At a glance
TEQI charges 0.54% a year, above the 0.25% average of the 8 funds most like it (the most expensive of 9). It has $413.0M in assets, the 9th largest of that group; it paid 1.44% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.6% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +20.5% a year. At its worst it fell 17.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 24.5% of the fund, out of 117 in all.
The short version
T. Rowe Price Equity Income ETF (TEQI) is an actively managed fund of mostly large US dividend-paying stocks, chosen with a value approach. It does not publish its full holdings every day; instead it posts a daily stand-in basket called a "proxy portfolio." Its 0.54% expense ratio was the highest of nine similar funds compared, whose average was 0.25%, and its yield was a modest 1.44% as of October 27, 2026.
Price history
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TEQI +20.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TEQI official prospectus, to Dec 31, 2025 | — | +13.31% | — | +11.38% | — | +14.10% |
| TEQI price data to Oct 27, 2026 | +18.0% | +20.6% | +20.5% | +10.7% | — | +11.8% |
- Over the year to Oct 27, 2026, TEQI returned +20.6%, 5th of 9 among similar funds.
- Its 5-year annualized return was +10.7%.
- Its worst full calendar year was 2022 (-3.4%); its best was 2025 (+13.3%).
- The deepest fall in its price history was 17.8% (Mar 29, 2022 to Sep 30, 2022), recovered by Dec 14, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.0% | — |
| 2025 | +13.3% | +13.31% |
| 2024 | +13.2% | +13.03% |
| 2023 | +9.6% | +9.59% |
| 2022 | -3.4% | -3.25% |
| 2021 | — | +26.25% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.6% over that stretch · deepest drop along the way 17.8%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5200 | |
| 2025 | $0.7700 | +1.3% |
| 2024 | $0.7600 | -1.3% |
| 2023 | $0.7700 | -1.3% |
| 2022 | $0.7800 |
What's inside
As of Jun 30, 2026, the fund held 117 securities; the ten largest made up 24.49% of assets, and 3.03% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| AMAZON.COM INC | 4.26% | |
| MICROSOFT CORP | 3.94% | |
| APPLE INC | 3.12% | |
| METLIFE INC | 2.09% | |
| INTEL CORP | 2.08% | |
| SOUTHERN CO | 1.99% | |
| CITIGROUP INC | 1.83% | |
| QUALCOMM INC | 1.79% | |
| J.P. MORGAN CHASE & CO. | 1.72% | |
| TOTALENERGIES SE | 1.66% | |
| SCHWAB (CHARLES) CORP | 1.59% | |
| APPLIED MATERIALS INC | 1.56% | |
| BOEING CO | 1.55% | |
| CVS HEALTH CORP | 1.54% | |
| COLGATE-PALMOLIVE CO | 1.52% |
By country
United States 89.76%France 1.66%Switzerland 1.48%Canada 1.21%United Kingdom 1.04%By asset type
Stocks 96.94%Preferred stock 0.22%By sector
Sectors of the companies held, for the 73.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $2.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.21%, +1.85%, +1.64%.
How it works
TEQI does not track an index. T. Rowe Price's in-house research team picks the stocks, aiming for "a high level of dividend income and long-term capital growth." The fund normally keeps at least 80% of its net assets in stocks with a track record of paying dividends, which the prospectus defines as having paid a dividend in the past 12 months. It leans toward large companies. It uses a value approach: it looks for companies that seem underpriced, and may be out of favor for a while, but that have room for price gains and dividend growth. At times a large share of the fund can sit in a single sector.
As of June 30, 2026, the fund held 117 stocks, and the top ten made up 24.5% of assets. The largest holdings were Amazon (4.3%), Microsoft (3.9%), Apple (3.1%), MetLife (2.1%) and Intel (2.1%). About 90% of assets were in US companies. Financials was the biggest sector at 16%. Turnover was 17.2%, which means the managers replaced only a modest share of the portfolio over the year.
TEQI is a "semi-transparent" ETF. Each day it publishes a proxy portfolio, a basket built to move like the real fund, along with a figure showing how much the two overlap. The proxy is not the actual portfolio. If it tracks poorly, the ETF's market price can drift away from its net asset value (NAV, the per-share value of what the fund owns), especially in turbulent markets.
What it really costs
- TEQI charges 0.54% a year, versus an average of 0.25% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $55 in the first year and $677 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TEQI | $55 | $173 | $302 | $677 |
In a retirement portfolio
TEQI is a broad, actively managed fund of 117 mostly large US stocks with a value and dividend tilt, so it could anchor the stock part of a portfolio rather than serve as a niche bet.
TEQI's price history starts in February 2021, so it has no record for the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 17.8% from March 29 to September 30, 2022, its deepest drop. It did not regain that peak until December 14, 2023, about 14.5 months after the low. Its worst calendar year was 2022, when it lost 3.25%. A retiree who had to sell shares in late 2022 would have locked in losses. The income is modest: a 1.44% trailing yield as of October 27, 2026, paid quarterly. That is not enough to cover much spending by itself. In the SEC's standard example, $10,000 invested would cost $55 in fees over one year and $677 over ten. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want managers to pick large dividend-paying value stocks such as MetLife, Southern Co. and Citigroup alongside Microsoft and Apple.
- People who want a stock fund that lost only 3.25% in 2022, its worst calendar year from 2021 through 2025.
- Long-term holders who are fine with quarterly dividends, low 17.2% turnover, and a daily proxy portfolio in place of full daily holdings.
Look elsewhere if
- Cost-focused investors: TEQI charges 0.54%, compared with a 0.25% average for similar funds and 0.04% for the Vanguard Value ETF (VTV), an index fund.
- Retirees who need high current income from their stock funds; TEQI's trailing yield was 1.44% as of October 27, 2026.
- Those who want full daily holdings or a long record; price history starts in February 2021, so the 2008 and 2020 crashes aren't covered.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TEQI this fund | — | 0.54% | $413.0M | +20.6% | +20.5% |
| TVAL T. Rowe Price Value ETF · different strategy | 59% | 0.33% | $943.9M | +26.9% | +23.6% |
| VONV Vanguard Russell 1000 Value ETF · different strategy | 36% | 0.07% | $23.88B | +29.0% | +23.6% |
| JAVA JPMorgan Active Value ETF · different strategy | 35% | 0.44% | $6.69B | +19.8% | +21.2% |
| TDVG T. Rowe Price Dividend Growth ETF · different strategy | 34% | 0.5% | $1.38B | +13.6% | +18.7% |
| TSPA T. Rowe Price U.S. Equity Research ETF · different strategy | 34% | 0.34% | $4.06B | +12.9% | +24.8% |
| VLU SPDR S&P 1500 Value Tilt ETF · different strategy | 32% | 0.12% | $725.5M | +20.8% | +23.9% |
| IWL iShares Russell Top 200 ETF · different strategy | 31% | 0.15% | $2.19B | +12.5% | +25.5% |
Questions investors ask
Is TEQI good for retirement income?
It pays income, but not much. As of October 27, 2026, TEQI's trailing 12-month yield was 1.44%, or $0.76 per share, paid quarterly. The fund aims for dividend income plus long-term growth, and price gains have driven most of its returns. TEQI holds almost nothing but stocks, so its value can fall sharply. It dropped 17.8% in 2022 and took about 14.5 months to recover. Retirees who rely on its payouts should expect the share value to rise and fall.
Does TEQI pay monthly dividends?
No. TEQI pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.76 per share, a trailing yield of 1.44%. Because the fund holds dividend-paying stocks, the size of each payment depends on the dividends those companies pay. The amount can change from quarter to quarter.
What is TEQI's expense ratio?
TEQI's expense ratio is 0.54%, according to its prospectus filed February 25, 2026. All of it is the management fee, and there is no fee waiver. In the SEC's standard example ($10,000 invested, 5% annual return), you would pay about $55 in the first year, $302 over five years and $677 over ten. That made it the most expensive of nine similar funds compared, whose average was 0.25%.
What's the difference between TEQI and TVAL?
Both are actively managed T. Rowe Price ETFs, and their holdings overlap by about 59%. They follow different strategies, though. TEQI must keep at least 80% of its assets in dividend-paying stocks, while TVAL is the firm's Value ETF. TVAL costs 0.33%, compared with 0.54% for TEQI. Through October 27, 2026, TVAL returned 26.9% over one year and 23.6% a year over three years. TEQI returned 20.6% and 20.5% over the same periods.
Why doesn't TEQI show its holdings every day?
TEQI is a semi-transparent active ETF, so it does not publish its full holdings every day. Instead it posts a daily "proxy portfolio," a basket of securities designed to track the fund's daily performance, plus a figure showing how closely the two overlap. The actual holdings are disclosed less often, such as in its June 30, 2026 report. The prospectus warns that if the proxy tracks poorly, TEQI's market price could move away from its underlying value, especially in volatile markets.