Which is cheaper, CDPI or PAPI?

CDPI charges 0.45% 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

CDPI vs PAPI: Dividend Yield & Total Return

CDPI and PAPI both write options for income.

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Net assets: $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF, beside Columbia High Dividend Premium Income ETF.

CDPI on its own →PAPI on its own →

At a glance

1.5%

CDPI cash paid, since launch, Jul 14, 2026

8.2%

PAPI cash paid, 1 year

+1.6%

CDPI total return, since launch, Jul 14, 2026

+23.4%

PAPI total return, 1 year

CDPI · since launch to Nov 4, 2026 Not measured

CDPI

+1.6%

none

Not measured

CDPI since launch: paid 1.5%, price +0.1%, total +1.6%, not measured against a benchmark. Data to Nov 4, 2026.

CDPI

+1.6%

Total return, distributions reinvested

Not measured

CDPI since launch: paid 1.5%, price +0.1%, total +1.6%, not measured against a benchmark. Data to Nov 4, 2026.

CDPI

+1.6%

1.5% of it arrived as cash. Total return, distributions reinvested. CDPI since launch: paid 1.5%, price +0.1%, total +1.6%, not measured against a benchmark. 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 0.16 points a year less.

Points (pts) are percentage points.

CDPI vs PAPI: Dividend Yield & Total Return
Measure	CDPI	PAPI
Paid and earned
Measure	CDPI	PAPI
Total return, 1 year	not published	+23.4%
Price change	rose 0.1% (since Jul 14, 2026)	rose 14.3% (1 year)
Return of capital, issuer estimate	76% of the Oct 5, 2026 payment
Against its benchmark
Measure	CDPI	PAPI
Benchmark	not published	iShares Russell 1000 Value ETF, measured through IWD
Cost and size
Measure	CDPI	PAPI
Expense ratio	0.45%	0.29%
Net assets	not read by ETFIQ	$400m
Holdings
Measure	CDPI	PAPI
Holdings in common	not published

Method

Side by side

CDPI Columbia High Dividend Premium Income ETF · Covered call, 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 Columbia Parametric

Strategy covered call covered call

Benchmark none iShares Russell 1000 Value ETF (IWD)

Pays monthly monthly

Payout rate, annualized 8.0% 6.8%

Expense ratio 0.45% 0.29%

Cash paid, 1 year 1.5% (since launch, Jul 14, 2026) 8.2%

Price change, 1 year +0.1% (since launch, Jul 14, 2026) +14.3%

Total return, 1 year +1.6% (since launch, Jul 14, 2026) +23.4%

Benchmark return, 1 year not published +32.8%

Ahead or behind not available −9.4 pts

Return of capital, latest estimate 76% not published

Age 113 days 3.0 years

Net assets not read by ETFIQ $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: CDPI vs PAPI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	CDPI	PAPI	CDPI	PAPI	CDPI	PAPI
3 months	+0.4%	+6.6%	1.5%	1.8%	not measured	+2.6 pts
6 months	–	+13.2%	–	3.9%	–	−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: CDPI Jul 2026 · PAPI Oct 2023	+1.6%	+45.5%	1.5%	23.9%	not measured	−42.4 pts

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Alert

About each fund

CDPI

Over the period from its first trade on Jul 14, 2026 to Nov 4, 2026, CDPI paid 1.5% of its starting value in cash distributions while its price rose 0.1%. With every distribution reinvested, the fund returned +1.6%. At its price on Nov 4, 2026 the latest distribution annualizes to 8.0%, paid monthly. Columbia estimates that 76% of the distribution paid Oct 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, CDPI or PAPI?: CDPI charges 0.45% a year and PAPI charges 0.29%, so PAPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

CDPI vs RECI CDPI vs TMGN CDPI vs VOOY CDPI vs FEPI PAPI vs CVRD PAPI vs DDDD PAPI vs DJIA PAPI vs DOGG

Where to next

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

Sources and dates

CDPI filings on SEC EDGAR ↗

CDPI prospectus with the expense ratio (SEC) ↗

CDPI 19a-1 distribution notice ↗

Columbia website ↗

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

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

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

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