PIMCO's ZROZ exchange-traded fund fell to an all-time low of $53.73 per share. According to NS3.AI, the fund has lost 16% this year and 73% from its March 2020 peak.

ZROZ tracks the present value of principal repayments on long-term U.S. Treasury bonds. Higher interest rates have reduced the value of those future repayments, even though the U.S. government guarantees them.