PAPI ETF — Parametric Equity Premium Income ETF

Parametric Equity Premium Income ETF (PAPI)

Updated October 8, 2026.

PAPI is an ETF linked to Basket (Morgan Stanley Asia Pacific Income ETF holdings). its distribution rate is 7.90%, its trailing-12-month yield is 7.67%, its expense ratio is 0.29%. Dividend Vision Distribution Safety Score™ is 84/100 (Safe). Total return is 32.1% over the past 3 years, 56.1 points behind SPY at 88.2%.

At the current 7.90% distribution rate, a $10,000 investment would generate approximately $790 per year, or $65.83 per month.

PAPI performance versus SPY

Price and return data through 2026-10-08.

Total return is 32.1% over the past 3 years, 56.1 points behind SPY at 88.2%. Over the past year its total return — price change plus distributions reinvested — is 11.5%. Its deepest 1-year drawdown was 6.9%.

PAPI key facts

Distribution Safety Score™

84 · Safe

Safety-Adjusted Yield

6.64%

Issuer

Morgan Stanley

Asset type

ETF

Asset class

Equity

Inception date

09/30/2024

Expense ratio

0.29%

Distribution rate

7.90%

Distribution frequency

Monthly

Trailing yield

7.67%

Last close

$26.84 (as of 2026-10-08)

AUM

$492,288,496

Average volume

111038.0

Last dividend

$0.17673

Last ex-dividend date

09/30/2026

Last payment date

10/06/2026

Beta

0.0

P/E ratio

18.303

How Dividend Vision calculates yield and returns

Distribution rate (7.90%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (7.67%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Morgan Stanley or company page; Index: Basket (Morgan Stanley Asia Pacific Income ETF holdings); prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

PAPI risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 6.9%.

Who may consider PAPI — and who may not

PAPI may suit someone looking for a high Distribution Safety Score. It is a weaker fit for investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

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