# PAPI (Parametric Equity Premium Income ETF)

Morgan Stanley · Income ETFs · data as of Sep 11, 2026

Over the year to Sep 11, 2026, PAPI paid 7.8% in cash and still finished 4.7 points behind SPY.

## Key facts

- PAPI, cash paid, 1 year, on its starting price: 7.8%, as of Sep 11, 2026.
- PAPI, total return, 1 year: +12.8%, as of Sep 11, 2026.
- PAPI, against SPY: −4.7 pts, as of Sep 11, 2026.
- PAPI, latest payout, annualized: 7.1%, as of Sep 11, 2026.
- PAPI, net assets: $400m (SEC filing, whole fund, as filed for Jun 30, 2026).
- PAPI, expense ratio: 0.29% (485BPOS XBRL, Jan 28, 2026).

## PAPI over each window to Sep 11, 2026

| Window | Cash paid | Price | Total return | SPY | Ahead or behind |
| --- | --- | --- | --- | --- | --- |
| 3 months | 2.0% | +2.0% | +4.0% | +3.3% | +0.7 pts |
| 6 months | 4.0% | +0.9% | +5.0% | +16.0% | −11.1 pts |
| 1 year | 7.8% | +4.5% | +12.8% | +17.5% | −4.7 pts |
| Since launch | 22.5% | +10.9% | +37.0% | +85.4% | −48.4 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Strategy | covered call | ETFIQ |
| Benchmark | S&P 500 (SPY) | ETFIQ |
| Pays | monthly | ETFIQ |
| Net assets | $400m | SEC filing, whole fund, as filed for Jun 30, 2026 |
| Latest payout, annualized | 7.1% | ETFIQ |
| Expense ratio | 0.29% | 485BPOS XBRL, Jan 28, 2026 |
| Cash paid, last 12 months, over today’s price | 7.5% | ETFIQ |
| Launched | Oct 19, 2023 | ETFIQ |
| Pays | monthly | ETFIQ |
| Typical gap between ex-dates | 31 days | ETFIQ |
| Typical wait from ex-date to payment | 2 days | ETFIQ |
| Last paid, per share | $0.1631 ex Aug 31, 2026 | ETFIQ |
| Sum of the last 12 distributions | $2.0627 | ETFIQ |

## Questions

### How much has PAPI paid over the last year?

Over the year to Sep 11, 2026, PAPI paid 7.8% of its starting price in cash distributions, while the price rose 4.5%.

### Is PAPI ahead of SPY?

Over the year to Sep 11, 2026, with every distribution reinvested, PAPI returned +12.8% against +17.5% for S&P 500 (SPY), so a holder was behind it by 4.7 points.

### How often does PAPI pay, and how much?

PAPI pays monthly. The latest distribution annualizes to 7.1% at its price on Sep 11, 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 Aug 31, 2026 at $0.1631 a share. The next is not declared; on a cadence of about 31 days the ex-date falls near Oct 1, 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.


## Cite this page

ETFIQ, PAPI, data as of Sep 11, 2026. https://etfiq.com/funds/papi
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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