ETF Evaluator:
Parametric Equity Premium Income ETF ()
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(as of Nov 13)
Best Performing in Derivative Income - Diversified Over the Last Year
| 24.9% | Federated Hermes Enhanced Income ETF (PAYR) |
| 21.1% | Amplify COWS Covered Call ETF (HCOW) |
| 20.5% | Parametric Equity Premium Income ETF (PAPI) |
| 20.2% | First Trust Small Cp BuyWrt Inc ETF (FTKI) |
| 19.9% | Cullen Enhanced Equity Income ETF (DIVP) |
Risk
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Risk
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ETF Details
Parametric Equity Premium Income ETF Overview
Parametric Equity Premium Income ETF (PAPI) is an actively managed Nontraditional Equity Derivative Income - Diversified exchange-traded fund (ETF). Eaton Vance ETFs launched the ETF in 2023.
The investment seeks to provide consistent monthly income while maintaining prospects for capital appreciation.
The fund is an actively managed exchange-traded fund. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. Equity securities in which the fund may invest include common stocks.
About Parametric Equity Premium Income ETF (PAPI)
There are 6 members of the management team with an average tenure of 2.46 years: Alex Zweber (2023), Gordon Wotherspoon (2025), Larry Berman (2023), Michael Zaslavsky (2023), Jennifer Mihara (2024) and Mark Milner (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. Parametric Equity Premium Income ETF has 223 securities in its portfolio. The top 10 holdings constitute 7.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Parametric Equity Premium Income ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Parametric Equity Premium Income ETF has 2.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.0% There is 2.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Parametric Equity Premium Income ETF has 1.3% of the portfolio in cash.
Assets Under Management
The fund has $544 million in total assets, which is below the $1 billion average for the Derivative Income - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PAPI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Parametric Equity Premium Income ETF expense ratio is below average compared to funds in the Derivative Income - Diversified category. Parametric Equity Premium Income ETF has an expense ratio of 0.29%, which is 60% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Parametric Equity Premium Income ETF has a portfolio turnover rate of 27%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Derivative Income - Diversified category.
Recently, in the month of October 2026, Parametric Equity Premium Income ETF returned 8.2%, which earned it a grade of A, as the Derivative Income - Diversified category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Parametric Equity Premium Income ETF has a trailing yield of 5.77%, which is below the 6.26% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Parametric Equity Premium Income ETF Grades
Year to date, the ETF has returned 16.5%, 7.5 percentage points better than the category, which translates into a grade of A. The fund has returned 20.5% over the past year (grade of A) and 13.1% over the past three years (grade of D).
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PAPI Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PAPI Return (NAV) | 8.2% | 4.2% | 20.5% | 13.1% | na | na |
| PAPI Return (Price) | 8.2% | 4.2% | 20.5% | 13.2% | na | na |
| NAV +/- Price Return | 0.057% | 0.008% | -0.056% | -0.103% | na | na |
| Derivative Income - Diversified Avg | -2.0% | 0.9% | 10.1% | 16.5% | 8.1% | 8.1% |
| PAPI Grade (NAV) | A | A | A | D | na | na |
| +/- Category (NAV) | 10.2% | 3.2% | 10.4% | -3.4% | na | na |
| PAPI Tax-Cost Ratio | na | na | 2.4% | 2.8% | na | na |
PAPI Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PAPI Return (NAV) | 16.5% | 6.6% | 8.9% | na | na | na | na | na | na | na | na |
| PAPI Return (Price) | 16.8% | 6.3% | 8.9% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.022% | -0.049% | 0.001% | na | na | na | na | na | na | na | na |
| Derivative Income - Diversified Avg | 8.9% | 13.8% | 15.9% | 16.3% | -11.8% | 19.1% | 3.7% | 19.2% | -5.9% | 14.0% | 7.1% |
| PAPI Grade (NAV) | A | F | F | na | na | na | na | na | na | na | na |
| +/- Category | 7.5% | -7.2% | -7.1% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.24 |
| R-Squared: | 7% |
| Standard Deviation: | 11.4% |
| Category Risk Index: | 1.10 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 0.94 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 5.8% |
| Total Assets: | $ 544 Mil |
| Share Class Assets: | $ 544 Mil |
| Turnover: | 27.0% |
| Expense Ratio: | 0.29% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 3.0 years | |||
| Average Tenure: 2.5 years | |||
| Managers (Year): Berman Larry (2023), Zaslavsky Michael (2023), Zweber Alex (2023), Mihara Jennifer (2024), Milner Mark (2025), Wotherspoon Gordon (2025) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 223 |
| % in Top 10 Holdings: | 7.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.7% |
Portfolio Allocation |
|
| Domestic Stock: | 96.0% |
| Foreign Stock: | 2.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Eaton Vance ETFs |
| Phone Number: | 800-836-2414 |
| Website: | |
| Inception Date: | October 16, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.29% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.73% |
