At a glance
LTPZ charges 0.2% a year, above the 0.13% average of the 7 funds most like it (the 7th cheapest of 8). It has $707.9M in assets, the 7th largest of that group; it paid 6.23% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −7.8% with distributions reinvested, the weakest of those 8 funds; over three years it returned +2.5% a year. At its worst it fell 22.6% in the 2020 crash (S&P 500: 33.7%) and 34.0% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 77.9% of the fund, out of 15 in all.
The short version
PIMCO 15+ Year US TIPS Index Exchange-Traded Fund (LTPZ) is an index fund that holds long-dated Treasury Inflation-Protected Securities (TIPS). It tracks the ICE BofA 15+ Year US Inflation-Linked Treasury Index. As of June 30, 2026, its bonds had an average maturity of about 21.6 years. That makes it far more sensitive to interest rates than broad TIPS funds such as SCHP or TIP. Its 0.20% annual fee is above the 0.13% average of similar funds.
Price history
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LTPZ -7.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| LTPZ official prospectus, to Dec 31, 2025 | — | +4.04% | — | -6.05% | +1.78% | — |
| LTPZ price data to Oct 27, 2026 | -3.8% | -7.8% | +2.5% | -8.0% | 0.0% | +2.7% |
- Over the year to Oct 27, 2026, LTPZ returned -7.8%, 8th of 8 among similar funds.
- Its 5-year annualized return was -8.0% and its 10-year 0.0%.
- In the 2020 COVID crash, while stocks fell, it gained 4.3%.
- Its worst full calendar year was 2022 (-31.7%); its best was 2011 (+25.1%).
- The deepest fall in its price history was 41% (Nov 9, 2021 to Oct 19, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -3.8% | — |
| 2025 | +4.0% | +4.04% |
| 2024 | -4.8% | -4.35% |
| 2023 | +1.0% | +0.51% |
| 2022 | -31.7% | -31.60% |
| 2021 | +7.0% | +7.00% |
| 2020 | +24.9% | +25.19% |
| 2019 | +17.5% | +17.29% |
| 2018 | -6.5% | -7.40% |
| 2017 | +9.1% | +9.44% |
| 2016 | +9.2% | +9.51% |
| 2015 | -8.8% | — |
| 2014 | +19.7% | — |
| 2013 | -19.2% | — |
| 2012 | +11.6% | — |
| 2011 | +25.1% | — |
| 2010 | +8.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 4.3% over that stretch · deepest drop along the way 22.6%, back to its old high 0.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.8% over that stretch · deepest drop along the way 34%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.3400 | |
| 2025 | $2.4000 | +24.4% |
| 2024 | $1.9300 | -8.1% |
| 2023 | $2.1000 | -57.0% |
| 2022 | $4.8800 | +50.2% |
| 2021 | $3.2500 | +157.9% |
| 2020 | $1.2600 | +0.8% |
| 2019 | $1.2500 | -47.4% |
| 2018 | $2.3750 | +52.2% |
| 2017 | $1.5600 | +3.3% |
| 2016 | $1.5100 | +251.2% |
| 2015 | $0.4300 | -63.9% |
| 2014 | $1.1900 | +63.0% |
| 2013 | $0.7300 | -35.4% |
| 2012 | $1.1300 | -52.3% |
| 2011 | $2.3700 | +73.0% |
| 2010 | $1.3700 |
What's inside
As of Jun 30, 2026, the fund held 15 securities; the ten largest made up 77.94% of assets.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 10.72% | |
| United States Treasury Bonds and notes | 9.07% | |
| United States Treasury Bonds and notes | 8.72% | |
| United States Treasury Bonds and notes | 8.65% | |
| United States Treasury Bonds and notes | 7.67% | |
| United States Treasury Bonds and notes | 7.64% | |
| United States Treasury Bonds and notes | 6.57% | |
| United States Treasury Bonds and notes | 6.53% | |
| United States Treasury Bonds and notes | 6.20% | |
| United States Treasury Bonds and notes | 6.17% | |
| United States Treasury Bonds and notes | 5.96% | |
| United States Treasury Bonds and notes | 5.76% | |
| United States Treasury Bonds and notes | 3.78% | |
| United States Treasury Bonds and notes | 3.64% | |
| United States Treasury Bonds and notes | 2.42% |
By country
United States 99.5%By issuer
US Treasury 99.5%The bonds mature in 21.6 years on average (weighted by size), with an average coupon of 1.08%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $76.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.77%, +1.31%, -0.39%.
How it works
LTPZ aims to match the total return of the ICE BofA 15+ Year US Inflation-Linked Treasury Index, before fees. That index holds Treasury Inflation-Protected Securities (TIPS). These are US government bonds whose principal and interest are adjusted for inflation, as measured by the Consumer Price Index (CPI). A bond qualifies only if it has at least 15 years left to maturity and at least $1 billion outstanding. As of September 30, 2026, the index held 15 issues with an average maturity of 21.51 years. Bonds are weighted by market value, and the list is updated monthly. A bond leaves once it has less than 15 years to go.
PIMCO puts at least 80% of total assets in index bonds. It uses representative sampling, which means it may hold those bonds in different proportions than the index does. Tracking can therefore be less exact. The prospectus allows futures, swaps and other derivatives. The June 30, 2026 holdings report showed none: 15 TIPS issues made up 99.5% of assets. Portfolio turnover was 15%.
Returns come from three sources: interest, inflation adjustments to principal, and price changes. Prices fall when real interest rates (rates after inflation) rise. Long maturities make that effect bigger.
What it really costs
- LTPZ charges 0.2% a year, versus an average of 0.13% for the similar funds below (7th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| LTPZ | $20 | $64 | $113 | $255 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its bonds' principal and interest are tied to the CPI and backed by the US government, but long maturities make that protection come with large price swings.
LTPZ adds US government credit and payments linked to inflation, but it is volatile. It fell 22.6% between March 6 and March 18, 2020, and recovered by April 15. In 2022, its worst calendar year, it lost 31.6% as real interest rates rose. Its deepest drop was 41%, from November 2021 to October 2023, and it had not been recovered as of October 27, 2026. The fund launched in 2009, after the 2008 crisis. Anyone forced to sell in 2022 would have locked in heavy losses.
The trailing yield was 6.23% as of October 27, 2026, paid quarterly. Payouts include inflation adjustments, so they can vary a lot from year to year. The expense ratio is 0.20%. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking inflation-linked payments backed by the full faith and credit of the US government, through 15 long-dated TIPS issues.
- Planners matching inflation-sensitive spending decades away, who can hold through drops like the 41% decline from November 2021 to October 2023.
- Those wanting a pure long-maturity TIPS position (about 21.6 years on average as of June 30, 2026) rather than a broad TIPS fund.
Look elsewhere if
- Cost-focused investors: the 0.20% expense ratio is above the 0.13% average of similar funds and far above SCHP's 0.03%.
- Anyone who may need to sell within a few years; the fund lost 31.6% in 2022 and 18.87% in a single quarter.
- Investors wanting steady income or a crash hedge; quarterly payouts can swing with inflation, and shares fell 22.6% in March 2020.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| LTPZ this fund | 21.6 yrs | 0.2% | $707.9M | -7.8% | +2.5% |
| TLT iShares 20+ Year Treasury Bond ETF | 26 yrs | 0.15% | $47.05B | -5.3% | +2.1% |
| IEF iShares 7-10 Year Treasury Bond ETF | 8.4 yrs | 0.15% | $41.82B | -1.7% | +4.0% |
| SPIP SPDR Portfolio TIPS ETF | 7.4 yrs | 0.12% | $1.01B | -1.0% | +4.5% |
| TIPZ PIMCO Broad U.S. TIPS Index ETF | 7.4 yrs | 0.2% | $85.3M | -1.0% | +4.6% |
| GOVT iShares U.S. Treasury Bond ETF | 7.4 yrs | 0.05% | $43.55B | -0.5% | +3.8% |
| SCHP Schwab U.S. TIPS ETF | 7.2 yrs | 0.03% | $16.52B | -0.3% | +4.3% |
| TIP iShares TIPS Bond ETF | 6.9 yrs | 0.18% | $14.60B | -0.3% | +4.1% |
Questions investors ask
Is LTPZ a good inflation hedge for retirement?
It protects against inflation over long periods, but not smoothly. Its bonds' principal and interest rise with the CPI and are backed by the US government. But its average maturity of about 21.6 years, as of June 30, 2026, makes its price very sensitive to real interest rates. It lost 31.6% in 2022. Its average annual return over the 10 years through December 31, 2025, was 1.78%.
What's the difference between LTPZ and TLT?
Both hold long-dated US Treasuries. LTPZ owns inflation-protected TIPS, while TLT owns ordinary Treasury bonds with fixed payments and no inflation link. TLT's bonds are longer, averaging 26 years versus about 21.6 for LTPZ. TLT also costs less, at 0.15% versus 0.20%. Over one year, LTPZ returned -7.8% (as of October 27, 2026) and TLT returned -5.4% (as of October 30, 2026).
Does LTPZ pay monthly dividends?
No. LTPZ pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $2.96 per share, a trailing yield of 6.23%. That is far above the bonds' average coupon of 1.08%. The gap exists because TIPS fund payouts can include inflation adjustments to principal, and those adjustments may shrink when inflation cools. Income can be uneven from one quarter to the next.
Why did LTPZ lose so much money in 2022?
Rising real interest rates hit long bonds hardest. TIPS adjust for inflation, but their prices still fall when real rates (rates after inflation) climb. Bonds with about 21 years left to maturity react strongly. LTPZ lost 31.6% in 2022 and 18.87% in the second quarter alone. Its deepest drop, 41% from November 9, 2021, to October 19, 2023, had not been recovered as of October 27, 2026.
LTPZ vs SCHP: which TIPS ETF is different and how?
SCHP is a broad TIPS fund with an average maturity of 7.2 years. LTPZ holds only TIPS with at least 15 years left, averaging about 21.6 years. That makes LTPZ much more sensitive to interest rates. SCHP charges 0.03% versus 0.20% for LTPZ. Over one year, SCHP returned 0.4% (as of October 30, 2026) and LTPZ returned -7.8% (as of October 27, 2026).