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?
A peculiar bond exchange-traded fund (ETF) doubled the returns of the S&P 500 over the last month.
上個月，一家特殊的債券交易所交易基金（ETF）使標準普爾500指數的回報翻了一番。
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.
從11月1日至12月1日，PIMCO 25年期零息美國國債指數ETF（紐約證券交易所代碼：ZROZ）飆升19.4％，超過了SPDR標準普爾500指數ETF信託基金（紐約證券交易所代碼：SPY），後者的漲幅爲9.9％。
ZROZ invests primarily in U.S. Treasury bonds with maturities of 25 years or more.
ZROZ主要投資於期限爲25年或更長的美國國債。
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.
這些債券的關鍵特徵是它們是零息票。這意味着他們不向債券持有人或ETF持有人支付定期利息。取而代之的是，它們以低於面值的價格發行，並按面值（面值）到期。例如，今天交易價格爲80美分的零息債券，到期時的面值爲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.
對於像ZROZ投資組合這樣的零息債券，理解 “期限”（也稱爲證券的平均到期日）的概念是關鍵，它是衡量債券價格對利率變化的敏感度的指標。
The duration of a zero coupon bond is essentially equal to the bond's time to maturity.
零息債券的期限本質上等於債券的到期時間。
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年期零息美國國債指數ETF投資於距離到期至少還有25年的美國國債，因此期限至少爲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.
如此長的期限意味着ZROZ對債券利率或收益率的變化高度敏感。投資組合中債券收益率的變化爲1％，相當於債券價格的變化約爲25％。
ZROZ Rallies
ZROZ 拉力賽
ZROZ tends to perform well when interest rates decrease, as the value of its long-term bonds rises.
隨着長期債券價值的上升，ZROZ在利率下降時往往表現良好。
Conversely, if rates begin to climb, ZROZ could face challenges, given the inverse relationship between bond prices and interest rates.
相反，鑑於債券價格和利率之間的反比關係，如果利率開始攀升，ZROZ可能會面臨挑戰。
Over the past month, Treasury yields have fallen substantially, reflecting growing market expectations of Fed rate cuts in 2024
在過去的一個月中，美國國債收益率大幅下降，這反映出市場對美聯儲在2024年降息的預期不斷提高
The yield on a 30-year Treasury bond has tumbled from 5.1% to approximately 4.40%, or 70 basis points.
30年期美國國債的收益率已從5.1％下降至約4.40％，即70個點子。
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.
隨着收益率的下降，美國國債的價格飆升。因此，期限資產，例如長期零息國債，其價格進一步上漲。
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譯文內容由第三人軟體翻譯。