---
title: "The day before the U.S. expanded its Treasury bond repurchase program, investors placed a record bet on long-term U.S. Treasury bond ETFs"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296405935.md"
description: "Just one day before the U.S. Treasury unexpectedly announced an expansion of long-term Treasury bond repurchase scale, driving the bond market up, one or more investors made a large purchase of an ETF that is highly sensitive to fluctuations in U.S. long-term Treasury yields on Tuesday. On that day, the PIMCO 25+Yr Zero Cpn US ETF, with a scale of $1.5 billion, attracted a record inflow of $123 million, and the trading volume surged to 5.2 million shares, nearly double the previous peak set in 2024. This ETF invests in so-called \"Separate Trading of Registered Interest and Principal of Securities\" (STRIPS), which are zero-coupon securities formed by separating the bond principal and interest payments, thus amplifying bets on the trend of U.S. long-term interest rates. The ETF rose 3.2% on Wednesday, marking its largest increase since November 2024. However, concerns over inflation and fiscal deficits have impacted long-term Treasury bonds, causing the fund to decline by 5.4% this year. The effective duration of the fund's bond holdings is approximately 28 years, meaning that for every 1 percentage point decline in yield, its price will rise by about 28%"
datetime: "2026-08-19T22:09:53.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296405935.md)
  - [en](https://longbridge.com/en/news/296405935.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296405935.md)
---

# The day before the U.S. expanded its Treasury bond repurchase program, investors placed a record bet on long-term U.S. Treasury bond ETFs

On August 20th, Jin Shi Data reported that just one day before the U.S. Treasury unexpectedly announced an expansion of the long-term Treasury bond repurchase program, pushing the bond market up, one or more investors made a large purchase of an ETF highly sensitive to fluctuations in U.S. long-term Treasury yields on Tuesday. On that day, the PIMCO 25+Yr Zero Cpn US ETF, with a scale of $1.5 billion, attracted a record inflow of $123 million, and the trading volume surged to 5.2 million shares, nearly double the previous peak set in 2024. This ETF invests in so-called "Separate Trading of Registered Interest and Principal of Securities" (STRIPS), which are zero-coupon securities formed by separating the principal and interest payments of bonds, thus amplifying bets on the trend of U.S. long-term interest rates. The ETF rose 3.2% on Wednesday, marking the largest increase since November 2024. However, concerns over inflation and fiscal deficits have impacted long-term Treasury bonds, and this fund has accumulated a decline of 5.4% this year. The effective duration of the fund's bond holdings is approximately 28 years, meaning that for every 1 percentage point decrease in yield, its price will rise by about 28%

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