Fund Evaluator:
T. Rowe Price US Trs LongTerm Idx (PRULX)
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Best Performing in Long Government Over the Last Year
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| 3.3% | Russell Inv Long Duration Bond M (RMHTX) |
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Fund Details
T. Rowe Price US Trs LongTerm Idx Overview
T. Rowe Price US Trs LongTerm Idx (PRULX) is a passively managed Taxable Bond Long Government fund. T. Rowe Price launched the fund in 1989.
The investment seeks to provide high income consistent with maximum credit protection. The fund seeks to provide a total return that matches or incrementally exceeds the performance of the long-term U.S. Treasury bond market by providing total returns that match or incrementally exceed the total returns of the Bloomberg U.S. Long Treasury Bond Index (Index). It will invest at least 80% of its net assets in securities that are held in the index and at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. treasury securities, which are backed by the full faith and credit of the U.S. government.
About T. Rowe Price US Trs LongTerm Idx (PRULX)
There are 2 members of the management team with an average tenure of 2.00 years: Robert Larkins (2024), Yongheon Lee (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Treasury Long TR USD index with a weighting of 100%. T. Rowe Price US Trs LongTerm Idx has 68 securities in its portfolio. The top 10 holdings constitute 37.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price US Trs LongTerm Idx is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price US Trs LongTerm Idx has 0.0% 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 98.6% (98.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price US Trs LongTerm Idx has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $151 million in total assets, which is below the $1 billion average for the Long Government 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.
PRULX 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 US Trs LongTerm Idx expense ratio is below average compared to funds in the Long Government category. T. Rowe Price US Trs LongTerm Idx has an expense ratio of 0.29%, which is 77% lower than its category average, making the fund expense ratio grade a B. 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 US Trs LongTerm Idx has a portfolio turnover rate of 28%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 121% for the Long Government category.
Recently, in the month of June 2026, T. Rowe Price US Trs LongTerm Idx returned 1.0%, which earned it a grade of B, as the Long Government category had an average return of 1.0%. 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 funds in that category.
T. Rowe Price US Trs LongTerm Idx has a trailing yield of 3.96%, which is below the 4.22% 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 US Trs LongTerm Idx Grades
Year to date, the fund has returned 0.3%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.7% over the past year (grade of D), -0.8% over the past three years (grade of D) and -6.2% per year over the past five years (grade of F) and -1.7% per year over the past 10 years (grade of D).
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PRULX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PRULX Return (NAV) | 1.0% | 0.9% | 2.7% | -0.8% | -6.2% | -1.7% |
| PRULX Grade | B | C | D | D | F | D |
| +/- Category | 0.1% | 0.1% | -0.3% | -0.9% | -1.5% | -0.4% |
| Long Government Avg | 1.0% | 0.8% | 2.9% | 0.1% | -4.8% | -1.3% |
| PRULX Tax Cost Ratio | na | na | 1.6% | 1.5% | 1.3% | 1.9% |
PRULX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRULX Return (NAV) | 0.3% | 5.3% | -6.6% | 2.4% | -30.0% | -5.2% | 18.2% | 14.1% | -1.9% | 8.2% | 0.7% |
| PRULX Grade | D | D | D | F | F | F | B | C | D | D | F |
| +/- Category | -0.1% | -1.0% | -0.6% | -0.8% | -4.7% | -1.2% | 3.5% | 1.6% | -0.2% | 0.7% | -0.6% |
| Long Government Avg | 0.4% | 6.3% | -6.0% | 3.2% | -25.3% | -4.1% | 14.7% | 12.5% | -1.7% | 7.5% | 1.3% |
| Risk Measures | |
| Standard Deviation: | 12.8% |
| Total Risk Index: | 1.05 - Above Average |
| Category Risk Index: | 1.00 - Above Average |
| Category Risk Grade: | D (62% Rank) |
| Beta: | 2.26 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 4.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $4579 Mil |
| Fund Total Assets: | $ 152 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 28% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Larkins Robert (2024), Lee Yongheon (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 68 |
| % in Top 10 Holdings: | 37.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | September 29, 1989 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.29% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 1.25% |
| Share Class: | T. Rowe Price US Trs LongTerm Idx |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
