Which is cheaper, PAPI or TPAY?

PAPI charges 0.29% a year and TPAY charges 0.49%, so PAPI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

PAPI vs TPAY: Dividend Yield & Total Return

PAPI and TPAY both write options for income.

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Net assets: $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF, and $2.1m on Nov 4, 2026 for Roundhill S&P 500 Target 10 Managed Distribution ETF.

PAPI on its own →TPAY on its own →

At a glance

8.2%

PAPI cash paid, 1 year

6.6%

TPAY cash paid, since launch, Feb 18, 2026

+23.4%

PAPI total return, 1 year

+11.6%

TPAY total return, since launch, Feb 18, 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. Total return, distributions reinvested. PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

TPAY · since launch to Nov 4, 2026 1 pt behind VOO

TPAY

+11.6%

VOO

+12.6%

1 pt behind VOO

TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

VOO

+12.6%

TPAY

+11.6%

6.6% as cash

1 pt behind VOO

Total return, distributions reinvested

1 pt behind VOO

TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

VOO

+12.6%

TPAY

+11.6%

1 pt behind VOO

6.6% of it arrived as cash. Both charts share one scale, 0 to +32.8%. TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

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

Pair scorecard

PAPI costs 0.20 points a year less.

Points (pts) are percentage points.

PAPI vs TPAY: Dividend Yield & Total Return
Measure	PAPI	TPAY
Paid and earned
Measure	PAPI	TPAY
Total return, 1 year	+23.4%	not published
Price change	rose 14.3% (1 year)	rose 4.6% (since Feb 18, 2026)
Return of capital, issuer estimate		100% of the Oct 15, 2026 payment
Against its benchmark
Measure	PAPI	TPAY
Benchmark	iShares Russell 1000 Value ETF, measured through IWD	Vanguard S&P 500 ETF, measured through VOO
Against its benchmark, same days	behind by 9.4 pts	behind by 1.0 pts
Cost and size
Measure	PAPI	TPAY
Expense ratio	0.29%	0.49%
Net assets, PAPI as of Jun 30, 2026 and TPAY as of Nov 4, 2026	$400m	$2.1m
Holdings
Measure	PAPI	TPAY
Holdings in common	0%

Method

What they share

By the books each fund has filed, PAPI and TPAY hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 4, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first PAPI TPAY

Only in one fund ↓

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%

Only in TPAY

SPY 03/12/2027 33.67 C 44.68%

SPY 04/16/2027 33.18 C 44.62%

SPYM 03/12/2027 3.33 C 6.11%

Check overlap with more funds →

Side by side

PAPI Parametric Equity Premium Income ETF · Writes options on the S&P 500, measured against the Russell 1000 Value Index, paying monthly TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF · Option income on VOO, paying monthly

Issuer Parametric Roundhill

Strategy covered call option income

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

Pays monthly monthly

Payout rate, annualized 6.8% 9.5%

Expense ratio 0.29% 0.49%

Cash paid, 1 year 8.2% 6.6% (since launch, Feb 18, 2026)

Price change, 1 year +14.3% +4.6% (since launch, Feb 18, 2026)

Total return, 1 year +23.4% +11.6% (since launch, Feb 18, 2026)

Benchmark return, 1 year +32.8% +12.6% (since launch, Feb 18, 2026)

Ahead or behind −9.4 pts −1.0 pts (since launch, Feb 18, 2026)

Return of capital, latest estimate not published 100%

Age 3.0 years 259 days

Net assets, PAPI as of Jun 30, 2026 and TPAY as of Nov 4, 2026 $400m $2.1m

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: PAPI vs TPAY: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	PAPI	TPAY	PAPI	TPAY	PAPI	TPAY
3 months	+6.6%	−0.8%	1.8%	2.3%	+2.6 pts	−0.7 pts
6 months	+13.2%	+4.2%	3.9%	4.7%	−0.7 pts	−0.8 pts
1 year	+23.4%	–	8.2%	–	−9.4 pts	–
3 years	+44.5%	–	23.7%	–	−39.8 pts	–
Since launchNot the same days: PAPI Oct 2023 · TPAY Feb 2026	+45.5%	+11.6%	23.9%	6.6%	−42.4 pts	−1.1 pts

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Alert

About each fund

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.

TPAY

Over the period from its first trade on Feb 18, 2026 to Nov 4, 2026, TPAY paid 6.6% of its starting value in cash distributions while its price rose 4.6%. With every distribution reinvested, the fund returned +11.6%. Vanguard S&P 500 ETF (VOO) returned +12.6% over the same days, so a holder was behind by 1.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 9.5%, paid monthly. Roundhill estimates that 100% of the distribution paid Oct 15, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

Questions people ask

Which is cheaper, PAPI or TPAY?: PAPI charges 0.29% a year and TPAY charges 0.49%, so PAPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

PAPI vs SDTY PAPI vs LAPR PAPI vs XIDE PAPI vs XIMR TPAY vs YLDE TPAY vs SDVD TPAY vs RDVI TPAY vs YQQQ

Where to next

iShares Russell 1000 Value ETF (IWD) →Vanguard S&P 500 ETF (VOO) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →PAPI on its own →TPAY on its own →PAPI dividend history →PAPI holdings →TPAY dividend history →TPAY holdings →Method →Standards and sources →

Sources and dates

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric website ↗

TPAY filings on SEC EDGAR ↗

TPAY prospectus with the expense ratio (SEC) ↗

TPAY 19a-1 distribution notice ↗

Roundhill page for TPAY ↗

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

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