ETF Evaluator:
Parametric Hedged Equity ETF ()
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(as of Aug 26)
Best Performing in Equity Hedged Over the Last Year
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ETF Details
Parametric Hedged Equity ETF Overview
Parametric Hedged Equity ETF (PHEQ) is an actively managed Nontraditional Equity Equity Hedged exchange-traded fund (ETF). Eaton Vance ETFs launched the ETF in 2023.
The investment seeks to provide capital appreciation  while limiting losses experienced by investors (before fees, expenses, and taxes) through the incorporation of an option overlay hedge strategy.
The fund seeks to provide capital appreciation by investing its net assets in equity securities of certain U.S. large capitalization companies that are constituents of the Solactive GBS U.S. 500 at the time of purchase.
About Parametric Hedged Equity ETF (PHEQ)
There are 6 members of the management team with an average tenure of 2.21 years: Alex Zweber (2023), Gordon Wotherspoon (2025), Larry Berman (2023), Perry Li (2025), Michael Zaslavsky (2023) and Jennifer Mihara (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Parametric Hedged Equity ETF has 185 securities in its portfolio. The top 10 holdings constitute 40.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Parametric Hedged Equity ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Parametric Hedged Equity ETF has 0.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.7% There is 0.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Parametric Hedged Equity ETF has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $139 million in total assets, which is below the $294 million average for the Equity Hedged category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PHEQ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Parametric Hedged Equity ETF expense ratio is below average compared to funds in the Equity Hedged category. Parametric Hedged Equity ETF has an expense ratio of 0.29%, which is 62% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Parametric Hedged Equity ETF has a portfolio turnover rate of 13%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 97% for the Equity Hedged category.
Recently, in the month of July 2026, Parametric Hedged Equity ETF returned -0.4%, which earned it a grade of C, as the Equity Hedged category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Parametric Hedged Equity ETF has a trailing yield of 0.94%, which is below the 3.45% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Parametric Hedged Equity ETF Grades
Year to date, the ETF has returned 6.0%, 1.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 12.0% over the past year (grade of D).
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PHEQ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PHEQ Return (NAV) | -0.4% | 2.1% | 12.0% | na | na | na |
| PHEQ Return (Price) | -0.2% | 2.1% | 12.1% | na | na | na |
| NAV +/- Price Return | -0.199% | -0.025% | -0.076% | na | na | na |
| Equity Hedged Avg | -1.4% | 1.7% | 13.6% | 12.0% | 6.6% | 7.6% |
| PHEQ Grade (NAV) | C | C | D | na | na | na |
| +/- Category (NAV) | 1.0% | 0.4% | -1.6% | na | na | na |
| PHEQ Tax-Cost Ratio | na | na | 0.4% | na | na | na |
PHEQ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PHEQ Return (NAV) | 6.0% | 12.1% | 14.5% | na | na | na | na | na | na | na | na |
| PHEQ Return (Price) | 6.2% | 11.8% | 14.9% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.030% | -0.027% | 0.031% | na | na | na | na | na | na | na | na |
| Equity Hedged Avg | 7.1% | 12.6% | 14.6% | 14.8% | -12.9% | 15.6% | 10.2% | 9.9% | -6.3% | 12.2% | 3.0% |
| PHEQ Grade (NAV) | C | C | C | na | na | na | na | na | na | na | na |
| +/- Category | -1.1% | -0.5% | -0.1% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.9% |
| Total Assets: | $ 139 Mil |
| Share Class Assets: | $ 139 Mil |
| Turnover: | 13.0% |
| Expense Ratio: | 0.29% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 2.2 years | |||
| Managers (Year): Zweber Alex (2023), Berman Larry (2023), Zaslavsky Michael (2023), Mihara Jennifer (2024), Li Perry (2025), Wotherspoon Gordon (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 185 |
| % in Top 10 Holdings: | 40.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.8% |
Portfolio Allocation |
|
| Domestic Stock: | 97.7% |
| Foreign Stock: | 0.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Eaton Vance ETFs |
| Phone Number: | 800-836-2414 |
| Website: | |
| Inception Date: | October 16, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.29% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.76% |
