T. Rowe PriceDefined OutcomeHedged Equity#198 of 318 by YTD

T. Rowe Price Hedged Equity ETFTHEQ

1D 1M 3M YTD 1Y3Y5YMAX

S&P 500 Bucket avg Compare

$29.50+0.1%

+$0.04 · Nov 6 close

Buy

AUM: $37M
Fee: 0.73%
Yield: 0.8%

Bumpy · 1Y: 0.7×S&P
Volume: 246
NAV: $29.48

52-week range7% below the high

$26.77$31.59

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.1%	−3.2%	−3.2%	+5.4%	+5.9%	—	—	+18.9%
Peer average	+0.2%	−3.6%	−3.7%	+3.9%	+4.6%	+50.1%	+48.8%	—
S&P 500 · VOO	+0.3%	−5.0%	−4.6%	+8.7%	+9.8%	+80.8%	+71.8%	—

THEQ in One Breath

THEQ Among Hedged Equity ETFs

YTD

#1SIXHMeridian+14.7%$621M

#2RFLRInnovator+11.3%$94.5M

#3PHEQEaton Vance+7.0%$149M

#4KSPYKraneShares+6.6%$130M

#5JUNZTrueShares+6.4%$29.4M

#6JULZTrueShares+6.3%$37.6M

#7MAYZTrueShares+6.2%$32.4M

#8SEPZTrueShares+6.1%$101M

#14THEQT. Rowe Price+5.4%$36.9M

End-of-day Nov 9, 2026 · 29 Hedged equity ETFs by YTD

$10,000 in THEQ

$10,000 in THEQ became

$11,890

In the S&P 500 (VOO)

$13,161

Total return, dividends in · Mar 26, 2025 – Nov 6, 2026 · S&P 500 uses VOO

THEQ Returns by Period

Today

YTD

MAX

THEQ

+0.1%

−3.2%

+5.4%

+5.9%

—

+18.9%

Peer average

+0.2%

−3.6%

−3.7%

+3.9%

+4.6%

+50.1%

+48.8%

—

S&P 500 · VOO

+0.3%

−5.0%

−4.6%

+8.7%

+9.8%

+80.8%

+71.8%

—

End-of-day Nov 9, 2026 · total return, dividends in · peers = 30 Hedged equity ETFs

THEQ’s Defined Outcome Rank

YTD

#198of 318
defined outcome ETFs

Best · SIXH+14.7%

Average+5.9%

THEQ+5.4%

Worst · KBUF−16.9%

Defined Outcome ETFs by YTD return · Nov 9, 2026

THEQ Price and 52-Week Range

From the 52-week high

−6.6%

From the 52-week low

+10.2%

Today $29.50 – $29.67

Previous close $29.46

$29.50 now

52-week low$26.7752-week high$31.59

End-of-day Nov 9, 2026 · box = today’s range, dashed = previous close

THEQ’s Share of Hedged Equity ETFs

Today

0.3%

of the $14.6B in 31 Hedged equity ETFs

THEQ$36.9M0.3%

HELO$4.8B32.9%

BALT$3.3B22.3%

28 others$6.5B44.5%

Hedged equity ETF AUM · Nov 9, 2026

THEQ Fee per $100 vs Peers

Today

$0.73a year
per $100

$73 a year on $10,000

HELO$0.50

FHEQ$0.52

BALT$0.69

THEQ$0.73

HEGD$0.88

SFLR$0.89

Expense ratio · Hedged equity peers · Nov 9, 2026

Inside THEQ

114 holdings

THEQ

T. Rowe Price Hedged Equity ETF

Today

THEQ reports no holdings we can show: […]

T. Rowe Price THEQ · holdings

How It Compares

THEQ

T. Rowe Price Hedged Equity ETF’s Peers

YTD


HELO	J.P. MorganRead Desk	0.50%	+2.7%	+4.3%	$4.8B
BALT	InnovatorRead Desk	0.69%	+3.8%	+5.5%	$3.3B
SFLR	InnovatorRead Desk	0.89%	+3.1%	+3.7%	$2.2B
FHEQ	FidelityRead Desk	0.52%	+6.0%	+6.1%	$1000M
HEGD	SwanRead Desk	0.88%	+4.0%	+4.2%	$719M
THEQ	T. Rowe PriceThis fundRead Desk	0.73%	+5.4%	+5.9%	$37M

Hedged equity peers · YTD and past-year returns · as of Nov 9, 2026 · sorted by AUM

Head to Head

Put THEQ head to head with HELO →

HELO vs THEQ

YTD

HELOJ.P. Morgan · Hedged equityTHEQT. Rowe Price · Hedged equity

Year to date

+2.7%

+5.4%

THEQ wins+2.8 pts

Past year

+4.3%

+5.9%

THEQ wins+1.6 pts

Fee

0.50%

0.73%

HELO winslower fee

Yield

0.6%

0.8%

THEQ wins+0.2 pts

AUM

$4.8B

$36.9M

HELO130.0× more

3–1THEQ wins

J.P. Morgan HELO and T. Rowe Price THEQ · year-to-date · as of Nov 9, 2026 · AUM not scored

THEQ vs VOO

YTD

THEQ · T. Rowe Price Hedged Equity

+5.4%

VOO · S&P 500

+8.7%

Gap

3.3 pts

T. Rowe Price THEQ and Vanguard VOO · YTD total return · as of Nov 9, 2026

THEQ vs Its Peer Average

YTD

THEQAvsBPeer average

1D+0.1%+0.2%

1M−3.2%−3.6%

3M−3.2%−3.7%

YTD+5.4%+3.9%

1Y+5.9%+4.6%

3Y[…]+50.1%

5Y[…]+48.8%

4–1THEQ wins

30 Hedged equity peers · each row scaled to its leader

How Bumpy Is THEQ?

View

THEQ

How Bumpy

0.7×the S&P 500’s swings

CalmerBumpierS&P 1×THEQ

Calm rank among 7 hedged equity funds#5

Other hedged equity funds0.2× to 0.8×

T. Rowe Price THEQ · daily swings over the past year vs the S&P 500

THEQ

Worst Drop

−6.2%from its Feb 25 high

Still below the high−3.8%

$10,000 at the high is now$9,620

T. Rowe Price THEQ · fall from the highest close, past year

THEQ

On a Bad Day

0.7×the S&P 500’s fall

THEQ’s worst day: Thursday, Nov 5

THEQ

−3.0%

S&P 500

−4.4%

Up days51 of every 100

S&P 500 up days52 of every 100

T. Rowe Price THEQ · average move on days the S&P 500 fell

THEQ

Return for the Bumps

1Y#3 of 7 hedged equity funds

#1SIXHMeridian

most for the bumps

#2BALTInnovator

calmest ride

#3THEQT. Rowe Price

#4FHEQFidelity

#5HELOJ.P. Morgan

#6HEGDSwan

less than cash

#7SFLRInnovator

less than cash

Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.8%

THEQ

Cost

Today

$73a year per $10,000

SIXH

$31

HELO

$50

FHEQ

$52

BALT

$69

THEQ

$73

HEGD

$88

SFLR

$89

Expense ratio 0.73%, taken from the fund’s value

THEQ

Volatility & Beta

9.9%annual volatility

S&P 500 volatility13.6%

Downside volatility7.1%

Beta vs SPY0.71

Correlation vs SPY0.97

Beta rank, lowest first, of 7#5

Daily total returns × √252 · past 254 trading days

THEQ

Max Drawdown

−6.2%peak to trough

Peak closeFeb 25, 2026

Current drawdown−3.8%

Worst day−2.96% · Nov 5

Closing prices, dividends in

THEQ

Up / Down Capture

74%down capture vs SPY

Down days

74%

Up days

72%

S&P 500

100%

Up ÷ down capture0.98

Up days51.2% (S&P 52.0%)

Average daily move on SPY up days and down days

THEQ

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
SIXH	1.89	2.89	8.6%	−3.5%	0.17	$31
BALT	0.58	0.82	2.6%	−1.2%	0.15	$69
THEQ	0.15	0.21	9.9%	−6.2%	0.71	$73
FHEQ	0.14	0.20	10.3%	−7.8%	0.72	$52
HELO	0.03	0.05	7.7%	−5.8%	0.53	$50
HEGD	−0.03	−0.05	8.5%	−4.6%	0.59	$88
SFLR	−0.08	−0.10	10.6%	−6.8%	0.73	$89

Sharpe = (return − 3.8% cash) ÷ volatility · Sortino uses downside volatility only

THEQ

Trading

Today

+0.07%above its holdings’ value

Close$29.50

NAV$29.48

Fee per $10,000$73 a year

Avg. volume 30D3K shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 6

The Details

THEQ

Fund Facts

Today

2025launched Mar 26

Tracks[…]

Exchange · CUSIPAMEX · 87283Q776

StructureETF

Leverage1x

Cost on $10,000$73 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

T. Rowe Price THEQ · fund facts · as of Nov 9, 2026

THEQ

Payouts by Year

$0.22per share, Dec 2025

Distribution yield0.8%

Paid[…]

Latest ex-date · paidDec 23 · Dec 26, 2025

1 payouts added up$0.22 a share

T. Rowe Price THEQ · distributions by ex-date · 2025–2025

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

SEC reported portfolio · 2026-06-30 ↗SEC reported portfolio · 2026-03-31 ↗summary prospectus · SEC 497K ↗SEC reported portfolio · 2025-12-31 ↗annual report · SEC N-CSR ↗SEC reported portfolio · 2025-09-30 ↗SEC reported portfolio · 2025-06-30 ↗SEC reported portfolio · 2025-03-31 ↗summary prospectus · SEC 497K ↗summary prospectus · SEC 497K ↗

Trading & Liquidity

Net asset value$29.48

Premium / discount[…]

Median spread · 30D[…]

Volume today246

Average volume · 30D3K

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.73%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$73.00

Our risk indicator3/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Dec 23, 2025	Dec 26, 2025	$0.22

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