GOVT provides broad, vanilla exposure to U.S. Treasurys, making the fund an excellent gauge of the overall U.S. Treasury market. While the smaller basket`s exposure has detectable biases in the various maturity distributions, GOVT`s overall average maturity, duration, and yield all align well with our benchmark. These features provide market-like exposure to this space. On July 1, 2016, GOVT began tracking the ICE U.S. Treasury Core Bond Index. The change does not have a material impact on exposure or performance relative to the Barclays U.S. Treasury Bond Index it tracked previously.
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