PHEQvsSMAXETF Comparison
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Parametric Hedged Equity ETF (PHEQ) and iShares Large Cap Max Buffer Sep ETF (SMAX) belong to the same industry segment: Options Strategies. PHEQ's top 3 sector exposures are Technology, Finance and Consumer Non-Cyclicals. In contrast, SMAX's top sector exposures are Technology, Finance and Healthcare. PHEQ is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.53% for SMAX. PHEQ is up 8.82% year-to-date (YTD) with +$3M in YTD flows. SMAX performs worse with 5.54% YTD performance, and -$34M in YTD flows. Run a side-by-side ETF comparison of PHEQ and SMAX below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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PHEQ vs SMAX performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/18/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PHEQ SMAX | +0.88%+0.61% | +2.93%+2.04% | +8.82%+5.54% | +11.54%+7.32% | n/an/a | n/an/a |
| Flows | PHEQ SMAX | +$4M-$1M | +$12M-$4M | +$3M-$34M | +$35M+$515K | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PHEQ SMAX | +5.36%+1.97% | +6.67%+2.77% | n/an/a | n/an/a |
| Max drawdown | PHEQ SMAX | -1.73%-0.43% | -3.96%-1.93% | n/an/a | n/an/a |
| Max drawdown duration | PHEQ SMAX | 19d15d | 86d44d | n/an/a | n/an/a |
Trading data
PHEQ | SMAX | |
Last sale 9/18/2026 at 1:30 PM | $35.39 | $28.39 |
| Previous close 09/17/2026 | $35.34 | $28.37 |
| Consolidated volume 09/17/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/18/2026 at 1:30 PM
Live
Closed
PHEQ | SMAX | |
|---|---|---|
| Last price | $35.39 | $28.39 |
| 1D performance | +0.14% | +0.07% |
| AuM | $151.96 M | $88.55 M |
| E/R | 0.29% | 0.53% |
Characteristics
PHEQ | SMAX | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Morgan Stanley | iShares |
| Benchmark | - | - |
| N° of holdings | 169 | 501 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 19, 2023 | September 30, 2024 |
| ESG | No | No |
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Exposure
Countries
PHEQ
USA
100.61%
Other
-0.61%
SMAX
USA
102.01%
Other
-2.01%
Sectors
PHEQ
Technology
45.18%
Finance
14.44%
Consumer Non-Cycl.
10.18%
Healthcare
9.19%
Industrials
7.28%
Other
13.74%
SMAX
Technology
46.23%
Finance
14.48%
Healthcare
9.28%
Consumer Non-Cycl.
9.23%
Industrials
8.09%
Other
12.68%
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Diversification
PHEQ
Total weight of top 15 holdings out of 15
47.46%
SMAX
Total weight of top 15 holdings out of 15
45.4%
Top 15 holdings
Data as of July 31, 2026
PHEQ
NVIDIA Corp.
7.65%
Apple, Inc.
7.46%
Microsoft Corp.
5.54%
Amazon.com, Inc.
4.39%
Alphabet, Inc.
3.43%
Broadcom Inc.
3.03%
Alphabet, Inc.
3.00%
Meta Platforms, Inc.
1.95%
JPMorgan Chase & Co.
1.83%
Eli Lilly & Co.
1.79%
Tesla, Inc.
1.60%
Micron Technology, Inc.
1.53%
Johnson & Johnson
1.45%
ExxonMobil Holdings Corp.
1.44%
Berkshire Hathaway, Inc.
1.37%
SMAX
Apple, Inc.
7.90%
NVIDIA Corp.
7.62%
Microsoft Corp.
5.40%
Amazon.com, Inc.
3.72%
Alphabet, Inc.
3.16%
Broadcom Inc.
2.96%
Alphabet, Inc.
2.54%
Meta Platforms, Inc.
1.91%
Micron Technology, Inc.
1.59%
JPMorgan Chase & Co.
1.52%
Berkshire Hathaway, Inc.
1.51%
Eli Lilly & Co.
1.47%
BlackRock Cash Funds - Treasury
1.42%
Tesla, Inc.
1.40%
Advanced Micro Devices, Inc.
1.28%
Frequently asked questions about PHEQ and SMAX
How have the PHEQ and SMAX ETFs performed in 2026?
As of September 18, 2026, PHEQ is up 8.82% year-to-date (YTD), while SMAX has returned 5.54%. That puts PHEQ better performer ahead so far this year.
Which ETF is attracting more investor money: PHEQ or SMAX?
Year-to-date, the PHEQ ETF saw +$3M in flows, compared to -$34M for SMAX.
Which ETF is more volatile: PHEQ or SMAX?
Over the past year, PHEQ had a volatility of 6.67%, while SMAX experienced 2.77%.
Which ETF is bigger: PHEQ or SMAX?
As of September 18, 2026, PHEQ holds $151.96 M in assets under management (AUM), while SMAX manages $88.55 M.
What sectors do the PHEQ and SMAX ETFs invest in?
PHEQ leans toward sectors like Technology, Finance and Consumer Non-Cyclicals. Meanwhile, SMAX focuses on Technology, Finance and Healthcare.
What are the top holdings of the PHEQ ETF and SMAX ETF?
PHEQ top holdings include NVIDIA Corp., Apple, Inc. and Microsoft Corp.. SMAX holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..
Which ETF is more diversified: PHEQ or SMAX?
PHEQ holds 171 securities with 47.46% of its assets in the top 15. SMAX has 504 securities and a top 15 weight of 45.4%.
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Latest news about PHEQ & SMAX
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