Parametric Equity Premium Income ETF
$27.06+0.13 (+0.48%)
- 0.29%
- $503M
- +14.6%
- 7.65%
- 0.1M sh
- $26.68
- low $25.00high $28.54
The ETF.net PAPI Grade
B
Score 68 out of 100
- 14 of 52
Score 68 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A90 out of 100Rank 5 of 52Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C45 out of 100Rank 32 of 52Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D39 out of 100Rank 35 of 52Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A85 out of 100Rank 2 of 41Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B59 out of 100Rank 21 of 52
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
- 190
- 8%
- Msilf Government
Sectors
- Technology13.6%
- Health Care11.9%
- Energy11.3%
- Consumer Discretionary11.0%
- Industrials11.0%
- Consumer Staples10.1%
- Utilities9.2%
- Financials9.0%
- Materials8.2%
- Communication4.8%
Geography
- United States94.36%
- Ireland1.79%
- Switzerland1.13%
- United Kingdom1.04%
- Netherlands0.59%
- Luxembourg0.56%
- Bermuda0.53%
PAPI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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PAPI$11,459
Returns run to the Oct 12, 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 | +10.7% |
| 1 month | −1.4% |
| 3 months | +1.1% |
| 1 year | +14.6% |
| 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 | +10.7% | |
| 2025 | +6.3% | |
| 2024 | +8.9% | |
| 2023 | +5.4% |
PAPI in the news
PAPI Dividends
- 7.65%
- $2.06
- $0.18 per share
- Monthly
Distribution history
PAPI Risk
- 10.7%
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.
- 0.58
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
0.29%
PAPI0.29%
- The middle half of S&P 500 Option Income funds
- Median 0.60%
3 of the 51 S&P 500 Option Income funds charge less.
Other funds in S&P 500 Option Income
- AXYLGGlobal X S&P 500 Covered Call & Growth ETFExpense ratio 0.35%1 year return +20.3%
- ASPYINeos S&P 500(R) High Income ETFExpense ratio 0.68%1 year return +18.6%
- BSIXHETC 6 Meridian Hedged Equity Index Option ETFExpense ratio 0.31%1 year return +17.8%
- BNBOSNeuberger Berman Option Strategy ETFExpense ratio 0.59%1 year return +18.1%
- BWTPIWisdomTree Equity Premium Income FundExpense ratio 0.44%1 year return +14.5%