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TMSF

GradeANASDAQ

T. Rowe Price Multi-Sector Income ETF

Specialty Bonds · T. Rowe · Inception 2025-11-19

$49.37−0.33 (−0.66%)

As of Sep 23, 2026, 2:53 PM EDT

History starts Nov 21, 2025.History starts Nov 21, 2025.
Intraday session: down, 7 prints from 49.70 to 49.37. Range 49.37 to 49.59. Use the arrow keys to read each point.$49.40$49.50$49.6010 AM12 PM2 PM4 PM
Expense ratio
0.41%
Fund size
$58M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$49.66
52W range
low $48.97high $50.80

The ETF.net TMSF Grade

A

70/ 100

Rank 3 of 25 in Multi-Sector Bond Income⁠

Confidence High

Six-pillar profile for TMSF. Scores out of 100: Cost 83, Risk 69, Mission 100, Tradability 15, Holdings 61, Durability 42. Strongest: Mission (100). Weakest: Tradability (15). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 70 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 83
    Category rank5/25 · top 20%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 100
    Category rank1/14 · top 7%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 69
    Category rank4/20 · top 20%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 15
    Category rank22/25 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 61
    Category rank11/25 · top 44%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 42
    Category rank18/25 · mid-pack

Graded as of Sep 22, 2026

Our read on TMSF

ETF.net Research

ANot your average aggregate bond fund. TMSF roams the whole global credit map (investment-grade and high yield corporates, bank loans, securitized credit, emerging markets debt, government bonds) hunting income, with an active T. Rowe team steering instead of an index.

Stated mandate

The fund seeks high income together with some capital appreciation.

Why people hold it

  1. 01One ticket buys the whole credit map: investment-grade and high yield corporates, bank loans, securitized credit, emerging markets debt and government bonds from around the world.troweprice.com
  2. 02The mandate is blunt (high income plus some capital appreciation) and what it holds lines up with that go-anywhere credit brief rather than drifting elsewhere.
  3. 030.37% sits right around the typical fee in the broad bond category, notable for a hand-picked global credit portfolio rather than an index tracker.
  4. 04Launched in late 2025 with four co-portfolio managers off T. Rowe's fixed income bench, part of the firm's build-out of active bond ETFs.prnewswire.com

Worth knowing

  1. 01Index rivals are far cheaper: BND, SPAB and SCHZ all charge 0.03%. The extra cost here buys active sector and country selection, not benchmark tracking.
  2. 02Credit and currency do the driving. High yield, bank loans and emerging markets debt mean it can swing with spreads and exchange rates, not just Treasury yields.troweprice.com
  3. 03A young fund with a short record that trades in far smaller size than the category's index giants, so spreads can be wider around the open and close.

TMSF Holdings

As of Sep 20, 2026, 7:24 AM
Asset class
Bonds
Holdings
—
Top-10 weight
55%
Largest holding
US 2YR NOTE (CBT) DEC26 XCBT 2026123115.3%
The fund’s holdings, weight-ordered — page 1 of 25.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—US 2YR NOTE (CBT) DEC26 XCBT 2026123115.34%41$8M3
002—B00860322 IRS USD R V 12MUSCPI 200860322INF CCPINFLATIONZERO5.61%3,060,000$3M1
003—GBP2611205.24%-2,136,471$3M1
004—B45201498 CDS EUR R V 03MEVENT 5745201498PRO CCPITRAXX4.67%2,220,000$3M1
005—UNITED KINGDOM GILT BONDS REGS 05/29 44.64%1,929,000$3M1
006—FNMA TBA 30 YR 5 SINGLE FAMILY MORTGAGE4.02%2,305,000$2M2
007—FNMA TBA 30 YR 6.5 SINGLE FAMILY MORTGAGE4.02%2,145,000$2M3
008—FNMA TBA 30 YR 6 SINGLE FAMILY MORTGAGE4.00%2,185,000$2M3
009—FNMA TBA 30 YR 5.5 SINGLE FAMILY MORTGAGE4.00%2,235,000$2M3
010—B00902795 IRS USD R V 12MUSCPI 200902795INF CCPINFLATIONZERO3.56%1,940,000$2M1
011—EUR2611203.12%-1,477,031$2M3
012—US ULTRA BOND CBT DEC26 XCBT 202612213.01%15$2M2
013—MXN2610162.58%-24,176,200$1M2
014—200867191 TRS USD R E 200867191RET IBOXXTRS2.45%5,650$1M1
015TFLRT ROWE PRICE FLOATING RATE ETF T ROWE PRICE FLOATING RT ETF2.27%24,300$1M1

Showing 1–15 of 371 holdings

TMSF Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TMSF$10,212
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. TMSF $10,212. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TMSF. Periods over one year show the average yearly return.
PeriodTMSF
Year to date+2.1%
1 month−0.6%
3 months+0.3%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TMSF
YearReturn barTMSF
2026 YTD+2.1%
2025+1.4%

History from Nov 21, 2025

TMSF in the news

ETF.net Research hasn’t filed on TMSF yet — coverage lands here as it’s written.

TMSF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.22 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 9 payments from 2025 to 2026 YTD. Dec 23, 2025 $0.38; Jan 27, 2026 $0.25; Feb 24, 2026 $0.22; Mar 26, 2026 $0.22; Apr 27, 2026 $0.23; May 26, 2026 $0.23; Jun 25, 2026 $0.11; Jul 28, 2026 $0.23; Aug 26, 2026 $0.22. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Aug 26, 2026Aug 28, 2026$0.22
Jul 28, 2026Jul 30, 2026$0.23
Jun 25, 2026Jun 29, 2026$0.11
May 26, 2026May 28, 2026$0.23
Apr 27, 2026Apr 29, 2026$0.23
Mar 26, 2026Mar 30, 2026$0.22
Feb 24, 2026Feb 26, 2026$0.22
Jan 27, 2026Jan 29, 2026$0.25
Dec 23, 2025Dec 26, 2025$0.38

TMSF Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.18
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TMSF Cost

Expense ratio0.41%
  • The middle half of Multi-Sector Bond Income funds
  • Median 0.55%

7 of the 23 Multi-Sector Bond Income funds charge less.

TMSF costs $41.00 a year on $10,000. The median Multi-Sector Bond Income fund costs $55.00.