Parametric Equity Premium Income ETF

PAPI CUSIP: 61774R866 Morningstar Category: Derivative Income
Market Price

as of 06/14/2024

$25.72

CHANGE

(-0.66%)

-$0.17

Nav

as of 06/14/2024

$25.70

CHANGE

(-0.73%)

-$0.19

PAPI

CUSIP: 61774R866

MORNINGSTAR CATEGORY
Derivative Income

Market Price

as of 06/14/2024

$25.72

Market Price Change

as of 06/14/2024

-$0.17 (-0.66%)

Nav

as of 06/14/2024

$25.70

Nav Change

as of 06/14/2024

-$0.19 (-0.73%)

Parametric Equity Premium Income ETF
PAPI CUSIP: 61774R866
 
 

Why PAPI

Why PAPI

Gain exposure to an actively managed portfolio of U.S. companies that have demonstrated high current income with a systematic call writing program that seeks to generate additional yield.

Tap into two proven Parametric capabilities – systematic Dividend Income and rules-based call selling – in a single efficient vehicle.

Access a low-cost and transparent ETF that seeks competitive performance, consistent monthly income distributions, and tax efficiency.

Gain exposure to an actively managed portfolio of U.S. companies that have demonstrated high current income with a systematic call writing program that seeks to generate additional yield.

Tap into two proven Parametric capabilities – systematic Dividend Income and rules-based call selling – in a single efficient vehicle.

Access a low-cost and transparent ETF that seeks competitive performance, consistent monthly income distributions, and tax efficiency.

Investment Objective

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

 
 
Pricing
Market Price

as of 06/14/2024

$25.72

Change

(-0.66%)

-$0.17

NAV

as of 06/14/2024

$25.70

Change

(-0.73%)

-$0.19

Premium/Discount

as of 06/14/2024

$0.02

Since Inception High
Market Price

as of 03/28/2024

$27.08

Since Inception Low
Market Price

as of 10/27/2023

$24.06

Since Inception High
NAV

as of 03/27/2024

$27.06

Since Inception Low
NAV

as of 10/27/2023

$24.07

30 Day Median
Bid/Ask Spread

as of 06/14/2024

0.30%

Pricing

Market Price

as of 06/14/2024

$25.72

Market Price change

as of 06/14/2024

-$0.17 (-0.66%)

NAV

as of 06/14/2024

$25.70

NAV Change

as of 06/14/2024

-$0.19 (-0.73%)

Premium/Discount

as of 06/14/2024

$0.02

Since Inception High

as of 03/28/2024

Market Price

$27.08

Since Inception Low

as of 10/27/2023

Market Price

$24.06

Since Inception High

as of 03/27/2024

NAV

$27.06

Since Inception Low

as of 10/27/2023

NAV

$24.07

30-Day Median Bid/
Ask Spread

as of 06/14/2024

0.30%

Historical Price

As of 06/14/2024 (updated daily upon availability)

    

Past performance is not indicative of future results.

 
 
Historical Price
As of 06/14/2024
(updated daily upon availability)
From
To
  

Past performance is not indicative of future results.

 
 

Premium/Discount

As of 06/14/2024 (updated upon availability)

Premium/Discount
As of 06/14/2024
(updated upon availability)

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

Past performance is not indicative of future results. The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST).

Number of Days at Premium / Discount

Current Quarter Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Since Inception
Premium 38 31 - - - 100
NAV 9 12 - - - 26
Discount 7 17 - - - 38
 
 

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

No Chart Available

Past performance is not indicative of future results. The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST).

 
 

Number of Days at Premium/Discount

Current Quarter Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Since Inception
Premium 38 31 - - - 100
NAV 9 12 - - - 26
Discount 7 17 - - - 38
 

Expense Ratio1

Gross

0.29%

Net

0.29%

 
Performance & Distributions

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent performance figures, please select the "daily" timeframe or call 1-800-836-2414. Investment returns and principal value will fluctuate and Fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

Returns

As of 06/14/2024 (updated upon availability)

1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
PAPI Market Price (%) -3.47 -0.25 2.98 - - - - 7.60
PAPI NAV (%) -3.54 -0.33 3.06 - - - - 7.52
Russell 1000 Value Index (%) 2 -2.21 0.26 5.57 - - - - 15.62
ICE BofAML 3-Month U.S. Treasury Bill Index (%) 0.48 1.37 2.43 - - - - 3.60
1 Month 3 Months YTD 1 YR 3 YR 5 YR 10 YR Since Inception
PAPI Market Price (%) 5.45 6.97 6.97 - - - - 11.77
PAPI NAV (%) 5.42 7.02 7.02 - - - - 11.65
Russell 1000 Value Index (%) 2 5.00 8.99 8.99 - - - - 19.36
ICE BofAML 3-Month U.S. Treasury Bill Index (%) 0.45 1.29 1.29 - - - - 2.45

No Chart Available

2023 2022 2021 2020 2019 2018 2017
PAPI Market Price (%) - - - - - - -
PAPI NAV (%) - - - - - - -
Russell 1000 Value Index (%) 2 - - - - - - -
ICE BofAML 3-Month U.S. Treasury Bill Index (%) - - - - - - -
Returns
As of
(updated daily upon availability)
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
PAPI Market Price (%) -3.47 -0.25 2.98 - - - - 7.60
PAPI NAV (%) -3.54 -0.33 3.06 - - - - 7.52
Russell 1000 Value Index (%) 2 -2.21 0.26 5.57 - - - - 15.62
ICE BofAML 3-Month U.S. Treasury Bill Index (%) 0.48 1.37 2.43 - - - - 3.60
  1 Mo 3 Mo YTD 1 YR 3 YR 5 YR 10 YR Since Inception
PAPI Market Price (%) 5.45 6.97 6.97 - - - - 11.77
PAPI NAV (%) 5.42 7.02 7.02 - - - - 11.65
Russell 1000 Value Index (%) 2 5.00 8.99 8.99 - - - - 19.36
ICE BofAML 3-Month U.S. Treasury Bill Index (%) 0.45 1.29 1.29 - - - - 2.45
  2023 2022 2021 2020 2019 2018 2017
PAPI Market Price (%) - - - - - - -
PAPI NAV (%) - - - - - - -
Russell 1000 Value Index (%) 2 - - - - - - -
ICE BofAML 3-Month U.S. Treasury Bill Index (%) - - - - - - -

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm net assetvalue (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market pricereturns do not represent the returns you would receive if you traded shares at other times.

Growth of 10K

As of 05/31/2024 (updated monthly upon availability)

As of 05/31/2024 (updated monthly upon availability)

 

Past performance is not indicative of future results. The returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 
 
 

Past performance is not indicative of future results. The returns shown in the graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Distributions

As of 06/14/2024 (updated as distributions are paid)

Distributions
As of 06/14/2024
(updated as distributions are paid)
Record Date Ex Date Payable Date Net Investment Income
($ Per Share)
Short-Term
Capital Gains
($ Per Share)
Long-Term
Capital Gains
($ Per Share)
Total
Capital Gains
($ Per Share)
05/31/2024 05/31/2024 06/06/2024 $0.184967 $0.000000 $0.000000 $0.000000
05/01/2024 04/30/2024 05/06/2024 $0.171561 $0.000000 $0.000000 $0.000000
04/01/2024 03/28/2024 04/04/2024 $0.180093 $0.000000 $0.000000 $0.000000
03/01/2024 02/29/2024 03/06/2024 $0.141503 $0.000000 $0.000000 $0.000000
02/01/2024 01/31/2024 02/06/2024 $0.115170 $0.000000 $0.000000 $0.000000
12/22/2023 12/21/2023 12/28/2023 $0.208278 $0.000000 $0.000000 $0.000000
12/01/2023 11/30/2023 12/06/2023 $0.166059 $0.000000 $0.000000 $0.000000
Record Date Ex Date Payable Date Net Investment Income
($ Per Share)
Short-Term
Capital Gains
($ Per Share)
Long-Term
Capital Gains
($ Per Share)
Total
Capital Gains
($ Per Share)
05/31/2024 05/31/2024 06/06/2024 $0.184967 $0.000000 $0.000000 $0.000000
05/01/2024 04/30/2024 05/06/2024 $0.171561 $0.000000 $0.000000 $0.000000
04/01/2024 03/28/2024 04/04/2024 $0.180093 $0.000000 $0.000000 $0.000000
03/01/2024 02/29/2024 03/06/2024 $0.141503 $0.000000 $0.000000 $0.000000
02/01/2024 01/31/2024 02/06/2024 $0.115170 $0.000000 $0.000000 $0.000000
12/22/2023 12/21/2023 12/28/2023 $0.208278 $0.000000 $0.000000 $0.000000
12/01/2023 11/30/2023 12/06/2023 $0.166059 $0.000000 $0.000000 $0.000000

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent performance figures, please call 1-800-836-2414. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent performance figures, please call 1-800-836-2414. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

 
Key Facts & Characteristics

Key Facts

 

Asset Class
U.S. Equity
CUSIP
61774R866
Ticker
PAPI
IOPV Intraday Ticker
PAPI.IV
Inception Date
10/16/2023
Investment Style
Active
Exchange
NYSE Arca
Custodian
JP Morgan Chase Bank, N.A.
Benchmarks
Russell 1000 Value Index 2
ICE BofAML 3-Month U.S. Treasury Bill Index
Benchmarks
Russell 1000 Value Index 2
ICE BofAML 3-Month U.S. Treasury Bill Index
Distribution Frequency
Monthly
Total Net Assets ($MM)

as of 06/14/2024

34.70
 
Characteristics3

Characteristics3

Updated Daily as of 06/14/2024

Shares Outstanding
1,350,000
Daily Volume
17,114
30-Day Avg Volume
35,651
30 Day SEC Yield (%)
3.04
30 Day SEC Yield (unsub) (%)
3.04

Updated Monthly as of 05/31/2024

Weighted average market capitalization ($B)
61.99
Price/earnings (LTM)
17.23
Price/book
2.42
Distribution Yield (%)
8.37
 
Top 10 Holdings

As of 06/14/2024 (updated daily upon availability)

Top 10 Holdings
As of 06/14/2024 (updated daily upon availability)
Ticker Holdings Type Security Identifier % of Fund Shares/Par Market Value
- MSILF GOVERNMENT PORT CUSIP AAU9970X9 1.15% 399,643 399,643.78
XOM EXXON MOBIL CUSIP 30231G102 1.07% 3,407 371,737.77
TXRH TEXAS ROADHOUSE INC CUSIP 882681109 0.88% 1,829 306,229.47
GLW CORNING INC COMMON STOCK CUSIP 219350105 0.85% 7,957 296,398.25
APH AMPHENOL CORP COMMON CUSIP 032095101 0.85% 4,330 295,609.10
JCI JOHNSON CONTROLS CUSIP G51502105 0.84% 4,204 291,883.72
NFG NATIONAL FUEL GAS CO CUSIP 636180101 0.78% 4,987 271,492.28
SCCO SOUTHERN COPPER CORP CUSIP 84265V105 0.78% 2,539 269,895.70
GRMN GARMIN LTD COMMON STOCK CUSIP H2906T109 0.78% 1,698 269,608.44
D DOMINION ENERGY INC CUSIP 25746U109 0.77% 5,316 268,085.88

Holdings subject to change.

Holdings subject to change.

Composition

As of 05/31/2024 (updated monthly upon availability)

Composition

As of 05/31/2024 (updated monthly upon availability)

  Fund
Common Stock 99.08
Option -0.03
Cash 1.44

May not sum to 100% due to the exclusion of other assets and liabilities.

  Fund
Materials 11.84
Utilities 11.67
Energy 11.62
Consumer Staples 11.38
Industrials 11.31
Financials 10.95
Health Care 9.88
Consumer Discretionary 9.60
Information Technology 8.02
Communication Services 2.81

May not sum to 100% due to the exclusion of other assets and liabilities.

May not sum to 100% due to the exclusion of other assets and liabilities.

Meet the Team
 
Portfolio Managers
Thomas Seto
Managing Director
33 years industry experience
James Reber
Managing Director
20 years industry experience
Alex Zweber
Managing Director
18 years industry experience
Michael Zaslavsky
Vice President
15 years industry experience
Larry Berman
Managing Director
33 years industry experience
 
 

1 Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/or expenses reimbursed. These waivers and/or reimbursements will continue for at least one year from the date of the applicable fund's current prospectus (unless otherwise noted in the applicable prospectus) or until such time as the fund's Board of Directors acts to discontinue all or a portion of such waivers and/or reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund's current prospectus.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.

The Russell 1000® Value Index is an index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.

The ICE BofAML 3-Month U.S. Treasury Index is an unmanaged index that measures the performance of a U.S. Treasury issue which matures closest to, but not beyond, three months from the rebalancing date.

3 Characteristics Definitions:
SEC yield is a measure of the income generated by the portfolio's underlying asset over the trailing 30 days, relative to the asset base of the portfolio itself. The SEC 30-day yield -Subsidized (Sub.) reflects current fee waivers in effect. Absent such fee waivers, the yield would have been lower. The SEC 30-Day yield- Unsubsidized (Unsub.) does not reflect the fee waivers currently in effect.

Weighted Average Market Capitalization is an average of the market capitalization of stocks comprising a portfolio or index, adjusted by each stock’s weight in the portfolio or index.

Price-Earnings (P/E) is the price of a stock divided by its earnings per share for the past 12 months. Sometimes called the multiple, P/E gives investors an idea of how much they are paying for a company’s earning power. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.

Price-To-Book Ratio (Price/Book) compares a stock’s market value to the book value per share of total assets less total liabilities. This number is used to judge whether a stock is undervalued or overvalued.

Distribution Yield is the annual yield an investor would receive if the most recent fund distribution remained the same going forward. The distribution yield is calculated by dividing the normalized current distribution (annualized) by the fund NAV per share.

RISK CONSIDERATIONS: Diversification does not eliminate risk of loss. There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this fund. Please be aware that this fund may be subject to certain additional risks. In general, equities securities’ values also fluctuate in response to activities specific to a company. Income Risk. The Fund’s ability to distribute income to shareholders will depend on the yield available on the equity securities held by the Fund and the premiums received by the Fund with respect to its written call options. The amount of the Fund’s distributions for any period may exceed the amount of the Fund’s income and gains for that period. In that case, some or all of the Fund’s distributions may constitute a return of capital to shareholders. Call Option Writing Risk. Writing call options involves the risk that the Fund may be required to sell the underlying security or instrument (or settle in cash an amount of equal value) at a disadvantageous price or below the market price of such underlying security or instrument, at the time the option is exercised. As the writer of a call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the underlying security or instrument covering the option above the sum of the premium and the exercise price, but retains the risk of loss should the price of the underlying security or instrument decline. Additionally, the Fund’s call option writing strategy may not fully protect it against declines in the value of the market. In rising markets, a fund with a call writing strategy could significantly underperform the same fund without such an options writing strategy. The Fund will also incur a form of economic leverage through its use of call options, which could increase the volatility of the Fund’s returns and may increase the risk of loss to the Fund. There are special risks associated with uncovered option writing which expose the Fund to potentially significant loss. FLEX Options. The Fund utilizes FLEX Options guaranteed for settlement by the Options Clearing Corporation (“OCC”). The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. FLEX Options are subject to the risk that they may be less liquid than certain other securities, such as standardized options. Additionally, in connection with the creation and redemption of Fund shares, to the extent market participants are not willing or able to enter into FLEX Option transactions with the Fund, the Fund’s NAV and, in turn the share price of the Fund, could be negatively impacted. The value of a FLEX Option may not directly correlate to its underlying reference security or index. The Fund may experience losses from certain FLEX Option positions and certain FLEX Option positions may expire with little to no value. Illiquid Securities. The fund may make investments in securities that are or become illiquid or less liquid and which may be more difficult to sell and value (liquidity risk). Derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. Active Management Risk. In pursuing the Fund’s investment objective, the adviser and/or subadviser has considerable leeway in deciding which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the adviser and/or subadviser, in its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions will affect the Fund’s performance. New Fund Risk. A new fund's performance may not represent how the fund is expected to or may perform in the long term. In addition, there is a limited operating history for investors to evaluate and the fund may not attract sufficient assets to achieve investment and trading efficiencies. Clearing Member Risk. Transactions in some types of derivatives, including FLEX Options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house, such as the OCC, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments to and receive payments from a clearing house through their accounts at clearing members. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. The loss of a clearing member for the Fund to transact with could result in increased transaction costs and other operational issues that could impede the Fund’s ability to implement its investment strategy. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy. Counterparty. Counterparty risk generally refers to the risk that a counterparty on a derivatives transaction may not be willing or able to perform its obligations under the derivatives contract, and the related risks of having concentrated exposure to such a counterparty. If an OCC clearing member or OCC becomes insolvent, the Fund may have its positions closed or experience delays or difficulties in closing or exercising its FLEX Options positions and the Fund could suffer significant losses. Tax Risk. The Fund intends to limit the overlap between its stock holdings and the stock holdings of the underlying ETF or underlying index of options to less than 70% on an ongoing basis in an effort to avoid being subject to the “straddle rules” under federal income tax law. The Fund expects that the option contracts it writes will not be considered straddles. Under certain circumstances, however, the Fund may enter into options transactions or certain other investments that may constitute positions in a straddle. The straddle rules may affect the character of gains (or losses) realized by the Fund. Authorized Participant Concentration Risk. The Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. As a result, shares may trade at a discount to net asset value (“NAV”) and possibly face trading halts and/or delisting. Trading Risk. The market prices of shares of the Fund are expected to fluctuate, in some cases materially, in response to changes in the Fund's NAV, the intra-day value of holdings, and supply and demand for Shares. The Adviser and Subadviser cannot predict whether shares will trade above, below or at their NAV. Buying or selling shares in the secondary market may require paying brokerage commissions or other charges imposed by brokers as determined by that broker.

The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

Before investing in any Parametric ETF, prospective investors should consider carefully the investment objective(s), risks, and charges and expenses. The current prospectus contains this and other information. To obtain a prospectus or summary prospectus, download a copy. Prospective investors should read the prospectus carefully before investing.

NOT FDIC INSURED | OFFER NO BANK GUARANTEE | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT A DEPOSIT

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.

©2023 Eaton Vance Distributors, Inc. Morgan Stanley Investment Management Inc. is the adviser and Parametric Portfolio Associates LLC is the subadviser to the Parametric ETFs. Parametric ETFs are distributed by Foreside Fund Services, LLC.