PAPI Fees and Costs — Parametric Equity Premium Income ETF
Data updated: 2026-08-21
The net expense ratio is 0.29%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $25K in broker commissions, 0.0695% of average net assets, and portfolio turnover was 27%.
PAPI Fees and Expenses
Annual operating expenses and sales charges of PAPI. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.29% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.29% |
| Fee waiver | — |
| Net expense ratio | 0.29% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PAPI Costs Over Time
On $10,000 invested in PAPI, assuming 5% a year before costs, total costs come to $228 over 5 years, cutting the return by 0.38% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.29%) | $30 | $96 | $167 |
| Trading costs (broker commissions) | $7 | $23 | $40 |
| Lost growth on money paid in costs | $0 | $6 | $21 |
| Total costs | $38 | $124 | $228 |
| Value after costs | $10,462 | $11,452 | $12,535 |
| Impact on return, per year | 0.38% | 0.38% | 0.38% |
PAPI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0695%
- Total broker commissions: $25K
- Bought from dealers (principal trades, not a cost): $133.0M
- Portfolio turnover (prospectus): 27%
- Securities lending: none during the year
PAPI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Susquehanna Financial Group, LLLP | $11K | 41.88% |
| Jane Street Execution Services, LLC | $10K | 41.12% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $2K | 7.40% |
| Piper Sandler & Co. | $832 | 3.30% |
| Morgan Stanley & Co. LLC | $446 | 1.77% |
| Loop Capital Markets LLC | $382 | 1.51% |
| Instinet, LLC | $264 | 1.05% |
| Goldman Sachs & Co. LLC | $258 | 1.02% |
| J.P. Morgan Securities LLC | $165 | 0.65% |
| UBS Securities LLC | $73 | 0.29% |
PAPI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $101.7M | 76.45% |
| J.P. Morgan Securities LLC | $23.4M | 17.60% |
| Virtu Americas LLC | $7.9M | 5.95% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.