BIV is a bond ETF focused on intermediate-term U.S. Treasuries, narrower in scope than BND (which spans Treasuries and corporates). Its 4.32% yield and -4.2% one-year return move similarly to BND's.

With maturities concentrated in the intermediate range (roughly 5-10 years), it sits at a middle ground in interest-rate sensitivity — more sensitive than short-term BSV, less sensitive than long-duration TLT.