Which is cheaper, BALQ or PAPI?

BALQ charges 0.35% a year and PAPI charges 0.29%, so PAPI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

BALQ vs PAPI: Dividend Yield & Total Return

BALQ and PAPI both write options for income.

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Net assets: $43m on Nov 3, 2026 for iShares Nasdaq Premium Income Active ETF, and $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF.

BALQ on its own →PAPI on its own →

At a glance

10.0%

BALQ cash paid, since launch, Dec 3, 2025

8.2%

PAPI cash paid, 1 year

+15.6%

BALQ total return, since launch, Dec 3, 2025

+23.4%

PAPI total return, 1 year

BALQ · since launch to Nov 4, 2026 4.1 pts ahead of QQQ

BALQ

+15.6%

QQQ

+11.5%

4.1 pts ahead of QQQ

BALQ since launch: paid 10.0%, price +5.1%, total +15.6%, QQQ +11.5%, +4.1 pts. Data to Nov 4, 2026.

QQQ

+11.5%

BALQ

+15.6%

10.0% as cash

4.1 pts ahead of QQQ

Total return, distributions reinvested

4.1 pts ahead of QQQ

BALQ since launch: paid 10.0%, price +5.1%, total +15.6%, QQQ +11.5%, +4.1 pts. Data to Nov 4, 2026.

QQQ

+11.5%

BALQ

+15.6%

4.1 pts ahead of QQQ

10.0% of it arrived as cash. Total return, distributions reinvested. BALQ since launch: paid 10.0%, price +5.1%, total +15.6%, QQQ +11.5%, +4.1 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

PAPI · 1 year to Nov 4, 2026 9.4 pts behind IWD

PAPI

+23.4%

IWD

+32.8%

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

8.2% as cash

9.4 pts behind IWD

Total return, distributions reinvested

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

9.4 pts behind IWD

8.2% of it arrived as cash. Both charts share one scale, 0 to +32.8%. PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

Both charts share one scale, 0 to +32.8%. Data to Nov 4, 2026.

Pair scorecard

PAPI costs 0.06 points a year less.

Points (pts) are percentage points.

BALQ vs PAPI: Dividend Yield & Total Return
Measure	BALQ	PAPI
Paid and earned
Measure	BALQ	PAPI
Total return, 1 year	not published	+23.4%
Price change	rose 5.1% (since Dec 3, 2025)	rose 14.3% (1 year)
Return of capital, issuer estimate	97% of the Nov 5, 2026 payment
Against its benchmark
Measure	BALQ	PAPI
Benchmark	Nasdaq-100, measured through QQQ	iShares Russell 1000 Value ETF, measured through IWD
Cost and size
Measure	BALQ	PAPI
Expense ratio	0.35%	0.29%
Net assets, BALQ as of Nov 3, 2026 and PAPI as of Jun 30, 2026	$43m	$400m
Holdings
Measure	BALQ	PAPI
Holdings in common	10%

Method

What they share

10%

By the books each fund has filed, BALQ and PAPI hold 10% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

50%

0 half 100%

half

10% in common

Positions both hold · largest shared weight first BALQ PAPI

CISCO SYSTEMS INC 2.30% 0.76%

VALERO ENERGY CORP 0.79% 0.64%

ALPHABET CLASS A 2.75% 0.59%

QUALCOMM 1.18% 0.58%

MERCK & CO INC 0.57% 0.59%

COSTCO WHOLESALE CORP 3.46% 0.48%

ABBOTT LABORATORIES 0.48% 0.52%

VERIZON COMMUNICATIONS INC 0.74% 0.47%

PROCTER & GAMBLE 0.43% 0.49%

UNITED PARCEL SERVICE INC CLASS B 0.43% 0.51%

PHILLIPS 66 0.42% 0.55%

RTX 0.40% 0.51%

Only in one fund ↓

Only in BALQ

NVIDIA 8.33%

APPLE 7.82%

AMAZON.COM INC 5.04%

MICRON TECHNOLOGY 4.74%

ADVANCED MICRO DEVICES 4.10%

META PLATFORMS CLASS A 3.09%

BROADCOM INC 2.99%

WALMART 2.97%

Only in PAPI

Corning, Inc. 1.00%

TD SYNNEX Corp. 0.80%

Power Integrations, Inc. 0.73%

Royalty Pharma plc 0.72%

Millicom International Cellular SA 0.72%

Texas Instruments, Inc. 0.70%

Cummins, Inc. 0.70%

Reynolds Consumer Products, Inc. 0.68%

Check overlap with more funds →

Side by side

BALQ iShares Nasdaq Premium Income Active ETF · Covered call on QQQ, paying monthly PAPI Parametric Equity Premium Income ETF · Writes options on the S&P 500, measured against the Russell 1000 Value Index, paying monthly

Issuer iShares Parametric

Strategy covered call covered call

Benchmark Nasdaq-100 (QQQ) iShares Russell 1000 Value ETF (IWD)

Pays monthly monthly

Payout rate, annualized 8.5% 6.8%

Expense ratio 0.35% 0.29%

Cash paid, 1 year 10.0% (since launch, Dec 3, 2025) 8.2%

Price change, 1 year +5.1% (since launch, Dec 3, 2025) +14.3%

Total return, 1 year +15.6% (since launch, Dec 3, 2025) +23.4%

Benchmark return, 1 year +11.5% (since launch, Dec 3, 2025) +32.8%

Ahead or behind +4.1 pts (since launch, Dec 3, 2025) −9.4 pts

Return of capital, latest estimate 97% not published

Age 336 days 3.0 years

Net assets, BALQ as of Nov 3, 2026 and PAPI as of Jun 30, 2026 $43m $400m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: BALQ vs PAPI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	BALQ	PAPI	BALQ	PAPI	BALQ	PAPI
3 months	−3.8%	+6.6%	2.1%	1.8%	−0.3 pts	+2.6 pts
6 months	+1.3%	+13.2%	5.2%	3.9%	+1.7 pts	−0.7 pts
1 year	–	+23.4%	–	8.2%	–	−9.4 pts
3 years	–	+44.5%	–	23.7%	–	−39.8 pts
Since launchNot the same days: BALQ Dec 2025 · PAPI Oct 2023	+15.6%	+45.5%	10.0%	23.9%	+4.1 pts	−42.4 pts

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Alert

About each fund

BALQ

Over the period from its first trade on Dec 3, 2025 to Nov 4, 2026, BALQ paid 10.0% of its starting value in cash distributions while its price rose 5.1%. With every distribution reinvested, the fund returned +15.6%. Nasdaq-100 (QQQ) returned +11.5% over the same days, so a holder was ahead by 4.1 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 8.5%, paid monthly. iShares estimates that 97% of the distribution paid Nov 5, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

PAPI

Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting value in cash distributions while its price rose 14.3%. With every distribution reinvested, the fund returned +23.4%. iShares Russell 1000 Value ETF (IWD) returned +32.8% over the same days, so a holder was behind by 9.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 6.8%, paid monthly.

Questions people ask

Which is cheaper, BALQ or PAPI?: BALQ charges 0.35% a year and PAPI charges 0.29%, so PAPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

BALQ vs RECI BALQ vs TMGN BALQ vs VOOY BALQ vs FEPI PAPI vs IQQQ PAPI vs XQQI PAPI vs ROCQ PAPI vs KIQQ

Where to next

Nasdaq-100 (QQQ) →iShares Russell 1000 Value ETF (IWD) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →BALQ on its own →PAPI on its own →BALQ dividend history →BALQ holdings →PAPI dividend history →PAPI holdings →Method →Standards and sources →

Sources and dates

BALQ filings on SEC EDGAR ↗

BALQ prospectus with the expense ratio (SEC) ↗

BALQ 19a-1 distribution notice ↗

iShares page for BALQ ↗

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BALQ against PAPI, data as of Nov 4, 2026. https://etfiq.com/compare/income/balq-vs-papi

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.