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

ZROZ • ARCA

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Fund is an exchange-traded fund on ARCA. As of Q3 2025, 128 institutional investors hold shares in this ETF, with total holdings valued at $789.5M. Mirae Asset Global Investments Co., Ltd. is the largest holder with a position valued at $172.7M.

Overview

Overview of institutional ownership in ZROZ as of Q3 2025

All Institutions

Institutions: 128
Value Held: $789.5M
Shares Held: 11.6M
Avg Position: $6.2M
Median Position: $998.2K

Hedge Funds

Hedge Funds: 3
Value Held: $10.9M
Shares Held: 160.4K
Avg Position: $3.6M
Median Position: $3.8M

Biggest Investors

Institutions with the largest positions in ZROZ as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Mirae Asset Global Investments Co., Ltd. Long Only Manager	Wanyoun Cho CEO	$172.7M 0.54% of portfolio	2.5M shares	Q1 2024 Held for 1y 8m	$31.7B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$78.4M 0.01% of portfolio	1.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
L LPL Financial LLC Institution	-	$54.2M 0.02% of portfolio	797.0K shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
A Annex Advisory Services, LLC Institution	-	$50.2M 1.12% of portfolio	738.7K shares	Q3 2025 Held for 2 months	$4.5B
Adviser Investments LLC Family Office	Michelle Ann Knight CEO	$40.7M 0.46% of portfolio	598.3K shares	Q4 2024 Held for 11 months	$8.8B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$32.7M 0.01% of portfolio	481.6K shares	Q4 2022 Held for 2y 11m	$341.99B
RiverFront Investment Group, LLC Long Only Manager	Peter John Quinn CEO	$32.1M 0.56% of portfolio	471.9K shares	Q2 2024 Held for 1y 5m	$5.7B
CONSOLIDATED PLANNING CORP RIA/Wealth	Varun Kalyan Marneni CEO	$24.0M 2.53% of portfolio	352.6K shares	Q4 2024 Held for 11 months	$946.6M
GenWealth Group, Inc. RIA/Wealth	Michael Peter Leanza CEO	$22.2M 4.13% of portfolio	326.0K shares	Q2 2019 Held for 6y 5m	$537.1M
Krilogy Financial LLC RIA/Wealth	Kent Scott Skornia CEO	$16.7M 0.63% of portfolio	247.7K shares	Q4 2023 Held for 1y 11m	$2.7B

Net Capital Flow

Institutional buying and selling activity for ZROZ in Q3 2025

Traded: +$74.5M
Buyers: 71
Sellers: 60
Total Bought: +$133.2M
Total Sold: −$58.7M
Avg Position: $5.3M

Biggest Buyers

Institution	Net Bought	Current Position
A Annex Advisory Services, LLC Institution	+$50.2M +738.7K shares	$50.2M 738.7K shares
BANK OF AMERICA CORP /DE/ Institution	+$8.1M +118.6K shares	$78.4M 1.2M shares
C Centurion Wealth Management LLC Institution	+$6.8M +100.7K shares	$6.8M 100.7K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$6.8M +100.0K shares	$6.8M 100.0K shares
P Paragon Advisors, LLC Institution	+$6.1M +89.7K shares	$9.8M 144.3K shares
GOLDMAN SACHS GROUP INC Institution	+$6.0M +88.6K shares	$9.4M 138.7K shares
T Tower Research Capital LLC Institution	+$4.7M +69.2K shares	$6.3M 93.1K shares
N Nearwater Capital Markets, Ltd Institution	+$4.3M +62.7K shares	$4.3M 62.7K shares
OPPENHEIMER & CO INC RIA/Wealth	+$4.0M +58.4K shares	$4.6M 67.3K shares
D DAVIDSON D A & CO Institution	+$3.8M +56.1K shares	$3.8M 56.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
Mirae Asset Global Investments Co., Ltd. Long Only Manager	−$12.4M −182.2K shares	$172.7M 2.5M shares
IHT Wealth Management, LLC RIA/Wealth	−$6.1M −91.7K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$5.1M −74.4K shares	$3.8M 56.6K shares
G GTS SECURITIES LLC Institution	−$4.3M −62.7K shares	$845.7K 12.4K shares
C Capitolis Liquid Global Markets LLC Private Equity	−$2.6M −38.2K shares	Sold Off 0 shares
Cassaday & Co Wealth Management LLC RIA/Wealth	−$2.5M −37.3K shares	Sold Off 0 shares
OKABENA INVESTMENT SERVICES INC Family Office	−$2.1M −32.0K shares	Sold Off 0 shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$2.1M −30.6K shares	$1.8M 27.0K shares
Carrera Capital Advisors RIA/Wealth	−$2.0M −29.9K shares	$3.1M 45.6K shares
A Andina Capital Management, LLC Institution	−$1.5M −22.9K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited ZROZ in Q3 2025

New Positions: 8
New Value: $13.0M
Exited Positions: 20
Exited Value: $19.7M

New Positions

Institution	Position Value
C Centurion Wealth Management LLC Institution	$6.8M 100.7K shares
N Nearwater Capital Markets, Ltd Institution	$4.3M 62.7K shares
W Williams & Novak, LLC Institution	$1.3M 19.6K shares
Simplicity Wealth,LLC RIA/Wealth	$432.4K 6.4K shares
Wealth Watch Advisors, INC RIA/Wealth	$68.9K 1.0K shares
G GROUP ONE TRADING, L.P. Institution	$27.2K 400.0 shares
B BRYN MAWR TRUST CO/PA Institution	$24.9K 367.0 shares
Union Bankshares Corp Institution	$5.1K 75.0 shares

Exited Positions

Institution	Previous Position
IHT Wealth Management, LLC RIA/Wealth	$6.1M 91.7K shares
C Capitolis Liquid Global Markets LLC Private Equity	$2.6M 38.2K shares
Cassaday & Co Wealth Management LLC RIA/Wealth	$2.5M 37.3K shares
OKABENA INVESTMENT SERVICES INC Family Office	$2.1M 32.0K shares
A Andina Capital Management, LLC Institution	$1.5M 22.9K shares
Q Quadrature Capital Ltd Institution	$948.4K 14.1K shares
INTL FCSTONE INC. Institution	$670.7K 10.0K shares
NORTHERN TRUST CORP Institution	$670.7K 10.0K shares
Deschutes Portfolio Strategy, LLC RIA/Wealth	$583.5K 8.7K shares
C CI Private Wealth, LLC RIA/Wealth	$548.3K 8.2K shares

Options Activity

Institutions with the largest Call and Put options positions in ZROZ as of Q3 2025

Call Positions: 4
Call Value: $11.6M
Put Positions: 4
Put Value: $11.7M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$7.8M 1.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.7M 245.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.6M 231.0 contracts
J JANE STREET GROUP, LLC Institution	$591.3K 87.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$6.6M 970.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.0M 594.0 contracts
W WOLVERINE TRADING, LLC Institution	$746.3K 109.0 contracts
J JANE STREET GROUP, LLC Institution	$285.4K 42.0 contracts

Most Committed Institutions

Institutions with ZROZ as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
GenWealth Group, Inc. RIA/Wealth	Michael Peter Leanza CEO	4.13% $22.2M	326.0K shares	Q2 2019 Held for 6y 5m	$537.1M
Mid-American Wealth Advisory Group, Inc. RIA/Wealth	Mark Stephen Falter President	3.45% $7.2M	106.6K shares	Q2 2024 Held for 1y 5m	$210.2M
A Arlington Capital Management, Inc. Institution	-	2.72% $4.2M	62.1K shares	Q4 2024 Held for 11 months	$155.3M
P Paragon Advisors, LLC Institution	-	2.53% $9.8M	144.3K shares	Q4 2019 Held for 5y 11m	$387.0M
CONSOLIDATED PLANNING CORP RIA/Wealth	Varun Kalyan Marneni CEO	2.53% $24.0M	352.6K shares	Q4 2024 Held for 11 months	$946.6M
Authentikos Wealth Advisory, LLC RIA/Wealth	Jared M Elson CEO	1.68% $2.3M	33.8K shares	Q3 2024 Held for 1y 2m	$136.5M
GRT CAPITAL PARTNERS LLC RIA/Wealth	Richard Houghton Stowe President	1.67% $2.0M	30.0K shares	Q1 2024 Held for 1y 8m	$121.8M
C CONSILIO WEALTH ADVISORS, LLC RIA/Wealth	Christopher Michael Kaminski Partner	1.58% $4.8M	70.9K shares	Q1 2023 Held for 2y 8m	$304.3M
C Centurion Wealth Management LLC Institution	-	1.57% $6.8M	100.7K shares	Q3 2025 Held for 2 months	$434.9M
A Annex Advisory Services, LLC Institution	-	1.12% $50.2M	738.7K shares	Q3 2025 Held for 2 months	$4.5B

Hedge Fund Spotlight

Discover hedge funds investing in ZROZ

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in PIMCO 25+ Year Zero Coupon U.S. Treasury Index Fund

Market Value: $259.2K
Shares Held: 3.8K
Portfolio Weight: 0.00%
Owned Since: 2025-Q2

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$4.1B	2.62%
2 Microsoft MSFT	Software - Infrastructure Technology	$3.2B	2.05%
3 Apple AAPL	Consumer Electronics Technology	$2.8B	1.76%