credit market—for those looking to avoid asset-backed securities of all types—with more than 1,000 holdings.

1 Year

Performance [as of 08/28/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

GVI
0.42% 0.17% 2.46% 3.38% 2.02% 3.39% 0.17%

GVI (NAV)
0.49% 0.26% 2.58% 3.42% 1.98% 3.52% 0.26%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GVI Top 10 Countries

GVI Top 10 Sectors

GVI Top 10 Holdings

GVI Summary Data

BlackRock

A company that produces and manages ETFs.

01/05/07

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.20%

The net total annual fee a fund holder pays to the issuer.

$1.43 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$7.2 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.05%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

GVI Portfolio Data

3.8

Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

4.1 Years

The weighted average of remaining time until maturity for all securities in the portfolio.

1.45%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

10/01/14

The date on which a security's price excludes an upcoming dividend.

1,303

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

GVI Index Data

Barclays U.S Intermediate Government/Credit Bond Index

This is the benchmark an ETF is desigend to track or replicate.

Market Value

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Value

A set of rules that the underlying index provider follows to select its constituent securities.

Barclays U.S Intermediate Government/Credit Bond Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to GVI

BIV

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

GVI ETF.com Efficiency Insight

[As of 3/31/14] GVI charges 10 bps more than its closest competitor, but for that elevated fee you get access to a solidly run fund. Over the past 24 months the fund has managed to track its index very well, lagging its index by just a bit more than its states fees. With over $1B in assets and a strong issuer, GVI is no threat to close.

Total Return

Performance [as of 06/30/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

GVI
-0.05% 1.17% 2.09% 2.73% 2.60% 3.72% 1.17%

GVI (NAV)
-0.08% 1.21% 2.16% 2.72% 2.65% 3.82% 1.21%

Barclays U.S Intermediate Government/Credit Bond Index
-0.07% 1.26% 2.25% 2.86% 2.83% 4.09% 1.26%

Barclays U.S Intermediate Government/Credit Bond Index
0.05% 1.62% 2.85% 3.48% 2.86% 4.23% 1.62%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GVI Portfolio Management

0.20%

The net total annual fee a fund holder pays to the issuer.

-0.19%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.13%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.28%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

GVI Tax exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

N/A

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

GVI Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

75% / 25%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

GVI ETF.com Tradability Insight

[As of 3/31/14] GVI can be traded fairly in retail sizes. It gets over $4M in median daily volume, which is solid enough to ensure orders will get filled quickly although its 5 bp spreads may be a bit too wide for the actively inclined. In fact, active traders may find the market for Vanguard’s BIV more accommodating. Larger blocks are not cheap for GVI either—institutions and hedge funds will fare better with BIV.

Average Spread

Premium/Discount

Volume

GVI ETF.com/ Block LiquidityAs of 08/29/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of GVI. GVI is rated a 5 out of 5.

GVI Tradability

65,014

It is the daily number of shares traded, averaged over the past 45 trading days.

$7.2 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

48,712

Median number of shares traded over the past 45 trading days.

$5.39 M

Median dollar value of shares traded over the past 45 trading days.

0.05%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.06

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.08%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.27% / -0.13%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.49

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0

The total number of net outstanding options contracts for an ETF.

$110.94

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

GVI ETF.com Fit Insight

[As of 3/31/14] GVI’s definition of the intermediate government and credit market is the same as our benchmark: It includes bonds maturing between 1 and 10 years from now. As such, it is a fine Fit, with a similar average maturity, YTM and effective duration to our benchmark. The bulk of the portfolio is in Treasurys (57%) and corporates (29%), which combine with other securities to generate 1.53% in YTM currently. It’s a solid take on the theme as long as it fits your definition of the intermediate market.

GVI Sector/Industry Breakdown

GVI Segment Benchmark
56.12% 56.82%
29.99% 28.82%
7.96% 7.68%
5.93% 5.84%
0.00% 0.84%

GVI Top 5 Countries

85.68% 86.43%
2.85% 2.64%
2.02% 1.82%
1.44% 1.54%
1.43% 1.33%

GVI Top 5 Currencies

100.00% 100.00%
100.00% 100.00%

GVI Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

1.00

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.00%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

GVI Holdings Statistics

GVI Segment Benchmark
4.21 4.14

The weighted average of remaining time until maturity for all securities in the portfolio.

3.88 3.85

A measure of interest rate risk. Estimates change in value to the portfolio based on a 1% parallel shift in the yield curve.

0.42 0.41

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant.

0.60 0.59

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant.

1.48% 1.45%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

1.77 1.77

Price sensitivity in percentage to a 100 basis point change (widening or narrowing) of spread relative to Treasury spot curve.

Low Low

The Herfindahl Index number – a metric of portfolio concentration where higher numbers mean higher concentration of holdings.

4,806 1,303

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

A A+

Market–value–weighted average credit quality of the portfolio.

GVI Maturity Distribution

0.00% 1.65%

Percent of the portfolio's exposure to securities with 0 - 1 years until maturity.

40.86% 39.05%

Percent of the portfolio's exposure to securities with 1 - 3 years until maturity.

27.29% 28.02%

Percent of the portfolio's exposure to securities with 3 - 5 years until maturity.

16.32% 15.19%

Percent of the portfolio's exposure to securities with 5 - 7 years until maturity.

15.53% 16.05%

Percent of the portfolio's exposure to securities with 7 - 10 years until maturity

0.00% 0.04%

Percent of the portfolio's exposure to securities with 10+ years until maturity.

GVI Credit Breakdown

66.71% 67.70%

Percent of portfolio's exposure to AAA rated bonds (Investment Grade).

5.28% 4.84%

Percent of portfolio's exposure to AA rated bonds (Investment Grade).

11.68% 13.71%

Percent of portfolio's exposure to A rated bonds (Investment Grade).

16.02% 13.70%

Percent of portfolio's exposure to BBB rated bonds (Investment Grade).

0.30% 0.05%

Percent of portfolio's exposure to BB rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to B rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to CCC rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to CC rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to C rated bonds (High Yield).