PIMCO’s ZROZ ETF, which tracks an index of zero-coupon bonds backed by US Treasury principal repayments with 25 to 30-year maturities, has hit an all-time low of $53.73. The fund has lost 73% from its March 2020 peak as investors have sold off these zero-coupon bonds due to their lack of interest payments and competition from newer US bond issuances offering 5.64% yields on 30-year Treasuries. Since its inception in 2009, every buyer of the ETF at any point has lost money, except those who invested before September 2011.
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