T. Rowe Price U.S. Treasury Long-Term Index Fund
U.S. bond index fund · tracks Bloomberg U.S. Long Treasury Bond Index
As of its 2026 Q2 report, T. Rowe Price U.S. Treasury Long-Term Index Fund held 66 positions with $4.56B in net assets. Its ten largest holdings made up 37.3% of the fund. Over the 12 months to May 2026, PRULX returned 4.1%, with dividends reinvested. In 2026 Q2 it added 9 new positions and exited 7.
The fund seeks to provide high income consistent with maximum credit protection.
The fund tracks the Bloomberg U.S. Long Treasury Bond Index by holding a range of the index's constituent long-term Treasury securities, using quantitative models to select holdings that replicate the index's key risk factors while attempting to modestly outperform through tactical positioning in duration, yield curve, and inflation exposure. The adviser may overweight or underweight specific securities and sectors relative to the index, which could cause the fund's duration and performance to diverge from the index. The fund may use Treasury futures and options to manage duration and adjust exposure to interest rate changes.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
US TREASURY N/B 4.50% · due 2044-02-15 | 4.61% | $210.20M | — |
US TREASURY N/B 1.88% · due 2041-02-15 | 4.18% | $190.50M | — |
US TREASURY N/B 3.38% · due 2042-08-15 | 4.03% | $183.65M | — |
US TREASURY N/B 4.25% · due 2054-02-15 | 3.89% | $177.41M | — |
US TREASURY N/B 3.25% · due 2042-05-15 | 3.72% | $169.36M | — |
US TREASURY N/B 3.88% · due 2043-05-15 | 3.60% | $164.21M | — |
US TREASURY N/B 2.38% · due 2042-02-15 | 3.52% | $160.54M | — |
US TREASURY N/B 4.63% · due 2054-05-15 | 3.31% | $150.97M | — |
US TREASURY N/B 4.63% · due 2055-11-15 | 3.31% | $150.79M | — |
US TREASURY N/B 4.63% · due 2044-05-15 | 3.14% | $143.05M | — |
All 66 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 98.88% |
| Cash & short-term | 0.83% |
| Securitized | 0.00% |
| Derivatives | -0.02% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
How it has done
PRULX share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.78%. Past returns are a record, not a forecast.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +4.11% | -3.44% | -25.34% | -16.32% | |
| — | +4.31% | -2.76% | -24.51% | -16.27% | |
| — | +4.40% | -2.47% | -24.14% | -16.23% |
These classes hold the same portfolio, so the 1.20pp spread over 5 years is the cost difference between them — roughly 0.24pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price U.S. Treasury Long-Term Index Fund is a U.S. bond index fund that tracks the Bloomberg U.S. Long Treasury Bond Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Rate sensitivity
- Long duration
- Portfolio turnover
- 28.20% a year · as of 2025 Q3
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
9 new· the largest 4
7 exited· the largest 6
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| 5-10y | 0.0% |
| 10y+ | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
| Credit spreads | 0% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.01 yr | 0% |
| 5 yr | 0.04 yr | 0% |
| 10 yr | 5.43 yr | 38% |
| 30 yr | 8.83 yr | 62% |
| 1 yr | 0.00 yr | 54% |
| 5 yr | 0.00 yr | 46% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.01 | +0.00 | +0.00 | $14 | $0 |
| 5 yr | +0.04 | +0.00 | +0.00 | $12 | $0 |
| 10 yr | +5.43 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +8.83 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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