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About Parametric Equity Premium Income ETF
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Inception date
Oct 16, 2023
Structure
Open-Ended Fund
Replication method
Physical
Dividend treatment
Distributes
Distribution tax treatment
Qualified dividends
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
Morgan Stanley Investment Management, Inc.
Distributor
Foreside Fund Services LLC
ISIN
US61774R8667
PAPI primarily invests in an equity portfolio of durable dividend payers selected from the Russell 3000 Index using a proprietary investment process that considers 12-month yield and risk level. The fund attempts to achieve broad diversification by weighting all sectors equally and then assigning equal weights to the top-ranking stocks within each sector. In an attempt to generate incremental income, PAPI systematically writes short-dated (2-week) out-of-the-money call options in tranches, with expirations staggered every 3 to 4 days. The call options, which may include FLEX options, are written on the underlying ETF (SPY) or the S&P 500 Index. The fund earns some premium from writing calls, but this caps the funds upside potential. PAPI may incorporate tax loss harvesting within the long equity portfolio to maximize realization of losses. Investors should note that naked call writing, or selling call options without owning the underlying asset, is a high-risk options strategy.
Classification
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
Finance
Stocks97.79%
Finance10.19%
Process Industries9.55%
Utilities9.53%
Consumer Non-Durables9.27%
Electronic Technology7.63%
Energy Minerals6.46%
Technology Services6.35%
Health Technology5.85%
Producer Manufacturing4.62%
Consumer Services4.19%
Industrial Services4.09%
Distribution Services3.78%
Consumer Durables3.33%
Health Services3.17%
Retail Trade3.03%
Commercial Services1.96%
Non-Energy Minerals1.71%
Transportation1.56%
Communications1.42%
Bonds, Cash & Other2.21%
Mutual fund1.72%
Cash0.59%
Rights & Warrants−0.10%
Stock breakdown by region
North America95.86%
Europe4.14%
Latin America0.00%
Asia0.00%
Africa0.00%
Middle East0.00%
Oceania0.00%
Top 10 holdings
Dividends
Dividend payout history
Assets under management (AUM)
Fund Flows
Frequently Asked Questions
PAPI invests in stocks. The fund's major sectors are Finance, with 10.20% stocks, and Process Industries, with 9.56% of the basket. The assets are mostly located in the North America region.
PAPI last dividends amounted to 0.15 USD. The month before, the issuer paid 0.15 USD in dividends, which shows a 2.83% increase.
PAPI assets under management is 249.56 M USD. It's risen 6.42% over the last month.
PAPI fund flows account for 188.30 M USD (1 year). Many traders use this metric to get insight into investors' sentiment and evaluate whether it's time to buy or sell the fund.
Yes, PAPI pays dividends to its holders with the dividend yield of 7.22%. The last dividend (Sep 5, 2025) amounted to 0.15 USD. The dividends are paid monthly.
PAPI shares are issued by Morgan Stanley under the brand Parametric. The ETF was launched on Oct 16, 2023, and its management style is Active.
PAPI expense ratio is 0.29% meaning you'd have to pay 0.29% of your investment to help manage the fund.
PAPI follows the No Underlying Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
PAPI invests in stocks.
PAPI price has risen by 4.81% over the last month, and its yearly performance shows a −3.83% decrease. See more dynamics on PAPI price chart.
NAV returns, another gauge of an ETF dynamics, showed a 6.03% increase in three-month performance and has increased by 5.08% in a year.
NAV returns, another gauge of an ETF dynamics, showed a 6.03% increase in three-month performance and has increased by 5.08% in a year.
PAPI trades at a premium (0.10%) meaning the ETF is trading at a higher price than the calculated NAV.