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Launched

Parametric Hedged Equity ETF

PHEQNYSE ArcaEaton VanceA

$35.06−0.08 (−0.23%)

As of Nov 10, 2026, 11:20 AM ET

A72/ 100

Rank 10 of 51 in S&P 500 Option Income

A72/100Rank 10 of 51inS&P 500 Option Income
Intraday session: down, 23 prints from 35.14 to 35.06. Range 35.02 to 35.16. Use the arrow keys to read each point.35.0235.0835.1035.1310 AM12 PM2 PM4 PM
Expense ratio
0.29%
Fund size
$149M
1Y total return
+9.9%
Yield · Last 12 months
0.83%
Holdings
181
Avg volume · 30D
18.9K sh
52W range
low $29.54high $40.19
Launched

The ETF.net PHEQ Grade

Based on 5 of 6 pillars

A

Score 72 out of 100

Category
S&P 500 Option Income⁠
Rank
10 of 51
Six-pillar profile for PHEQ. Scores out of 100: Cost 89, Risk 79, Mission not scored, Tradability 44, Holdings 63, Durability 56. Strongest: Cost (89). Weakest: Tradability (44). Based on 5 of 6 pillars.

Score 72 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A89 out of 100
    Rank 4 of 51

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A79 out of 100
    Rank 4 of 51

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C44 out of 100
    Rank 32 of 51

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B63 out of 100
    Rank 18 of 40

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B56 out of 100
    Rank 24 of 51

Our read on PHEQ

ETF.net Research

In short

AA hedged large-cap core that skips the outcome calendar. Parametric layers a ladder of put spreads and short calls over U.S. stocks, so the hedge rolls through the year instead of resetting on one annual date.

Stated mandate

Seeks capital appreciation up to a cap while limiting investor losses through a downside buffer. It invests in U.S. large-cap equities and uses laddered put spreads and short calls to create buffer-cap structures.

Why people hold it

  • 0.29% a year, roughly half the typical fee in its S&P 500 options crowd. Cheap for a strategy that usually charges up for the options desk.
  • The ladder is the point: overlapping put spreads and short calls mature on a rolling basis, so no single reset date dictates your cap or your protection.eatonvance.com
  • You own the stocks. It holds U.S. large caps outright and layers options on top, rather than renting exposure through swaps or a Treasuries-plus-calls package.
  • Live since 2023 and one of the stronger builds in a crowded field of S&P 500 option-overlay funds, on our review.

Worth knowing

  • A put spread covers a band, not the whole drop. Below the lower strike, losses track the market again, and the short calls trim the top end of big rallies.
  • Thinly traded compared with the giants of this category, so bid-ask spreads can be wider and limit orders carry more weight.
  • Built as a hedge, not a yield engine: income is paid quarterly and the fund declares no target payout rate.

PHEQ Performance

Launched Oct 16, 2023

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

Not enough history yet.Not enough history yet.
PHEQ$10,991
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. PHEQ $10,991. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 PHEQ. Periods over one year show the average yearly return.
PeriodPHEQ
Year to date+8.3%
1 month−2.0%
3 months+0.4%
1 year+9.9%
3 yearsper year+13.8%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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 PHEQ
YearReturn barPHEQ
2026 YTD+8.3%
2025+11.8%
2024+14.9%
2023+7.2%

History from Oct 19, 2023

PHEQ in the news

PHEQ 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 Nov 9, 2026.
0.83%Last 12 months
Payout per share
$0.29Last 12 months
Last payment
$0.05 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 12 payments from 2023 to 2026 YTD. Dec 18, 2023 $0.45; Mar 18, 2024 $0.05; Jun 24, 2024 $0.09; Sep 23, 2024 $0.07; Dec 23, 2024 $0.20; Mar 24, 2025 $0.06; Jun 23, 2025 $0.08; Sep 22, 2025 $0.08; Dec 23, 2025 $0.17; Mar 23, 2026 $0.03; Jun 22, 2026 $0.05; Sep 21, 2026 $0.05. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Sep 21, 2026Sep 25, 2026$0.05
Jun 22, 2026Jun 26, 2026$0.05
Mar 23, 2026Mar 27, 2026$0.03
Dec 23, 2025Dec 30, 2025$0.17
Sep 22, 2025Sep 26, 2025$0.08
Jun 23, 2025Jun 27, 2025$0.08
Mar 24, 2025Mar 28, 2025$0.06
Dec 23, 2024Dec 27, 2024$0.20
Sep 23, 2024Sep 27, 2024$0.07
Jun 24, 2024Jun 28, 2024$0.09
Mar 18, 2024Mar 22, 2024$0.05
Dec 18, 2023Dec 22, 2023$0.45

$10,000 in PHEQ 3 years ago paid $544 in dividends.

PHEQ Risk

Risk pillarA79 out of 100Rank 4 of 51 in S&P 500 Option Income
How much the fund’s monthly returns vary, scaled to a year.
6.7%
Annualised · 36 months to Oct 2026
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.
1.46
vs 3-month T-bills · to Oct 2026
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.
−12.6%
36 months · trough Apr 2025
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.
0.51
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.

FMP measures it over up to five years of monthly returns.

PHEQ Cost

Compare PHEQ and PEPS

Overpaying vs PEPS, cheapest in S&P 500 Option Income

$3,846

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PHEQ 0.29%

    $5,952

  • PEPS 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • PHEQ 0.29%
  • PEPS 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530PHEQ $5,952PEPS $2,106

Year by year

YearPHEQPEPSOverpaying
10$527$183$344
20$2,044$717$1,327
30$5,952$2,106$3,846

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