ETF Evaluator:
T. Rowe Price QM US Bond ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Intermediate Core Bond Over the Last Year
| 7.3% | Aptus Enhanced Yield ETF (JUCY) |
| 6.6% | SGI Enhanced Core ETF (USDX) |
| 5.9% | Hartford Schroders Tax-Aware Bond ETF (HTAB) |
| 5.1% | Overlay Shares Core Bond ETF (OVB) |
| 4.8% | NEOS Enhanced Income Aggregate Bond ETF (BNDI) |
Risk
Index
Risk
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ETF Details
T. Rowe Price QM US Bond ETF Overview
T. Rowe Price QM US Bond ETF (TAGG) is an actively managed Taxable Bond Intermediate Core Bond exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2021.
The investment seeks to provide a total return that exceeds the performance of the U.S. investment-grade bond market.
The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. bonds. The fund’s overall investment strategy is to provide total returns that exceed the total returns of the Bloomberg U.S. Aggregate Bond Index. The index is a broadly diversified index that typically consists of investment-grade, fixed income instruments with intermediate- to long-term maturities.
About T. Rowe Price QM US Bond ETF (TAGG)
There are 2 members of the management team with an average tenure of 3.46 years: Robert Larkins (2021) and Yongheon Lee (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Lipper Core Bond Avg index with a weighting of 100%. T. Rowe Price QM US Bond ETF has 1824 securities in its portfolio. The top 10 holdings constitute 20.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price QM US Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. T. Rowe Price QM US Bond ETF has 8.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.6% (85.4% domestic bond, 8.2% foreign bond and 0.0% convertible bond). T. Rowe Price QM US Bond ETF has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is below the $6 billion average for the Intermediate Core Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TAGG Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price QM US Bond ETF expense ratio is low compared to funds in the Intermediate Core Bond category. T. Rowe Price QM US Bond ETF has an expense ratio of 0.08%, which is 75% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price QM US Bond ETF has a portfolio turnover rate of 190%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 95% for the Intermediate Core Bond category.
Recently, in the month of July 2026, T. Rowe Price QM US Bond ETF returned -1.3%, which earned it a grade of C, as the Intermediate Core Bond category had an average return of -1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
T. Rowe Price QM US Bond ETF has a trailing yield of 4.60%, which is above the 4.44% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price QM US Bond ETF Grades
Year to date, the ETF has returned -0.6%, 0.2 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.9% over the past year (grade of B) and 3.9% over the past three years (grade of C).
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TAGG Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TAGG Return (NAV) | -1.3% | -0.7% | 2.9% | 3.9% | na | na |
| TAGG Return (Price) | -1.3% | -0.7% | 3.0% | 3.9% | na | na |
| NAV +/- Price Return | 0.033% | -0.048% | -0.096% | -0.034% | na | na |
| Intermediate Core Bond Avg | -1.2% | -0.7% | 3.0% | 4.0% | -0.3% | 1.5% |
| TAGG Grade (NAV) | C | B | B | C | na | na |
| +/- Category (NAV) | -0.1% | -0.1% | -0.1% | -0.0% | na | na |
| TAGG Tax-Cost Ratio | na | na | 1.8% | 1.8% | na | na |
TAGG Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TAGG Return (NAV) | -0.6% | 7.4% | 1.6% | 5.7% | -13.4% | na | na | na | na | na | na |
| TAGG Return (Price) | -0.5% | 7.4% | 1.7% | 5.7% | -13.7% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.121% | 0.001% | 0.074% | 0.013% | 0.018% | na | na | na | na | na | na |
| Intermediate Core Bond Avg | -0.4% | 7.1% | 1.9% | 6.0% | -13.2% | -1.5% | 7.6% | 9.1% | -0.5% | 3.7% | 3.0% |
| TAGG Grade (NAV) | C | B | C | C | C | na | na | na | na | na | na |
| +/- Category | -0.2% | 0.3% | -0.3% | -0.3% | -0.2% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.00 |
| R-Squared: | 100% |
| Standard Deviation: | 5.6% |
| Category Risk Index: | 1.01 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.46 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.6% |
| Total Assets: | $ 2,316 Mil |
| Share Class Assets: | $ 2,316 Mil |
| Turnover: | 190.9% |
| Expense Ratio: | 0.08% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.8 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Larkins Robert (2021), Lee Yongheon (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1824 |
| % in Top 10 Holdings: | 20.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 85.4% |
| Foreign Bond: | 8.2% |
| Convertible Bond: | 0.0% |
| Other: | 6.2% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | |
| Inception Date: | September 28, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.08% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.32% |
