This unique ETF offers investors an opportunity to access long-dated Treasuries, and is one of the most effective tools out there for those looking to dial up interest rate risk and extend the effective duration of a fixed income portfolio. ZROZ invests exclusively in STRIPS, the final principal payments of U.S. Treasuries with at least 25 years remaining until maturity. As such, this product will be very sensitive to changes in interest rate movements, performing very well when rates fall but likely struggling if rates begin to climb. In return for exposing investors to this interest rate risk, ZROZ often exhibits a very attractive yield--though those looking for actual dividends may want to look elsewhere. ZROZ probably doesn't have much use as a core holding in a fixed income portfolio, but can be a very useful tool for those looking to extend overall duration or bet on a decline in interest rates.