Which is cheaper, PAPI or XSPI?

PAPI charges 0.29% a year and XSPI charges 0.98%, so PAPI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

PAPI vs XSPI: Dividend Yield & Total Return

PAPI and XSPI both write options for income.

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Net assets: $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF, and $140m on Oct 28, 2026 for NEOS Boosted S&P 500 High Income ETF.

PAPI on its own →XSPI on its own →

At a glance

8.2%

PAPI cash paid, 1 year

13.9%

XSPI cash paid, since launch, Feb 3, 2026

+23.4%

PAPI total return, 1 year

+12.4%

XSPI total return, since launch, Feb 3, 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.

XSPI · since launch to Nov 4, 2026 About even with SPY

XSPI

+12.4%

SPY

+12.1%

About even with SPY

XSPI since launch: paid 13.9%, price −2.3%, total +12.4%, SPY +12.1%, +0.3 pts. Data to Nov 4, 2026.

SPY

+12.1%

XSPI

+12.4%

13.9% of it arrived as cash

about even with SPY

Total return, distributions reinvested

About even with SPY

XSPI since launch: paid 13.9%, price −2.3%, total +12.4%, SPY +12.1%, +0.3 pts. Data to Nov 4, 2026.

SPY

+12.1%

XSPI

+12.4%

about even with SPY

13.9% of it arrived as cash. Both charts share one scale, with zero at the line. XSPI since launch: paid 13.9%, price −2.3%, total +12.4%, SPY +12.1%, +0.3 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

PAPI costs 0.69 points a year less.

Points (pts) are percentage points.

PAPI vs XSPI: Dividend Yield & Total Return
Measure	PAPI	XSPI
Paid and earned
Measure	PAPI	XSPI
Total return, 1 year	+23.4%	not published
Price change	rose 14.3% (1 year)	fell 2.3% (since Feb 3, 2026)
Return of capital, issuer estimate		98% of the Oct 9, 2026 payment
Against its benchmark
Measure	PAPI	XSPI
Benchmark	iShares Russell 1000 Value ETF, measured through IWD	S&P 500, measured through SPY
Cost and size
Measure	PAPI	XSPI
Expense ratio	0.29%	0.98%
Net assets, PAPI as of Jun 30, 2026 and XSPI as of Oct 28, 2026	$400m	$140m
Holdings
Measure	PAPI	XSPI
Holdings in common	17%

Method

What they share

17%

By the books each fund has filed, PAPI and XSPI hold 17% 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

17% in common

Positions both hold · largest shared weight first PAPI XSPI

Cisco Systems, Inc. 0.76% 0.66%

AbbVie, Inc. 0.64% 0.81%

Alphabet, Inc. 0.59% 2.66%

Coca-Cola Co. (The) 0.56% 0.60%

Johnson & Johnson 0.56% 1.03%

Merck & Co., Inc. 0.59% 0.55%

Home Depot, Inc. (The) 0.54% 0.52%

Procter & Gamble Co. (The) 0.49% 0.59%

Costco Wholesale Corp. 0.48% 0.69%

Texas Instruments, Inc. 0.70% 0.46%

Chevron Corp. 0.45% 0.67%

RTX Corp. 0.51% 0.44%

Only in one fund ↓

Only in PAPI

TD SYNNEX Corp. 0.80%

Power Integrations, Inc. 0.73%

Royalty Pharma plc 0.72%

Millicom International Cellular SA 0.72%

Avnet, Inc. 0.70%

Reynolds Consumer Products, Inc. 0.68%

MSC Industrial Direct Co., Inc. 0.66%

Wendy's Co. (The) 0.63%

Only in XSPI

NVIDIA Corp 8.10%

Apple Inc 7.92%

Amazon.com Inc 3.98%

Broadcom Inc 2.52%

Meta Platforms Inc 2.14%

Alphabet Inc 2.12%

Eli Lilly & Co 1.79%

Tesla Inc 1.78%

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 XSPI NEOS Boosted S&P 500 High Income ETF · Option income on SPY, paying monthly

Issuer Parametric NEOS

Strategy covered call option income

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

Pays monthly monthly

Payout rate, annualized 6.8% 16.6%

Expense ratio 0.29% 0.98%

Cash paid, 1 year 8.2% 13.9% (since launch, Feb 3, 2026)

Price change, 1 year +14.3% −2.3% (since launch, Feb 3, 2026)

Total return, 1 year +23.4% +12.4% (since launch, Feb 3, 2026)

Benchmark return, 1 year +32.8% +12.1% (since launch, Feb 3, 2026)

Ahead or behind −9.4 pts +0.3 pts (since launch, Feb 3, 2026)

Return of capital, latest estimate not published 98%

Age 3.0 years 274 days

Net assets, PAPI as of Jun 30, 2026 and XSPI as of Oct 28, 2026 $400m $140m

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 XSPI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	PAPI	XSPI	PAPI	XSPI	PAPI	XSPI
3 months	+6.6%	+1.1%	1.8%	4.2%	+2.6 pts	+1.2 pts
6 months	+13.2%	+7.0%	3.9%	8.5%	−0.7 pts	+2.0 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 · XSPI Feb 2026	+45.5%	+12.4%	23.9%	13.9%	−42.4 pts	+0.3 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.

XSPI

Over the period from its first trade on Feb 3, 2026 to Nov 4, 2026, XSPI paid 13.9% of its starting value in cash distributions while its price fell 2.3%. With every distribution reinvested, the fund returned +12.4%. S&P 500 (SPY) returned +12.1% over the same days, so a holder was about even. At its price on Nov 4, 2026 the latest distribution annualizes to 16.6%, paid monthly. NEOS estimates that 98% of the distribution paid Oct 9, 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 XSPI?: PAPI charges 0.29% a year and XSPI charges 0.98%, so PAPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

PAPI vs SEPI PAPI vs EGGY PAPI vs XRMI PAPI vs XDTE XSPI vs CDPI XSPI vs VOOY XSPI vs YLDE XSPI vs SDVD

Where to next

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

Sources and dates

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric website ↗

XSPI filings on SEC EDGAR ↗

XSPI prospectus with the expense ratio (SEC) ↗

XSPI 19a-1 distribution notice ↗

NEOS page for XSPI ↗

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 XSPI, data as of Nov 4, 2026. https://etfiq.com/compare/income/papi-vs-xspi

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