Parametric Hedged Equity ETF
$35.85+0.03 (+0.08%)
- 0.29%
- $152M
- +14.3%
- 0.81%
- 0M sh
- $35.81
- low $29.54high $40.19
The ETF.net PHEQ Grade
A
Score 72 out of 100
- 8 of 52
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.A90 out of 100Rank 5 of 52Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A79 out of 100Rank 4 of 52Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C44 out of 100Rank 31 of 52Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B62 out of 100Rank 19 of 41Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B56 out of 100Rank 25 of 52
Our read on PHEQ
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.
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 Holdings
- Stocks
- 178
- 41%
- NVDA
Sectors
- Technology41.6%
- Financials10.5%
- Communication9.8%
- Health Care9.3%
- Consumer Discretionary9.1%
- Industrials7.1%
- Consumer Staples4.5%
- Energy3.7%
- Utilities1.9%
- Real Estate1.4%
- Materials1.2%
Geography
- United States98.35%
- United Kingdom0.57%
- Ireland0.43%
- Switzerland0.24%
- Bermuda0.16%
- Uruguay0.14%
- Cayman Islands0.09%
- Finland0.02%
PHEQ Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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PHEQ$11,430
Returns run to the Oct 12, 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.
| Period | PHEQ |
|---|---|
| Year to date | +10.4% |
| 1 month | +1.6% |
| 3 months | +3.7% |
| 1 year | +14.3% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PHEQ |
|---|---|---|
| 2026 YTD | +10.4% | |
| 2025 | +11.8% | |
| 2024 | +14.9% | |
| 2023 | +7.2% |
PHEQ in the news
PHEQ Dividends
- 0.81%
- $0.29
- $0.05 per share
- Quarterly
Distribution history
PHEQ Risk
- 6.7%
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.
- 1.54
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.
- −12.6%
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.
- 0.51
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PHEQ Cost
0.29%
PHEQ0.29%
- The middle half of S&P 500 Option Income funds
- Median 0.60%
3 of the 51 S&P 500 Option Income funds charge less.
Other funds in S&P 500 Option Income
- AFYEEFidelity Yield Enhanced Equity ETFExpense ratio 0.31%1 year return +21.2%
- APBPInvesco S&P 500 BuyWrite ETFExpense ratio 0.29%1 year return +20.1%
- ATPUTT. Rowe Price Capital Appreciation Market Opportunities ETFExpense ratio 0.25%1 year return —
- ARSPAInvesco S&P 500 Equal Weight Income Advantage ETFExpense ratio 0.32%1 year return +15.3%
- AXYLGGlobal X S&P 500 Covered Call & Growth ETFExpense ratio 0.35%1 year return +20.3%