This Treasury ETF Has Doubled Last Month's S&P 500 Returns: What's Going On In The Bond Market?
This Treasury ETF Has Doubled Last Month's S&P 500 Returns: What's Going On In The Bond Market?
The key characteristic of these bonds is that they are zero-coupon. That means they do not pay periodic interest to bondholders, or ETF holders. Instead, they are issued at a discount to face value and mature at par (face value). For example, a zero-coupon bond trading at 80 cents to the dollar today has a face value of $100 at maturity.A peculiar bond exchange-traded fund (ETF) doubled the returns of the S&P 500 over the last month.
上个月，一家特殊的债券交易所交易基金（ETF）使标准普尔500指数的回报翻了一番。
The PIMCO 25 Year Zero Coupon U.S. Treasury Index ETF (NYSE:ZROZ) surged 19.4% from Nov. 1 to Dec. 1, outshining the SPDR S&P 500 ETF Trust (NYSE:SPY), which posted a 9.9% gain.
从11月1日至12月1日，PIMCO 25年期零息美国国债指数ETF（纽约证券交易所代码：ZROZ）飙升19.4％，超过了SPDR标准普尔500指数ETF信托基金（纽约证券交易所代码：SPY），后者的涨幅为9.9％。
ZROZ invests primarily in U.S. Treasury bonds with maturities of 25 years or more.
ZROZ主要投资于期限为25年或更长的美国国债。
The key characteristic of these bonds is that they are zero-coupon. That means they do not pay periodic interest to bondholders, or ETF holders. Instead, they are issued at a discount to face value and mature at par (face value). For example, a zero-coupon bond trading at 80 cents to the dollar today has a face value of $100 at maturity.
这些债券的关键特征是它们是零息票。这意味着他们不向债券持有人或ETF持有人支付定期利息。取而代之的是，它们以低于面值的价格发行，并按面值（面值）到期。例如，今天交易价格为80美分的零息债券，到期时的面值为100美元。
For zero-coupon bonds like those in ZROZ's portfolio, it's key to understand the concept of "duration," also known as the average maturity of the security, which is a measure of a bond's price sensitivity to interest rate changes.
对于像ZROZ投资组合这样的零息债券，理解 “期限”（也称为证券的平均到期日）的概念是关键，它是衡量债券价格对利率变化的敏感度的指标。
The duration of a zero coupon bond is essentially equal to the bond's time to maturity.
零息债券的期限本质上等于债券的到期时间。
The PIMCO 25 Year Zero Coupon U.S. Treasury Index ETF invests in U.S. Treasury bonds with at least 25 years remaining until maturity, resulting in a duration of at least 25 years.
PIMCO 25年期零息美国国债指数ETF投资于距离到期至少还有25年的美国国债，因此期限至少为25年。
This long duration means that ZROZ is highly sensitive to changes in the bond's interest rates or yields. A 1% change in the yield of bonds within the portfolio corresponds to an approximate 25% shift in the bond's price.
如此长的期限意味着ZROZ对债券利率或收益率的变化高度敏感。投资组合中债券收益率的变化为1％，相当于债券价格的变化约为25％。
ZROZ Rallies
ZROZ 拉力赛
ZROZ tends to perform well when interest rates decrease, as the value of its long-term bonds rises.
随着长期债券价值的上升，ZROZ在利率下降时往往表现良好。
Conversely, if rates begin to climb, ZROZ could face challenges, given the inverse relationship between bond prices and interest rates.
相反，鉴于债券价格和利率之间的反比关系，如果利率开始攀升，ZROZ可能会面临挑战。
Over the past month, Treasury yields have fallen substantially, reflecting growing market expectations of Fed rate cuts in 2024
在过去的一个月中，美国国债收益率大幅下降，这反映出市场对美联储在2024年降息的预期不断提高
The yield on a 30-year Treasury bond has tumbled from 5.1% to approximately 4.40%, or 70 basis points.
30年期美国国债的收益率已从5.1％下降至约4.40％，即70个基点。
As yields fell, the price of Treasury securities soared. Consequently, duration assets, like long-dated zero-coupon Treasuries, have seen their prices rallying even further.
随着收益率的下降，美国国债的价格飙升。因此，期限资产，例如长期零息国债，其价格进一步上涨。
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