PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
$54.43+0.49 (+0.91%)
- 0.15%
- $1.9B
- −18.0%
- 5.67%
- 0.9M sh
- $53.85
- low $51.97high $71.22
The ETF.net ZROZ Grade
B
Score 57 out of 100
- 8 of 11
Score 57 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C42 out of 100Rank 5 of 11Mission
Whether the fund did what it promised, tested against its stated mandate.A96 out of 100Rank 7 of 10Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D27 out of 100Rank 9 of 11Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C53 out of 100Rank 5 of 11Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B55 out of 100Rank 6 of 10Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A75 out of 100Rank 4 of 11
Our read on ZROZ
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.
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
- Pure 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
- The 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
- It 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.
- Credit risk isn't the story here: every position is a US Treasury principal payment, not corporate paper.pimco.com
Worth knowing
- Duration 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
- At 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.
- The 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
- Bonds
- 21
- 54%
- Strip Princ 02/52 0.00000 02/15/2052
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$8,204
Returns run to the Oct 12, 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.
| Period | ZROZ |
|---|---|
| Year to date | −13.0% |
| 1 month | −5.7% |
| 3 months | −11.0% |
| 1 year | −18.0% |
| 3 years | −3.6% |
| 5 years | −14.8% |
| 10 years | −5.4% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | ZROZ |
|---|---|---|
| 2026 YTD | −13.0% | |
| 2025 | −1.9% | |
| 2024 | −16.1% | |
| 2023 | +1.2% | |
| 2022 | −41.3% | |
| 2021 | −5.2% | |
| 2020 | +24.6% |
ZROZ in the news
ZROZ Dividends
- 5.67%
- $3.06
- $0.55 per share
- Quarterly
Distribution history
ZROZ Risk
- 21.6%
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.
- −0.36
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.
- −60.9%
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.
- 3.67
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
0.15%
ZROZ0.15%
- The middle half of Treasuries (20+ Year) funds
- Median 0.15%
4 of the 11 Treasuries (20+ Year) funds charge less.
Other funds in Treasuries (20+ Year)
- BUTHYUS Treasury 30 Year Bond ETFExpense ratio 0.15%1 year return −9.6%
- BUTWYUS Treasury 20 Year Bond ETFExpense ratio 0.15%1 year return −8.1%
- CGOVZiShares 25+ Year Treasury STRIPS Bond ETFExpense ratio 0.15%1 year return −17.9%
- DTFJLInnovator 20+ Year Treasury Bond 5 Floor ETFExpense ratio 0.79%1 year return −9.6%
- FDWWNPrincipal Exchange-Traded Funds - Principal Long Duration ETFExpense ratio 0.19%1 year return —