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Launched · SEC filings

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

ZROZNYSE ArcaPIMCOB

$58.90+0.49 (+0.84%)

At close: Nov 2, 2026, 4:00 PM ET

B55/ 100

Rank 9 of 11 in Treasuries (20+ Year)

B55/100Rank 9 of 11inTreasuries (20+ Year)
Intraday session: up, 79 prints from 58.41 to 58.90. Range 58.69 to 59.46. Use the arrow keys to read each point.58.6059.2059.4010 AM12 PM2 PM4 PM
Expense ratio
0.15%
Fund size
$1.88B
1Y total return
−10.7%
Yield · Last 12 months
5.24%
Holdings
21
Avg volume · 30D
1M sh
52W range
low $51.97high $69.06
Launched
Filings
SEC EDGAR

The ETF.net ZROZ Grade

B

Score 55 out of 100

Category
Treasuries (20+ Year)⁠
Rank
9 of 11
Six-pillar profile for ZROZ. Scores out of 100: Cost 37, Risk 21, Mission 96, Tradability 53, Holdings 57, Durability 74. Strongest: Mission (96). Weakest: Risk (21). Leans toward Mission.

Score 55 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.
    D37 out of 100
    Rank 6 of 11

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A96 out of 100
    Rank 7 of 10

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F21 out of 100
    Rank 10 of 11

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C53 out of 100
    Rank 4 of 11

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B57 out of 100
    Rank 7 of 10

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A74 out of 100
    Rank 4 of 11

Our read on ZROZ

ETF.net Research

In short

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

  • 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

Holdings pillarB57 out of 100Rank 7 of 10 in Treasuries (20+ Year)
Asset class
Bonds
Holdings
21
Top-10 weight
54%
Largest holding
Strip Princ 02/52 0.00000 02/15/20525.7%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataStrip Princ 02/52 0.00000 02/15/20525.65%3,992,376$103M2
2No dataStrip Princ 05/52 0.00000 05/15/20525.55%3,965,526$101M2
3No dataStrip Princ 11/51 0.00000 11/15/20515.43%3,792,003$98.7M2
4No dataStrip Princ 08/52 0.00000 08/15/20525.41%3,912,664$98.3M2
5No dataStrip Princ 02/53 0.00000 02/15/20535.39%3,990,652$98.1M2
6No dataStrip Princ 11/53 0.00000 11/15/20535.37%4,104,391$97.6M2
7No dataStrip Princ 11/52 0.00000 11/15/20525.36%3,925,077$97.5M2
8No dataStrip Princ 08/53 0.00000 08/15/20535.27%3,991,855$95.9M2
9No dataStrip Princ 05/53 0.00000 05/15/20535.27%3,946,370$95.8M2
10No dataStrip Princ 02/55 0.00000 02/15/20555.15%4,153,139$93.6M2
11No dataStrip Princ 11/54 0.00000 11/15/20545.00%3,992,743$90.9M2
12No dataStrip Princ 02/56 0.00000 02/15/20564.99%4,191,230$90.7M4
13No dataStrip Princ 05/54 0.00000 05/15/20544.90%3,817,769$89M2
14No dataStrip Princ 08/55 0.00000 08/15/20554.79%3,953,499$87.1M2
15No dataStrip Princ 05/55 0.00000 05/15/20554.78%3,899,175$86.9M2

Showing 1–15 of 21 holdings

ZROZ Performance

Launched Oct 30, 2009

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

ZROZ$8,930
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. ZROZ $8,930. SPY $11,199. Use the arrow keys to read each point.$8,000$9,000$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+9.4%
3 months+1.6%
1 year−10.7%
3 yearsper year+0.7%
5 yearsper year−14.2%
10 yearsper year−4.5%

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

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 Oct 30, 2026.
5.24%Last 12 months
Payout per share
$3.06Last 12 months
Last payment
$0.55 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. 39 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; Oct 1, 2026 $0.55. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Oct 1, 2026Oct 5, 2026$0.55
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

See all 68 payments⁠

$10,000 in ZROZ 10 years ago paid $2,343 in dividends.⁠

ZROZ Risk

Risk pillarF21 out of 100Rank 10 of 11 in Treasuries (20+ Year)
How much the fund’s monthly returns vary, scaled to a year.
21.6%
Annualised · 36 months to Oct 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.
−0.07
vs 3-month T-bills · to Oct 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.
−60.9%
Trough Oct 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.

FMP measures it over up to five years of monthly returns.

ZROZ Cost

Compare ZROZ and VGLT

Overpaying vs VGLT, cheapest in Treasuries (20+ Year)

$2,499

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ZROZ 0.15%

    $3,137

  • VGLT 0.03% Cheapest

    $638

$10,000
30 years

Cost over time

  • ZROZ 0.15%
  • VGLT 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530ZROZ $3,137VGLT $638

Year by year

YearZROZVGLTOverpaying
10$274$55$219
20$1,071$216$855
30$3,137$638$2,499

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