PAPI was created on 2023-10-16 by Parametric. The fund's investment portfolio concentrates primarily on total market equity. The ETF currently has 381.05m in AUM and 192 holdings. PAPI is actively managed to invest in a broad equity portfolio of US dividend payers, while utilizing a laddered, naked call writing strategy on the S&P 500. The fund seeks to provide monthly income and capital appreciation.