Skip to content
etf.net

ZROZ

GradeBNew York Stock Exchange Arca

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

Treasury & Government Bond · PIMCO · Inception 2009-10-30 · SEC filings

$57.70−1.31 (−2.22%)

As of Sep 23, 2026, 3:10 PM EDT

Intraday session: down, 69 prints from 59.01 to 57.70. Range 57.43 to 58.73. Use the arrow keys to read each point.$57.50$58.00$58.5010 AM12 PM2 PM4 PM
Expense ratio
0.15%
Fund size
$1.6B
1Y return
−7.5%
Yield · Last 12 months
5.51%
Holdings
23
Volume · 30D
0.7M sh
NAV per share
$59.13
52W range
low $56.80high $71.22

The ETF.net ZROZ Grade

B

56/ 100

Rank 8 of 11 in Treasuries (20+ Year)⁠

Confidence High

Six-pillar profile for ZROZ. Scores out of 100: Cost 42, Risk 22, Mission 96, Tradability 47, Holdings 57, Durability 75. Strongest: Mission (96). Weakest: Risk (22). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 56 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 42
    Category rank9/11 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 96
    Category rank9/9 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 22
    Category rank11/11 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 47
    Category rank7/11 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 57
    Category rank6/10 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 75
    Category rank4/11 · top 36%

Graded as of Sep 22, 2026

Our read on ZROZ

ETF.net Research

BNothing but Treasury principal STRIPS, 25 years and out, with zero coupons attached. PIMCO launched it in 2009, and it reacts to long-rate moves harder than standard long Treasury funds.

Stated mandate

The fund seeks total returns that closely track the ICE BofA Long US Treasury Principal STRIPS Index before fees and expenses. It normally invests at least 80% of assets in the index's component securities.

Why people hold it

  1. 01Pure duration, undiluted: it holds the final principal payments of long Treasuries, which make no interest payments until maturity, so price action is driven almost entirely by long rates.pimco.comtreasurydirect.gov
  2. 02The original on this exposure. Trading since 2009, it beat the other ETF tracking the same STRIPS index (GOVZ) to market by more than a decade.sec.gov
  3. 03It sticks close to its STRIPS index rather than wandering, one of the tighter tracking jobs among long Treasury funds, and it is a multi-billion-dollar fund that trades actively.
  4. 04Credit risk isn't the story here: every position is a US Treasury principal payment, not corporate paper.pimco.com

Worth knowing

  1. 01Duration cuts both ways. With no coupons to cushion, rate moves hit the price harder than in standard 20+ year Treasury funds, and declines can run deep.treasurydirect.gov
  2. 02At 0.15% it sits at its group's median, while VGLT (0.03%) and BBLB (0.04%) price long Treasury exposure lower, using coupon bonds rather than STRIPS.
  3. 03The STRIPS pay nothing until maturity, yet the fund distributes quarterly, so payouts reflect accrued discount rather than coupon checks arriving in the portfolio.treasurydirect.gov

ZROZ Holdings

As of Sep 20, 2026, 6:44 AM
Asset class
Bonds
Holdings
23
Top-10 weight
54%
Largest holding
STRIP PRINC 02/52 0.00000 02/15/20525.7%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—STRIP PRINC 02/52 0.00000 02/15/20525.65%3,677,905$95M2
002—STRIP PRINC 05/52 0.00000 05/15/20525.50%3,622,454$92M2
003—STRIP PRINC 11/51 0.00000 11/15/20515.39%3,467,956$91M2
004—STRIP PRINC 08/52 0.00000 08/15/20525.36%3,574,629$90M2
005—STRIP PRINC 02/53 0.00000 02/15/20535.35%3,644,637$90M2
006—STRIP PRINC 11/53 0.00000 11/15/20535.32%3,748,456$89M2
007—STRIP PRINC 11/52 0.00000 11/15/20525.32%3,584,538$89M2
008—STRIP PRINC 08/53 0.00000 08/15/20535.23%3,645,234$88M2
009—STRIP PRINC 08/51 0.00000 08/15/20515.23%3,319,781$88M2
010—STRIP PRINC 05/53 0.00000 05/15/20535.23%3,604,839$88M2
011—STRIP PRINC 02/55 0.00000 02/15/20555.10%3,792,775$86M2
012—STRIP PRINC 02/56 0.00000 02/15/20565.01%3,888,844$84M4
013—STRIP PRINC 11/54 0.00000 11/15/20544.95%3,648,045$83M2
014—STRIP PRINC 05/54 0.00000 05/15/20544.85%3,486,507$82M2
015—STRIP PRINC 08/55 0.00000 08/15/20554.74%3,612,109$80M2

Showing 1–15 of 22 holdings

ZROZ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

ZROZ$9,251
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. ZROZ $9,251. SPY $11,723. Use the arrow keys to read each point.$8,709$10,349$11,988Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for ZROZ. Periods over one year show the average yearly return.
PeriodZROZ
Year to date−5.8%
1 month+1.8%
3 months−6.7%
1 year−7.5%
3 years−4.0%per year
5 years−14.7%per year
10 years−5.1%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ZROZ
YearReturn barZROZ
2026 YTD−5.8%
2025−1.9%
2024−16.1%
2023+1.2%
2022−41.3%
2021−5.2%
2020+24.6%

ZROZ in the news

ETF.net Research hasn’t filed on ZROZ yet — coverage lands here as it’s written.

ZROZ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
5.51%Last 12 months
Payout per share
$3.25Last 12 months
Last payment
$0.81 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 38 payments from 2017 to 2026 YTD. Apr 3, 2017 $0.72; Jul 3, 2017 $0.80; Oct 2, 2017 $0.77; Dec 28, 2017 $0.78; Apr 2, 2018 $0.78; Jul 2, 2018 $0.77; Oct 1, 2018 $0.77; Dec 28, 2018 $0.95; Apr 1, 2019 $0.73; Jul 1, 2019 $0.67; Oct 1, 2019 $0.70; Dec 30, 2019 $0.86; Apr 1, 2020 $0.85; Jul 1, 2020 $0.67; Oct 1, 2020 $0.57; Dec 30, 2020 $0.65; Apr 1, 2021 $0.61; Jul 1, 2021 $0.56; Oct 1, 2021 $0.63; Dec 30, 2021 $0.64; Apr 1, 2022 $0.55; Jul 1, 2022 $0.61; Oct 3, 2022 $0.63; Dec 29, 2022 $0.62; Apr 3, 2023 $0.73; Jul 3, 2023 $0.78; Oct 2, 2023 $0.71; Dec 28, 2023 $0.78; Apr 1, 2024 $0.77; Jul 1, 2024 $0.77; Oct 1, 2024 $0.76; Dec 31, 2024 $0.84; Apr 1, 2025 $0.78; Jul 1, 2025 $0.79; Oct 1, 2025 $0.74; Dec 31, 2025 $0.88; Apr 1, 2026 $0.82; Jul 1, 2026 $0.81. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Jul 1, 2026Jul 6, 2026$0.81
Apr 1, 2026Apr 3, 2026$0.82
Dec 31, 2025Jan 5, 2026$0.88
Oct 1, 2025Oct 3, 2025$0.74
Jul 1, 2025Jul 3, 2025$0.79
Apr 1, 2025Apr 3, 2025$0.78
Dec 31, 2024Jan 3, 2025$0.84
Oct 1, 2024Oct 3, 2024$0.76
Jul 1, 2024Jul 3, 2024$0.77
Apr 1, 2024Apr 4, 2024$0.77
Dec 28, 2023Jan 3, 2024$0.78
Oct 2, 2023Oct 5, 2023$0.71

ZROZ Risk

How much the fund’s monthly returns vary, scaled to a year.
22.2%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.41
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−58.2%
Trough Aug 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
3.67
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

ZROZ Cost

Expense ratio0.15%
  • The middle half of Treasuries (20+ Year) funds
  • Median 0.15%

4 of the 11 Treasuries (20+ Year) funds charge less.

ZROZ costs $15.00 a year on $10,000. The median Treasuries (20+ Year) fund costs $15.00.