PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
ZROZ
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- PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund (ZROZ) is an exchange-traded fund that seeks to track the investment results of the BofA Merrill Lynch Long U.S. Treasury Principal STRIPS Index, comprising zero-coupon U.S. Treasury securities with remaining maturities greater than 25 years; it offers investors exposure to long-duration Treasury STRIPS, which are stripped principal components providing high sensitivity to interest rate changes and potential for capital appreciation in declining yield environments. The fund's primary products include shares traded on the NYSE Arca exchange under the ticker ZROZ, with a focus on passive index replication through a representative sampling strategy that holds a portfolio mirroring the index's characteristics in terms of maturity, duration, and credit quality; it does not engage in active management, leverage, or derivatives beyond standard ETF operations. ZROZ operates exclusively within the U.S. fixed-income market, targeting institutional and retail investors seeking duration extension and inflation-hedging properties inherent in long-term zero-coupon Treasuries, with geographic focus limited to U.S. government securities. Launched in 2010 by Pacific Investment Management Company LLC (PIMCO), a leading global investment management firm founded in 1971 and headquartered in Newport Beach, California, ZROZ benefits from PIMCO's expertise in bond indexing and Treasury markets as part of PIMCO's suite of over 80 ETFs. Recent developments include adjustments to index methodology following BofA Merrill Lynch's rebranding to ICE Data Indices in 2021, ensuring continued alignment with the ICE BofA 25+ Year U.S. Treasury STRIPS Index; the fund maintained its structure amid 2024-2025 Federal Reserve rate cuts, experiencing significant inflows as investors positioned for further yield declines. In 2025, PIMCO expanded its ETF offerings with enhanced liquidity provisions and minor prospectus updates to reflect updated risk disclosures amid volatile long-end Treasury yields, while no major acquisitions or partnerships directly impacted ZROZ, the fund saw strategic promotion within PIMCO's total return and income-focused segments.