How much has PAPI paid over the last year?

Over the year to Oct 28, 2026, PAPI paid 8.0% of its starting price in cash distributions, while the price rose 8.8%.

Is PAPI ahead of IWD?

Over the year to Oct 28, 2026, with every distribution reinvested, PAPI returned +17.4% against +27.5% for iShares Russell 1000 Value ETF (IWD), so a holder was behind it by 10.1 points.

How often does PAPI pay, and how much?

PAPI pays monthly. The latest distribution annualizes to 7.6% at its price on Oct 28, 2026, which is not a promise; the next one can differ.

When does PAPI next pay a distribution?

PAPI pays monthly. The last distribution went ex on Sep 30, 2026 at $0.1767 a share. The next is not declared; on a cadence of about 31 days the ex-date falls near Nov 2, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days.

The prospectus expense ratio is 0.29% a year.

PAPI Parametric Equity Premium Income ETF

Share ▾

Share on X Download as PDF

$27.92

−0.3% · 1 day, price

IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Oct 28, 2026, PAPI paid 8.0% in cash and returned 17.4% in total, against 27.5% for IWD.

Why did PAPI return +45.3% against IWD’s +89.0%?Is PAPI’s payout of 7.6% a year sustainable?What do PAPI’s net flows of +$396m over the since Oct 2023 mean?

Writes options on the S&P 500, measured against the Russell 1000 Value Index, paying monthlyParametric ↗Expense ratio 0.29%Fund assets $400m net assets, latest filing (Jun 30, 2026)First traded Oct 19, 2023Benchmark iShares Russell 1000 Value ETF (IWD)SEC filings ↗Every Parametric fund ETFIQ covers Dividend history

Promise check: DeliveredOver the year to Oct 28, 2026, PAPI paid 8.0% in cash and returned 17.4% in total, covering 217.5% of its payout.

Compare with…Trading costs Put to the committee askIQ about PAPI Add to portfolio Overlap Flows Alerts

PAPI risk and return scorecard

vs IWD · Oct 2023 to Oct 2026 · 156 weekly returns · dividend-adjusted

Short history · 36 months

PAPI +45.3%, IWD +89.0%, Oct 2023 to Oct 2026, distributions reinvested.

Return

MeasurePAPIIWDEdge

Total return+45.3%+89.0%IWD

Annualized+13.3%+23.6%IWD

Price return+16.9%+79.1%IWD

Risk

MeasurePAPIIWDEdge

Volatility10.9%12.3%PAPI

Max drawdown−10.6%−13.9%PAPI

Upside capture60.3%100.0%IWD

Downside capture82.0%100.0%PAPI

Risk-adjusted

MeasurePAPIIWDEdge

Sharpe ratio0.791.43IWD

Sortino ratio1.122.17IWD

Alpha vs IWD

MeasurePAPIIWDEdge

Alpha, a year−3.5%Not significant

Alpha t-stat−0.86

Beta to IWD0.691.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jun 30, 2026

12 months to Jun 30, 2026

+$170m

Since Oct 2023

+$396m

askIQ: what do these flows mean? ↗

What you earned

PAPI +5.3%, IWD +3.5%: total return over one month to Oct 28, 2026.

PAPI

+5.3%

IWD

+3.5%

Paid 0.7% in cash. Price +4.6%.

PAPI +0.9%, IWD +4.1%: total return over three months to Oct 28, 2026.

PAPI

+0.9%

IWD

+4.1%

Paid 1.8% in cash. Price −0.9%.

PAPI +8.7%, IWD +14.7%: total return over six months to Oct 28, 2026.

PAPI

+8.7%

IWD

+14.7%

Paid 3.8% in cash. Price +4.6%.

PAPI +14.8%, IWD +24.3%: total return over the year to Oct 28, 2026.

PAPI

+14.8%

IWD

+24.3%

Paid 6.1% in cash. Price +8.3%.

PAPI +17.4%, IWD +27.5%: total return over one year to Oct 28, 2026.

PAPI

+17.4%

IWD

+27.5%

Paid 8.0% in cash. Price +8.8%.

PAPI +44.2%, IWD +89.9%: total return over three years to Oct 28, 2026.

PAPI

+44.2%

IWD

+89.9%

Paid 23.9% in cash. Price +16.0%.

PAPI +40.0%, IWD +83.2%: total return since launch to Oct 28, 2026.

PAPI

+40.0%

IWD

+83.2%

Paid 23.2% in cash. Price +12.6%.

askIQ: why did PAPI return +17.4% against IWD’s +27.5%? ↗

What it paid

13 distributions · latest Sep 30, 2026

8.0%

Cash paid, 1 year, on its starting price

to Oct 28, 2026

Report

+17.4%

Total return, 1 year

to Oct 28, 2026

Report

−10.1 pts

Against IWD

to Oct 28, 2026

Report

7.6%

Latest payout, annualized on today’s price

at the price of Oct 28, 2026

Report

$0.1767

Last payment (paid monthly), ex-date Sep 30, 2026

Report

Pays monthly.

askIQ: is PAPI’s payout of 7.6% a year sustainable? ↗

More on PAPI

Every number below is on this page. Open what you need.

Price and total return, 1 year

$27.92−0.3%1 day, priceClose, Oct 28, 2026

0%5%10%15%Total return +17.4%Price +8.8%

Oct 28, 2025Oct 28, 2026

Price +8.8%Total return +17.4%

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 28, 2026. Updated every trading night. Report a data error

PAPI returns by window: total return, cash paid and price change
Window	Total return	Cash paid	Price	IWD	Ahead or behind
1M Sep 28 – Oct 28, 2026	+5.3%	0.7%	+4.6%	+3.5%	+1.8 pts
3M Jul 29 – Oct 28, 2026	+0.9%	1.8%	−0.9%	+4.1%	−3.2 pts
6M Apr 29 – Oct 28, 2026	+8.7%	3.8%	+4.6%	+14.7%	−6.0 pts
YTD Dec 31, 2025 – Oct 28, 2026	+14.8%	6.1%	+8.3%	+24.3%	−9.5 pts
1Y Oct 28, 2025 – Oct 28, 2026	+17.4%	8.0%	+8.8%	+27.5%	−10.1 pts
3Y Oct 27, 2023 – Oct 28, 2026	+44.2%	23.9%	+16.0%	+89.9%	−45.7 pts
Since launch Oct 19, 2023 – Oct 28, 2026	+40.0%	23.2%	+12.6%	+83.2%	−43.2 pts
Since launch, annualised Oct 19, 2023 – Oct 28, 2026	+11.7%	–	–	–	–

Total returns, distributions reinvested.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where the return came from

PAPI

+5.3%

IWD

+3.5%

1.8 pts ahead of IWD PAPI over 1 month: paid 0.7%, price +4.6%, total +5.3%, IWD +3.5%, +1.8 pts. Data to Oct 28, 2026. IWD +3.5% PAPI +5.3% 0.7% cash 1.8 pts ahead of IWD Total return, distributions reinvested 1.8 pts ahead of IWD PAPI over 1 month: paid 0.7%, price +4.6%, total +5.3%, IWD +3.5%, +1.8 pts. Data to Oct 28, 2026. IWD +3.5% PAPI +5.3% 1.8 pts ahead of IWD Over the 1 month to Oct 28, 2026, PAPI returned +5.3% with distributions reinvested and iShares Russell 1000 Value ETF (IWD) returned +3.5%, so a holder came out ahead of it by 1.8 points. The lighter segment is the 0.7% that arrived as cash rather than as price.

Price change +4.6%Cash paid +0.7%, reinvested+1.8 pts vs IWD

PAPI

+0.9%

IWD

+4.1%

3.2 pts behind IWD PAPI over 3 months: paid 1.8%, price −0.9%, total +0.9%, IWD +4.1%, −3.2 pts. Data to Oct 28, 2026. IWD +4.1% PAPI +0.9% 1.8% as cash 3.2 pts behind IWD Total return, distributions reinvested 3.2 pts behind IWD PAPI over 3 months: paid 1.8%, price −0.9%, total +0.9%, IWD +4.1%, −3.2 pts. Data to Oct 28, 2026. IWD +4.1% PAPI +0.9% 3.2 pts behind IWD Over the 3 months to Oct 28, 2026, PAPI returned +0.9% with distributions reinvested and iShares Russell 1000 Value ETF (IWD) returned +4.1%, so a holder came out behind it by 3.2 points. The lighter segment is the 1.8% that arrived as cash rather than as price.

Price change −0.9%Cash paid +1.8%, reinvested−3.2 pts vs IWD

0.0%

PAPI

+8.7%

IWD

+14.7%

6 pts behind IWD PAPI over 6 months: paid 3.8%, price +4.6%, total +8.7%, IWD +14.7%, −6.0 pts. Data to Oct 28, 2026. IWD +14.7% PAPI +8.7% 3.8% as cash 6 pts behind IWD Total return, distributions reinvested 6 pts behind IWD PAPI over 6 months: paid 3.8%, price +4.6%, total +8.7%, IWD +14.7%, −6.0 pts. Data to Oct 28, 2026. IWD +14.7% PAPI +8.7% 6 pts behind IWD Over the 6 months to Oct 28, 2026, PAPI returned +8.7% with distributions reinvested and iShares Russell 1000 Value ETF (IWD) returned +14.7%, so a holder came out behind it by 6.0 points. The lighter segment is the 3.8% that arrived as cash rather than as price.

Price change +4.6%Cash paid +3.8%, reinvested−6.0 pts vs IWD

PAPI

+17.4%

IWD

+27.5%

10.1 pts behind IWD PAPI over 1 year: paid 8.0%, price +8.8%, total +17.4%, IWD +27.5%, −10.1 pts. Data to Oct 28, 2026. IWD +27.5% PAPI +17.4% 8.0% as cash 10.1 pts behind IWD Total return, distributions reinvested 10.1 pts behind IWD PAPI over 1 year: paid 8.0%, price +8.8%, total +17.4%, IWD +27.5%, −10.1 pts. Data to Oct 28, 2026. IWD +27.5% PAPI +17.4% 10.1 pts behind IWD Over the 1 year to Oct 28, 2026, PAPI returned +17.4% with distributions reinvested and iShares Russell 1000 Value ETF (IWD) returned +27.5%, so a holder came out behind it by 10.1 points. The lighter segment is the 8.0% that arrived as cash rather than as price.

Price change +8.8%Cash paid +8.0%, reinvested−10.1 pts vs IWD

PAPI

+44.2%

IWD

+89.9%

45.7 pts behind IWD PAPI over 3 years: paid 23.9%, price +16.0%, total +44.2%, IWD +89.9%, −45.7 pts. Data to Oct 28, 2026. IWD +89.9% PAPI +44.2% 23.9% as cash 45.7 pts behind IWD Total return, distributions reinvested 45.7 pts behind IWD PAPI over 3 years: paid 23.9%, price +16.0%, total +44.2%, IWD +89.9%, −45.7 pts. Data to Oct 28, 2026. IWD +89.9% PAPI +44.2% 45.7 pts behind IWD Over the 3 years to Oct 28, 2026, PAPI returned +44.2% with distributions reinvested and iShares Russell 1000 Value ETF (IWD) returned +89.9%, so a holder came out behind it by 45.7 points. The lighter segment is the 23.9% that arrived as cash rather than as price.

Price change +16.0%Cash paid +23.9%, reinvested−45.7 pts vs IWD

PAPI

+40.0%

IWD

+83.2%

43.2 pts behind IWD PAPI since launch: paid 23.2%, price +12.6%, total +40.0%, IWD +83.2%, −43.2 pts. Data to Oct 28, 2026. IWD +83.2% PAPI +40.0% 23.2% as cash 43.2 pts behind IWD Total return, distributions reinvested 43.2 pts behind IWD PAPI since launch: paid 23.2%, price +12.6%, total +40.0%, IWD +83.2%, −43.2 pts. Data to Oct 28, 2026. IWD +83.2% PAPI +40.0% 43.2 pts behind IWD From launch to Oct 28, 2026, PAPI returned +40.0% with distributions reinvested and iShares Russell 1000 Value ETF (IWD) returned +83.2%, so a holder came out behind it by 43.2 points. The lighter segment is the 23.2% that arrived as cash rather than as price.

Price change +12.6%Cash paid +23.2%, reinvested−43.2 pts vs IWD

93.0

IQ Income ScoreETFIQ Distribution Coverage Score12th of 164 · Oct 28, 2026

0.3 · lowest of 164 income ETFs not writing on a single company99.7 · highest

How much of its payouts the fund's total return covered, ranked against 164 income ETFs not writing on a single company. 100 is best. How it is computed

PAPI paid 8.0% in cash over the year and returned 17.4% in total, more than it paid out.

total return as a share of the cash paid217.5% · 93rd pct

All 164 ranked by this score →

Money in and out

Monthly data · as of Jun 30, 2026

PAPI: in the month to Jun 30, 2026, net $10.6m came in, by its SEC filing.

12 months

+$170m

77.7% of $219m on Jun 30, 2025
Jul 1, 2025 to Jun 30, 2026
monthly, from SEC filings

Since Oct 2023

+$396m

Oct 1, 2023 to Jun 30, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions PAPI files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jun 2026. Every day and month ETFIQ holds for PAPI, back to Oct 2023, is in its flows file. Flows across every fund · How these flows are computed · Compare PAPI with other funds in the flows tool

Month by month, money in and money outOct 2023 to Jun 2026

in, up to +$36m

out, down to −$16mOct 2023Jun 2026

PAPI, money in and money out each month from Oct 2023 to Jun 2026: two bars a month, money in above the line and money out below. Every bar is from PAPI’s SEC filings (N-PORT item B.6). Of the 33 months listed, money came in on net in 31 and went out in 1.

Every bar is from PAPI’s SEC filings (N-PORT item B.6). Of the 33 months listed, money came in on net in 31 and went out in 1.

MonthInOutNet

Jun 2026 SEC Form N-PORT+$10.6m$0+$10.6m

May 2026 SEC Form N-PORT+$25.1m−$1.3m+$23.8m

Apr 2026 SEC Form N-PORT+$29.8m−$1.3m+$28.5m

Mar 2026 SEC Form N-PORT+$35.8m−$4.2m+$31.7m

Feb 2026 SEC Form N-PORT+$18.2m−$1.4m+$16.8m

Jan 2026 SEC Form N-PORT+$10.8m$0+$10.8m

Dec 2025 SEC Form N-PORT+$9.1m$0+$9.1m

Nov 2025 SEC Form N-PORT+$3.9m−$2.5m+$1.3m

Oct 2025 SEC Form N-PORT+$11.5m$0+$11.5m

Sep 2025 SEC Form N-PORT+$3.9m$0+$3.9m

Aug 2025 SEC Form N-PORT+$9.0m−$1.3m+$7.7m

Jul 2025 SEC Form N-PORT+$15.4m−$1.3m+$14.2m

Jun 2025 SEC Form N-PORT+$8.9m$0+$8.9m

May 2025 SEC Form N-PORT+$19.0m−$2.5m+$16.5m

Apr 2025 SEC Form N-PORT+$33.8m$0+$33.8m

Mar 2025 SEC Form N-PORT+$25.0m−$1.3m+$23.7m

Feb 2025 SEC Form N-PORT+$23.9m−$6.7m+$17.3m

Jan 2025 SEC Form N-PORT+$13.3m−$2.7m+$10.6m

Dec 2024 SEC Form N-PORT+$13.5m−$1.3m+$12.2m

Nov 2024 SEC Form N-PORT+$17.8m$0+$17.8m

Oct 2024 SEC Form N-PORT+$27.3m−$15.0m+$12.3m

Sep 2024 SEC Form N-PORT+$13.5m$0+$13.5m

Aug 2024 SEC Form N-PORT+$9.3m$0+$9.3m

Jul 2024 SEC Form N-PORT+$10.5m$0+$10.5m

Jun 2024 SEC Form N-PORT+$13.1m−$5.2m+$7.9m

May 2024 SEC Form N-PORT+$17.4m−$14.5m+$2.9m

Apr 2024 SEC Form N-PORT+$5.4m−$10.5m−$5.1m

Mar 2024 SEC Form N-PORT+$7.9m$0+$7.9m

Feb 2024 SEC Form N-PORT+$2.5m$0+$2.5m

Jan 2024 SEC Form N-PORT+$1.3m$0+$1.3m

Dec 2023 SEC Form N-PORT+$1.3m$0+$1.3m

Nov 2023 SEC Form N-PORT$0$0$0

Oct 2023 SEC Form N-PORT+$21.2m$0+$21.2m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jun 30, 2026. Updated when the fund files its next report.

PAPI key stats

52-week high, daily closes to Oct 28, 2026 (ETFIQ)$28.45 on Feb 11, 2026

52-week low, daily closes to Oct 28, 2026 (ETFIQ)$25.24 on Nov 4, 2025

Close on Oct 28, 2026, within that range (ETFIQ)$27.92, 83% of the way from the low to the high

Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

PAPI return of capital and tax

Options it writes (holdings as of Jun 30, 2026)Options on ETF shares, which are not Section 1256 contracts

Rule 19a-1 noticesnot read by ETFIQ

Not tax advice. What a 19a-1 estimate is · Income ETFs by return of capital

Trading

as of Dec 10, 2024

Trading · PAPIas of Dec 10, 2024

Not scored1 of 6 measured · Dec 10, 2024

0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant

Cost for your order · one way, half its 30-day median spread

One dealer

How to tradeSpread not read.

Full trading page: components, premium history, dealers →

$0.18

$0.15

$0.24

$0.18

Distributions per share for PAPI 13 distributions for PAPI, $0.1484 to $0.2376 a share and $0.1639 in the middle, Sep 30, 2025 to Sep 30, 2026. 2 further ex-dates are expected with no amount the issuer has declared, so they are not drawn. $0.1639 the middle one Sep 30, 2025 Sep 30, 2026 $0.2376 a share at the highest

Sep 2025Monthly, per shareSep 2026

13 distributions for PAPI, $0.1484 to $0.2376 a share and $0.1639 in the middle, Sep 30, 2025 to Sep 30, 2026. 2 further ex-dates are expected with no amount the issuer has declared, so they are not drawn.

Latest

$0.1767

Ex Sep 30, 2026 · paid about 2 days later

Annualized

7.6%

At its price on Oct 28, 2026

Trailing 12 months

7.4%

12 payments, ex Oct 31, 2025 to Sep 30, 2026: $2.0599

Return of capital

Not published

No Rule 19a-1 notice has been published for this fund

Next, projected

PAPI pays monthly. The last distribution was $0.1767 a share, which went ex on Sep 30, 2026, with payment about 2 days later. The next has not been declared. On its own cadence of about 31 days the ex-date falls near Nov 2, 2026; that date is an ETFIQ projection, not the issuer’s.

Nov 2, 2026 · pay Nov 4, 2026$0.1767 ETFIQ projection

Dec 3, 2026 · pay Dec 7, 2026$0.1767 ETFIQ projection

Expected distributions for PAPI. A projected row carries the fund’s own spacing forward from its last ex-date, at the last amount paid. Neither is an issuer statement. Source: ETFIQ.

Every income ETF going ex-dividend in the next 14 days →

Every distribution ETFIQ holds for PAPI (13, most recent first)

Sep 30, 2026$0.1767

Aug 31, 2026$0.1631

Jul 31, 2026$0.1676

Jun 30, 2026$0.2025

May 29, 2026$0.1555

Apr 30, 2026$0.1552

Mar 31, 2026$0.2376

Feb 27, 2026$0.1639

Jan 30, 2026$0.1611

Dec 23, 2025$0.1789

Nov 28, 2025$0.1484

Oct 31, 2025$0.1494

Sep 30, 2025$0.1795

Cash distributions per share for PAPI. Source: ETFIQ from Tiingo end-of-day distributions.

Source: ETFIQ, from Tiingo end-of-day distributions.

How much of what it paid out did its total return cover?

Total return as a share of the cash paid

−271.3% to 2,166.7% across 164

That is the share of the 164 income ETFs not writing on a single company sitting at or below PAPI.

One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. Where the fund sits in this set, not a rating. Do not average it with another category's score.

Total return as a share of the cash paid: 217.5% · 93rd pct, −271.3% to 2,166.7% across 164.

Covered the mostOne bar per fund · PAPI in whiteCovered the least

All income ETFs ranked by this score →

PAPI top ten by weight, 7.5% of the fund, of its 189 equity positions, from the holdings filed for Jun 30, 2026. The options the fund writes are not positions of this kind and are not listed. Source: the fund’s SEC filing.

Corning, Inc. GLW 1.00%

TD SYNNEX Corp. SNX 0.80%

Cisco Systems, Inc. CSCO 0.76%

Power Integrations, Inc. POWI 0.73%

Royalty Pharma plc RPRX 0.72%

Millicom International Cellular SA not filed 0.72%

Texas Instruments, Inc. TXN 0.70%

Avnet, Inc. AVT 0.70%

Cummins, Inc. CMI 0.70%

Reynolds Consumer Products, Inc. REYN 0.68%

Fund filings on SEC EDGAR ↗See all 189 holdings →Check overlap with another fund →

Source: The fund’s SEC filing.

Head to head

PAPI vs IWD PAPI vs JEPI PAPI vs RDVI PAPI vs PBP PAPI vs SEPI

Funds near this one

Lists

Every Parametric fund ETFIQ covers Parametric’s own site iShares Russell 1000 Value ETF (IWD)Every income ETF Every income ETF comparison Every income ETF going ex-dividend in the next 14 days All Parametric funds

Also against QVOL, XIDE, SCLZ, LJUL, QYLD, GPIQ, GPIX, XYLD, ISPY, FEPI, SIXH, OVL, KHPI, DUBS, IQQQ, TCAL, TSPY, TDAQ, DJIA, QYLG, YLDE, EGGY, OVLH, JEPQ, QQQI, SPYI, DIVO, KNG, FTHI, BALI, OMAH, FTQI, QDTE, SDVD, YYY, ULTY, IVVW, XDTE, CAIQ, YMAG, SCEP, QQQY, XPAY, JOYT, XYLG, XRMI, OEI, ACKY, CVRD, APRJ, APRH, DRKY, SPUT, JULH, OCTH, OCTJ, QRMI, JANJ, JULJ, LJAN, JANH, LOCT, LAPR, DYLG, ROCY, ROCQ, XQQI, XSPI, MAGY, DOGG, WDTE, VAIE, QLDY, GRNI, KYLD, XIJN, SPIN, SDTY, OARK, QDTY, HEMI, XISE, BIGY, XIMR, QUSA, YQQQ, XSHP, PCOV, FDND, JUDO, RNTY, KIQQ, ODTE, FGSI, CDPI, RECI, VOOY, ACSP, BALQ, ACQQ, YSPC, SIOO, DDDD, NLSI, XVSP, TPRY, TPAY.

About PAPI

Strategycovered call

BenchmarkiShares Russell 1000 Value ETF (IWD)

How the benchmark is set (ETFIQ)PAPI's shareholder report names the Russell 1000 Value Index beside its broad-based index (shareholder report, Form N-CSR, accession 0001676326-25-000014, filed 2025-12-04); IWD tracks it.

Paysmonthly

Net assets (SEC filing, whole fund, as filed for Jun 30, 2026)$400mReport

Latest payout, annualized (ETFIQ)7.6%

Expense ratio (497 XBRL, Feb 2, 2026)0.29%Report

Cash paid, last 12 months, over today’s price (ETFIQ)7.4%

First tradedOct 19, 2023

Paysmonthly

Typical gap between ex-dates31 days

Typical wait from ex-date to payment2 days

Last paid, per share$0.1767 ex Sep 30, 2026

Cash paid in the 12 months to Oct 28, 2026, 12 distributions, ex Oct 31, 2025 to Sep 30, 2026$2.0599

How we measure

Every number is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. Method

IQ Investment Committee on PAPI

12 seats on PAPI, as of Oct 28, 2026: 1 Supports, 6 Challenges, 5 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostChallenges

In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data

In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityChallenges

In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data

In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data

In the tradition ofRay DalioDalio-style All-WeatherNot enough data

In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges

In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges

In the tradition ofDavid SwensenSwensen-style DiversificationChallenges

In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data

In the tradition ofJesse LivermoreLivermore-style Trend FollowingSupports

Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatChallenges

Put PAPI to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about PAPI

How much has PAPI paid over the last year?: Over the year to Oct 28, 2026, PAPI paid 8.0% of its starting price in cash distributions, while the price rose 8.8%.
Is PAPI ahead of IWD?: Over the year to Oct 28, 2026, with every distribution reinvested, PAPI returned +17.4% against +27.5% for iShares Russell 1000 Value ETF (IWD), so a holder was behind it by 10.1 points.
How often does PAPI pay, and how much?: PAPI pays monthly. The latest distribution annualizes to 7.6% at its price on Oct 28, 2026, which is not a promise; the next one can differ.
When does PAPI next pay a distribution?: PAPI pays monthly. The last distribution went ex on Sep 30, 2026 at $0.1767 a share. The next is not declared; on a cadence of about 31 days the ex-date falls near Nov 2, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days.
What does PAPI cost?: The prospectus expense ratio is 0.29% a year.

Sources and dates

Prices, PAPI and IWDTiingo end-of-day · Oct 28, 2026

Fee, 0.29%Prospectus filing with the expense ratio (SEC) ↗

Net assets, $400mSEC filing, whole fund · Jun 30, 2026

HoldingsThe fund’s SEC filing · Jun 30, 2026

DistributionsTiingo end-of-day · 13 payments

All fund filingsFund filings on SEC EDGAR ↗

IssuerParametric website ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →

Cite this pageCitation, APA and Markdown

ETFIQ, PAPI, income ETFs, data as of Oct 28, 2026. https://etfiq.com/funds/papi

The payout bar for PAPI, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Total return

Price change plus every distribution reinvested on the day it went ex-dividend. This is what you actually ended up with, and the only fair basis for comparing with an index.

Cash paid

Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.

Ahead or behind

Total return minus benchmark total return, in percentage points. A fund can pay 12% a year and still be behind by 10 points if its price fell while the index rose.

Return of capital

The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.

Covered call

The fund owns the stocks and sells call options on them, collecting premium and giving up gains above the strike. Synthetic covered call funds hold options instead of the stocks. 0DTE funds sell options that expire the same day.

Autocallable

A fund that pays a coupon and can be called away early, on dates set when it launched. If it is called, you get your money back with the coupon and the run ends. If it is not, it runs on to the next date.

Barrier

The level the underlying has to stay above for you to be repaid in full. A barrier is not a buffer. A buffer takes the first slice of a fall for you; a barrier takes none of it once it breaks, so below it you take the whole fall rather than only the part past it.

Full definitions: income ETFs vocabulary page. →

52nd of 372 income ETFs by net assets→What option-income ETFs paid and made, August 2026→The cheapest option-income ETFs→The income ETFs furthest behind their benchmark→

Embed this chart

Free to use with the credit link. Paste this where the chart should go; it updates every trading night.

PAPI: PAPI over 1 year: paid 8.0%, price +8.8%, total +17.4%, IWD +27.5%, −10.1 pts. Data to Oct 28, 2026.

<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/papi"><img src="https://etfiq.com/assistant/api/embed/income/papi.svg" alt="PAPI: PAPI over 1 year: paid 8.0%, price +8.8%, total +17.4%, IWD +27.5%, −10.1 pts. Data to Oct 28, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">PAPI: PAPI over 1 year: paid 8.0%, price +8.8%, total +17.4%, IWD +27.5%, −10.1 pts. Data to Oct 28, 2026. Data: <a href="https://etfiq.com/funds/papi">ETFIQ</a></figcaption>
</figure>

How to embed ETFIQ charts

Get the ETFIQ Daily

The day's ETF flows, a comparison and one number. Every trading morning. About the Daily

Snapshot, Oct 28, 2026. More on the tabs above.

.dc-more{display:revert!important}.dc-more[style^="display:flex"]{display:flex!important}.dc-more[style^="display:grid"]{display:grid!important}[data-show-all],[data-show-all-idx]{display:none!important}[data-cue]{display:none!important}