PIMCO US Treasury Bond ETF ZROZ Hits All-Time Low

The PIMCO ETF ZROZ, which tracks long-term US Treasury principal repayments, has reached an all-time low of $53.73. The fund has declined 16% this year and 73% from its March 2020 peak. As a passive fund tracking zero-coupon bonds with 25-30 year maturities, its performance reflects the collapse in the present value of long-term US Treasury principal repayments, despite the underlying assets being guaranteed by the US government.