PAPIvsCOWSETF Comparison
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Parametric Equity Premium Income ETF (PAPI) belongs to the Options Strategies segment. Amplify Cash Flow Dividend Leaders ETF (COWS) is part of the US High Dividend segment. PAPI's top 3 sector exposures are Technology, Non-Energy Materials and Consumer Non-Cyclicals. In contrast, COWS's top sector exposures are Industrials, Finance and Technology. PAPI is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.39% for COWS. PAPI is up 11.41% year-to-date (YTD) with +$147M in YTD flows. COWS performs better with 14.5% YTD performance, and +$11M in YTD flows. Run a side-by-side ETF comparison of PAPI and COWS below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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PAPI vs COWS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/24/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PAPI COWS | +4.15%+4.44% | +6.00%+9.77% | +11.41%+14.50% | +15.83%+23.93% | n/an/a | n/an/a |
| Flows | PAPI COWS | +$27M+$1M | +$63M+$4M | +$147M+$11M | +$185M+$11M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PAPI COWS | +9.55%+15.54% | +10.24%+16.09% | n/an/a | n/an/a |
| Max drawdown | PAPI COWS | -2.98%-4.14% | -6.88%-6.49% | n/an/a | n/an/a |
| Max drawdown duration | PAPI COWS | 41d16d | 135d46d | n/an/a | n/an/a |
Trading data
PAPI | COWS | |
Last sale 7/24/2026 at 7:59 PM | $27.70 | $37.77 |
| Previous close 07/24/2026 | $27.43 | $36.86 |
| Consolidated volume 07/24/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of June 30, 2026
1-year trailing difference
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PAPI
is actively managed and doesn’t replicate an indexPAPI | COWS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 7/24/2026 at 7:59 PM
Live
Closed
PAPI | COWS | |
|---|---|---|
| Last price | $27.70 | $37.77 |
| 1D performance | +0.98% | +2.46% |
| AuM | $439.64 M | $39.33 M |
| E/R | 0.29% | 0.39% |
Characteristics
PAPI | COWS | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Morgan Stanley | Amplify ETFs |
| Benchmark | - | Kelly US Cash Flow Dividend Leaders Index |
| N° of holdings | 188 | 40 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 19, 2023 | September 13, 2023 |
| ESG | No | No |
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Exposure
Countries
PAPI
USA
94.1%
Other
5.9%
COWS
USA
94.75%
Other
5.25%
Sectors
PAPI
Technology
11.85%
Non-Energy Materi.
11.32%
Consumer Non-Cycl.
10.82%
Healthcare
10.66%
Finance
10.34%
Utilities
9.93%
Other
35.08%
COWS
Industrials
19.92%
Finance
14.13%
Technology
12.66%
Non-Energy Materi.
12.5%
Healthcare
11.16%
Energy
8.54%
Other
21.09%
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Diversification
PAPI
Total weight of top 15 holdings out of 15
11.22%
COWS
Total weight of top 15 holdings out of 15
46.71%
Top 15 holdings
Data as of June 30, 2026
PAPI
Morgan Stanley Instl. Liquidity Funds - Government Portfolio
1.06%
Corning, Inc.
1.01%
TD SYNNEX Corp.
0.80%
Cisco Systems, Inc.
0.76%
Power Integrations, Inc.
0.73%
Royalty Pharma Plc
0.72%
Millicom International Cellular SA
0.72%
Texas Instruments Incorporated
0.71%
Avnet, Inc.
0.71%
Cummins, Inc.
0.70%
Reynolds Consumer Products, Inc.
0.68%
Target Corp.
0.67%
MSC Industrial Direct Co., Inc.
0.66%
Valero Energy Corp.
0.65%
Best Buy Co., Inc.
0.64%
COWS
Oshkosh Corp.
3.44%
Owens Corning
3.39%
Crown Holdings, Inc.
3.34%
Williams-Sonoma, Inc.
3.33%
Booking Holdings, Inc.
3.26%
Tetra Tech, Inc.
3.11%
Pentair plc
3.08%
Avery Dennison Corp.
3.06%
Allison Transmission Holdings, Inc.
3.03%
Hasbro, Inc.
2.99%
AECOM
2.98%
Constellation Brands, Inc.
2.96%
Cencora, Inc.
2.93%
Roper Technologies, Inc.
2.92%
EQT Corp.
2.89%
Frequently asked questions about PAPI and COWS
How have the PAPI and COWS ETFs performed in 2026?
As of July 24, 2026, PAPI is up 11.41% year-to-date (YTD), while COWS has returned 14.5%. That puts COWS better performer ahead so far this year.
Which ETF is attracting more investor money: PAPI or COWS?
Year-to-date, the PAPI ETF saw +$147M in flows, compared to +$11M for COWS.
Which ETF is more volatile: PAPI or COWS?
Over the past year, PAPI had a volatility of 10.24%, while COWS experienced 16.09%.
Which ETF is bigger: PAPI or COWS?
As of July 24, 2026, PAPI holds $439.64 M in assets under management (AUM), while COWS manages $39.33 M.
What sectors do the PAPI and COWS ETFs invest in?
PAPI leans toward sectors like Technology, Non-Energy Materials and Consumer Non-Cyclicals. Meanwhile, COWS focuses on Industrials, Finance and Technology.
What are the top holdings of the PAPI ETF and COWS ETF?
PAPI top holdings include Morgan Stanley Instl. Liquidity Funds - Government Portfolio, Corning, Inc. and TD SYNNEX Corp.. COWS holds in its top three: Oshkosh Corp., Owens Corning and Crown Holdings, Inc..
Which ETF is more diversified: PAPI or COWS?
PAPI holds 189 securities with 11.22% of its assets in the top 15. COWS has 40 securities and a top 15 weight of 46.71%.
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