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PAPIParametric Equity Premium Income ETF

Get income2y track recordRanked #468 of 1,650 in this goal

Seeks to provide consistent monthly income while maintaining prospects for capital appreciation.

By Eaton Vance ETFs · Launched 2023

Annual Cost

0.29%

#1,304 of 5,854 · low cost

Fund Size

$400M

#1,781 of 5,854 · large

Dividend YieldGoal

7.62%

Track Record

2 years

#3,153 of 5,854 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,840+18.4%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

What it actually holds

By weight

Concentration

Top 10 holdings = 10.4% of fund✓ well diversified

Morgan Stanley & Co. LLC
2.4%
Morgan Stanley & Co. LLC
1.9%
Patterson-UTI Energy, Inc.
0.8%
Permian Resources Corp.
0.8%
Corning, Inc.
0.8%
Valero Energy Corp.
0.8%
LyondellBasell Industries NV
0.7%
Noble Corp. plc
0.7%
Phillips 66
0.7%
Magnolia Oil & Gas Corp.
0.7%

Asset allocation

Stocks
99.0%
Cash
1.0%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
10.4%Moderate

Year-on-year price swings

Max drawdown
-14.3%Mild

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks to provide consistent monthly income while maintaining prospects for capital appreciation.
Strategy
Actively manages a portfolio of dividend-paying equity securities, primarily common stocks of U.S. companies, while writing call options on the SPDR S&P 500 ETF Trust to generate additional yield. Aims for consistent monthly income and capital appreciation through a diversified portfolio of durable dividend payers.
Inception date
October 16, 2023
Fund family
Eaton Vance ETFs

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-03