Phoenix Monarch

100% Chance To Cast level 40 Blaze When You Level-up
40% Chance To Cast Level 22 Firestorm On Striking
Level 10-15 Redemption Aura When Equipped
+350-400 Defense vs. Missile
+350-400% Enhanced Damage
-28% To Enemy Fire Resist
+50 To Life
+5% To Maximum Lightning Resist
+10% To Maximum Fire Resist
+15-21 Fire Absorb

Shield

100% Chance To Cast level 40 Blaze When You Level-up
40% Chance To Cast Level 22 Firestorm On Striking
Level 10-15 Redemption Aura When Equipped
+350-400 Defense vs. Missile
+350-400% Enhanced Damage
-28% To Enemy Fire Resist
+50 To Life
+5% To Maximum Lightning Resist
+10% To Maximum Fire Resist
+15-21 Fire Absorb

Phoenix is the rune word 'VexVexLoJah' for weapons or off-hand armor in Diablo II: Lord of Destruction.

Phoenix is the only way to get enhanced damage on a shield (aside from +x% enhanced damage jewels), and the Redemption aura is very helpful in keeping the character alive. The -28% fire resist is also useful for characters who specialize in fire damage.

Thanks to its unusually large amount of enhanced damage if made into a shield, Phoenix is (by a considerable margin) the most damaging shield for most characters specializing in physical damage to use.