ETF Evaluator:
T. Rowe Price Total Return ETF ()
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(as of Aug 26)
Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 8.9% | Infrastructure Capital Bond Income ETF (BNDS) |
| 5.2% | Monarch Ambassador Income ETF (MAMB) |
| 4.1% | SanJac Alpha Core Plus Bond ETF (SJCP) |
| 4.1% | F/m Opportunistic Income ETF (ZHOG) |
| 3.9% | PIMCO Active Bond ETF (BOND) |
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ETF Details
T. Rowe Price Total Return ETF Overview
T. Rowe Price Total Return ETF (TOTR) is an actively managed Taxable Bond Intermediate Core-Plus Bond exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2021.
The investment seeks to maximize total return through income and, secondarily, capital appreciation.
The fund invests in a diversified portfolio of bonds and other debt instruments. The fund’s investments typically include, but are not limited to, debt instruments issued by the U.S. government and its agencies, corporate bonds, bank loans, and various types of mortgage-backed and asset-backed securities. The fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market.
About T. Rowe Price Total Return ETF (TOTR)
There are 2 members of the management team with an average tenure of 2.84 years: Anna Dreyer (2021) and Carolyn Roby (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. T. Rowe Price Total Return ETF has 1268 securities in its portfolio. The top 10 holdings constitute 23.3% 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 Total Return ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. T. Rowe Price Total Return ETF has -3.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1% There is 0.0% allocated to foreign stock, and 0.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.1% (98.1% domestic bond, -3.0% foreign bond and 0.5% convertible bond). T. Rowe Price Total Return ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $572 million in total assets, which is below the $2 billion average for the Intermediate Core-Plus 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.
TOTR 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 Total Return ETF expense ratio is below average compared to funds in the Intermediate Core-Plus Bond category. T. Rowe Price Total Return ETF has an expense ratio of 0.31%, which is 29% 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 Total Return ETF has a portfolio turnover rate of 65%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 157% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, T. Rowe Price Total Return ETF returned -1.3%, which earned it a grade of C, as the Intermediate Core-Plus 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 Total Return ETF has a trailing yield of 5.38%, which is above the 4.67% 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 Total Return ETF Grades
Year to date, the ETF has returned -0.5%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.8% over the past year (grade of D) and 4.2% over the past three years (grade of D).
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TOTR 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 |
|
| TOTR Return (NAV) | -1.3% | -0.7% | 2.8% | 4.2% | na | na |
| TOTR Return (Price) | -1.5% | -0.9% | 2.6% | 4.1% | na | na |
| NAV +/- Price Return | 0.182% | 0.150% | 0.237% | 0.107% | na | na |
| Intermediate Core-Plus Bond Avg | -1.2% | -0.6% | 3.2% | 4.6% | 0.4% | 2.1% |
| TOTR Grade (NAV) | C | D | D | D | na | na |
| +/- Category (NAV) | -0.1% | -0.1% | -0.3% | -0.4% | na | na |
| TOTR Tax-Cost Ratio | na | na | 2.1% | 2.1% | na | na |
TOTR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TOTR Return (NAV) | -0.5% | 7.6% | 2.3% | 6.3% | -15.8% | na | na | na | na | na | na |
| TOTR Return (Price) | -0.7% | 7.4% | 2.4% | 6.3% | -15.9% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.235% | -0.019% | 0.051% | -0.001% | 0.005% | na | na | na | na | na | na |
| Intermediate Core-Plus Bond Avg | -0.2% | 7.5% | 3.0% | 6.6% | -13.2% | -0.7% | 8.0% | 9.8% | -0.2% | 4.3% | 4.9% |
| TOTR Grade (NAV) | D | C | C | C | F | na | na | na | na | na | na |
| +/- Category | -0.3% | 0.1% | -0.7% | -0.3% | -2.7% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.00 |
| R-Squared: | 99% |
| Standard Deviation: | 5.7% |
| Category Risk Index: | 1.01 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 0.46 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.4% |
| Total Assets: | $ 573 Mil |
| Share Class Assets: | $ 573 Mil |
| Turnover: | 65.9% |
| Expense Ratio: | 0.31% |
| 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: 2.8 years | |||
| Managers (Year): Dreyer Anna (2021), Roby Carolyn (2025) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 1268 |
| % in Top 10 Holdings: | 23.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -3.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.7% |
| Domestic Bond: | 98.1% |
| Foreign Bond: | -3.0% |
| Convertible Bond: | 0.5% |
| Other: | 3.6% |
| Cash: | 0.1% |
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 (%): | 0.31% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.44% |
