Parametric Equity Premium Income ETF
$26.94−0.04 (−0.15%)
- Expense ratio
- 0.29%
- Fund size
- $482M
- 1Y return
- +13.2%
- Yield · Last 12 months
- 7.65%
- Volume · 30D
- 0.1M sh
- NAV per share
- $26.90
- 52W range
The ETF.net PAPI Grade
Score 68 of 100 sits in the B 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.CScore 43Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 41Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 85Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 58Category rank
Our read on PAPI
BParametric's take on covered-call income: an actively managed dividend-stock portfolio with an S&P 500 options overlay bolted on, paying monthly, at a fee far below what this corner of the market usually charges.
Seeks consistent monthly income while preserving prospects for capital appreciation. It is actively managed and combines a dividend-paying equity portfolio with an option-writing overlay.
Why people hold it
- Cheap seat in an expensive neighborhood. At 0.29% a year, it undercuts the typical options-income fund by a wide margin.
- Undercuts even the well-built names it competes with: DIVO (0.56%), TCAL (0.34%) and ROCY (0.35%) all charge more for a similar job.
- Two engines, not one: dividend-paying US stocks for the base, an option-writing overlay tied to the S&P 500 for the premium. Income is paid monthly.
- Eaton Vance and Parametric are long-standing names in options overlays, and the build here rates among the stronger ones in its peer group.
Worth knowing
- The prospectus flags that distributions can include return of capital, meaning part of a monthly payment may be your own money coming back.
- Writing calls is a trade: premium income now in exchange for giving up some of the upside when the market runs hard.
- No declared target payout rate, and the fund launched in 2023, so the record is short by design.
PAPI Holdings
- Stocks
- —
- 8%
- MSILF GOVERNMENT
Sectors
- Technology13.5%
- Consumer Discr.12.2%
- Health Care11.7%
- Energy11.2%
- Industrials10.1%
- Cons. Staples9.9%
- Financials9.2%
- Utilities9.0%
- Materials8.0%
- Communication5.1%
Geography
- United States94.41%
- Ireland1.77%
- Switzerland1.10%
- United Kingdom1.03%
- Luxembourg0.59%
- Netherlands0.57%
- Bermuda0.54%
PAPI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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 | PAPI |
|---|---|
| Year to date | +10.2% |
| 1 month | −3.9% |
| 3 months | +3.8% |
| 1 year | +13.2% |
| 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 | PAPI |
|---|---|---|
| 2026 YTD | +10.2% | |
| 2025 | +6.3% | |
| 2024 | +8.9% | |
| 2023 | +5.4% |
PAPI in the news
ETF.net Research hasn’t filed on PAPI yet — coverage lands here as it’s written.
PAPI Dividends
- 7.65%
- $2.06
- $0.16 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 31, 2026 | Sep 4, 2026 | $0.16 |
| Jul 31, 2026 | Aug 6, 2026 | $0.17 |
| Jun 30, 2026 | Jul 7, 2026 | $0.20 |
| May 29, 2026 | Jun 4, 2026 | $0.16 |
| Apr 30, 2026 | May 6, 2026 | $0.16 |
| Mar 31, 2026 | Apr 7, 2026 | $0.24 |
| Feb 27, 2026 | Mar 5, 2026 | $0.16 |
| Jan 30, 2026 | Feb 5, 2026 | $0.16 |
| Dec 23, 2025 | Dec 30, 2025 | $0.18 |
| Nov 28, 2025 | Dec 4, 2025 | $0.15 |
| Oct 31, 2025 | Nov 6, 2025 | $0.15 |
| Sep 30, 2025 | Oct 6, 2025 | $0.18 |
PAPI Risk
- 10.2%
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.
- 0.81
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.
- −14.3%
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.
- 0.21
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PAPI Cost
- 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.