PYF: Assets are $338M, yield 7.62%, 5-year return 6.90%, fees 0.33%. The fund uses call options to enhance income and buys put options to protect against some downside risks. But note that return of capital is a big component of return. So while yield is high, the unit value has declined from $19.55 in 2016 to $17.33 today. Unit value has declined in all but two of its years since inception. But, for a relatively lower risk 7% return, it has done what it has intended. We would not consider it that great, however.
PAYF is much smaller at $39M, fees 0.75%, yield 8.52%, 5 year 8.53%.
The main difference between the ETFs PYF (Purpose Premium Yield Fund) and PAYF (Purpose Enhanced Premium Yield Fund) is their strategy in selling put options: PYF uses a more conservative approach, typically selling puts 8–10% out-of-the-money for stable yield, while PAYF pursues higher yield by selling puts only 3–5% out-of-the-money, accepting greater equity risk for enhanced income.
We would prefer PYF.