Which paid more, LOCT or PAPI?

Over the year to Nov 4, 2026, LOCT paid 5.2% of its starting price in cash and PAPI paid 8.2%, so PAPI paid more. Cash paid is not the same as money made: the price change matters too.

Which returned more once distributions are counted, LOCT or PAPI?

With every distribution reinvested, LOCT returned +5.8% and PAPI +23.4% over the year to Nov 4, 2026.

Which is cheaper, LOCT or PAPI?

LOCT charges 0.79% 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

LOCT vs PAPI: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, PAPI paid 8.2% of its price in cash against LOCT’s 5.2%, and returned more with it reinvested.

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Net assets: $11m on Nov 4, 2026 for Innovator Premium Income 15 Buffer ETF - October, and $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF.

LOCT on its own →PAPI on its own →

At a glance

5.2%

LOCT cash paid, 1 year

8.2%

PAPI cash paid, 1 year

+5.8%

LOCT total return, 1 year

+23.4%

PAPI total return, 1 year

LOCT · 1 year to Nov 4, 2026 9 pts behind VOO

LOCT

+5.8%

VOO

+14.8%

9 pts behind VOO

LOCT over 1 year: paid 5.2%, price +0.4%, total +5.8%, VOO +14.8%, −9.0 pts. Data to Nov 4, 2026.

VOO

+14.8%

LOCT

+5.8%

5.2% as cash

9 pts behind VOO

Total return, distributions reinvested

9 pts behind VOO

LOCT over 1 year: paid 5.2%, price +0.4%, total +5.8%, VOO +14.8%, −9.0 pts. Data to Nov 4, 2026.

VOO

+14.8%

LOCT

+5.8%

9 pts behind VOO

5.2% of it arrived as cash. Total return, distributions reinvested. LOCT over 1 year: paid 5.2%, price +0.4%, total +5.8%, VOO +14.8%, −9.0 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 0.50 points a year less; their one-year returns differ by 17.6 points.

Points (pts) are percentage points.

LOCT vs PAPI: Dividend Yield & Total Return
Measure	LOCT	PAPI
Paid and earned
Measure	LOCT	PAPI
Total return, 1 year	+5.8%	+23.4%
Price change, 1 year	rose 0.4%	rose 14.3%
Return of capital, issuer estimate	35% of the Nov 2, 2026 payment
Against its benchmark
Measure	LOCT	PAPI
Benchmark	Vanguard S&P 500 ETF, measured through VOO	iShares Russell 1000 Value ETF, measured through IWD
Against its benchmark, same days	behind by 9.0 pts	behind by 9.4 pts
Cost and size
Measure	LOCT	PAPI
Expense ratio	0.79%	0.29%
Net assets, LOCT as of Nov 4, 2026 and PAPI as of Jun 30, 2026	$11m	$400m
Holdings
Measure	LOCT	PAPI
Holdings in common	0%

ETFIQ Distribution Coverage Score · PAPI scores higher How much of what it paid out did its total return cover?

IQ Income Score65.6LOCT96.1PAPI

How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed

LOCT 65.6

PAPI 96.1

0.3, the lowest in this set 99.7, the highest

One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →

Method

What they share

By the books each fund has filed, LOCT and PAPI hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first LOCT PAPI

Only in one fund ↓

Only in LOCT

Only in PAPI

Corning, Inc. 1.00%

TD SYNNEX Corp. 0.80%

Cisco Systems, Inc. 0.76%

Power Integrations, Inc. 0.73%

Royalty Pharma plc 0.72%

Millicom International Cellular SA 0.72%

Avnet, Inc. 0.70%

Texas Instruments, Inc. 0.70%

Check overlap with more funds →

Side by side

LOCT Innovator Premium Income 15 Buffer ETF - October · Buffer with income on VOO, 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 Innovator Parametric

Strategy buffer with income covered call

Benchmark Vanguard S&P 500 ETF (VOO) iShares Russell 1000 Value ETF (IWD)

Pays monthly monthly

Payout rate, annualized 5.8% 6.8%

Expense ratio 0.79% 0.29%

Cash paid, 1 year 5.2% 8.2%

Price change, 1 year +0.4% +14.3%

Total return, 1 year +5.8% +23.4%

Benchmark return, 1 year +14.8% +32.8%

Ahead or behind −9.0 pts −9.4 pts

Return of capital, latest estimate 35% not published

Age 3.1 years 3.0 years

Net assets, LOCT as of Nov 4, 2026 and PAPI as of Jun 30, 2026 $11m $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: LOCT vs PAPI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	LOCT	PAPI	LOCT	PAPI	LOCT	PAPI
3 months	+1.2%	+6.6%	1.3%	1.8%	+1.3 pts	+2.6 pts
6 months	+2.4%	+13.2%	2.6%	3.9%	−2.6 pts	−0.7 pts
1 year	+5.8%	+23.4%	5.2%	8.2%	−9.0 pts	−9.4 pts
3 years	+17.9%	+44.5%	16.8%	23.7%	−65.4 pts	−39.8 pts
Since launchNot the same days: LOCT Oct 2023 · PAPI Oct 2023	+19.3%	+45.5%	17.5%	23.9%	−67.1 pts	−42.4 pts

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Alert

About each fund

LOCT

Over the year to Nov 4, 2026, LOCT paid 5.2% of its starting value in cash distributions while its price rose 0.4%. With every distribution reinvested, the fund returned +5.8%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was behind by 9.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 5.8%, paid monthly. Innovator estimates that 35% of the distribution paid Nov 2, 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 paid more, LOCT or PAPI?: Over the year to Nov 4, 2026, LOCT paid 5.2% of its starting price in cash and PAPI paid 8.2%, so PAPI paid more. Cash paid is not the same as money made: the price change matters too.
Which returned more once distributions are counted, LOCT or PAPI?: With every distribution reinvested, LOCT returned +5.8% and PAPI +23.4% over the year to Nov 4, 2026.
Which is cheaper, LOCT or PAPI?: LOCT charges 0.79% a year and PAPI charges 0.29%, so PAPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

LOCT vs YLDE LOCT vs SDVD LOCT vs RDVI LOCT vs OARK PAPI vs XISE PAPI vs SDTY PAPI vs XIJN PAPI vs TPAY

Where to next

Vanguard S&P 500 ETF (VOO) →iShares Russell 1000 Value ETF (IWD) →LOCT on its own →PAPI on its own →LOCT dividend history →PAPI dividend history →PAPI holdings →Method →Standards and sources →

Sources and dates

LOCT filings on SEC EDGAR ↗

LOCT prospectus with the expense ratio (SEC) ↗

LOCT 19a-1 distribution notice ↗

Innovator page for LOCT ↗

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

It is a place in a set, not a rating or a recommendation.

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

Every number is an ETFIQ calculation with distributions reinvested.

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

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