Parametric Hedged Equity ETF
$35.44−0.09 (−0.25%)
History starts Oct 19, 2023.
- Expense ratio
- 0.29%
- Fund size
- $154M
- 1Y return
- +12.0%
- Yield · Last 12 months
- 0.82%
- Volume · 30D
- 0M sh
- NAV per share
- $35.48
- 52W range
The ETF.net PHEQ Grade
Score 71 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 90Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.AScore 75Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 40Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 66Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 56Category rank
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
- —
- 40%
- NVDA
Sectors
- Technology39.5%
- Financials11.4%
- Communication9.7%
- Consumer Discr.9.5%
- Health Care9.3%
- Industrials7.4%
- Cons. Staples4.6%
- Energy3.8%
- Utilities2.0%
- Real Estate1.5%
- Materials1.2%
Geography
- United States98.45%
- United Kingdom0.54%
- Ireland0.41%
- Switzerland0.25%
- Bermuda0.16%
- Uruguay0.13%
- Cayman Islands0.06%
PHEQ Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
PHEQ$11,199
Returns run to the Sep 22, 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 | +9.4% |
| 1 month | +1.3% |
| 3 months | +3.5% |
| 1 year | +12.0% |
| 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 | +9.4% | |
| 2025 | +11.8% | |
| 2024 | +14.9% | |
| 2023 | +7.2% |
PHEQ in the news
PHEQ Dividends
- 0.82%
- $0.29
- $0.05 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.05 |
| Jun 22, 2026 | Jun 26, 2026 | $0.05 |
| Mar 23, 2026 | Mar 27, 2026 | $0.03 |
| Dec 23, 2025 | Dec 30, 2025 | $0.17 |
| Sep 22, 2025 | Sep 26, 2025 | $0.08 |
| Jun 23, 2025 | Jun 27, 2025 | $0.08 |
| Mar 24, 2025 | Mar 28, 2025 | $0.06 |
| Dec 23, 2024 | Dec 27, 2024 | $0.20 |
| Sep 23, 2024 | Sep 27, 2024 | $0.07 |
| Jun 24, 2024 | Jun 28, 2024 | $0.09 |
| Mar 18, 2024 | Mar 22, 2024 | $0.05 |
| Dec 18, 2023 | Dec 22, 2023 | $0.45 |
PHEQ Risk
- 6.8%
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%
4 of the 51 S&P 500 Option Income funds charge less.