BALI vs HEMI

BALIAiShares U.S. Large Cap Premium Income Active ETF

HEMIBHartford Equity Premium Income ETF

In short

BALI BlackRock's active answer to the covered-call crowd: roughly 200 hand-picked U.S. large caps, calls written on the S&P 500 itself rather than single stocks, monthly payouts, at well under the typical fee in its peer group.

HEMI Hartford's late entry into the crowded S&P 500 premium-income field, with a twist: an actively picked, value-quality-momentum stock book sits under the options overlay, aimed at tax-efficient income while leaving room to appreciate.

Stated mandate

BALI BALI seeks consistent income with lower volatility than the broader U.S. equity market. It primarily holds U.S. large-cap equities, sells calls on a large-cap equity index, and uses related index futures to pursue premium income and capital appreciation.

HEMI Seeks tax-efficient current income while retaining potential for capital appreciation.

Why people hold it

• BALI 0.35% a year against a 0.60% median for S&P 500 option-income funds, and below what XYLD (0.60%) or SPYI (0.68%) charge for similar work.
• Actively run, not a mechanical buy-write: about 200 large caps picked by the manager, index calls sold on top, index futures used alongside.ishares.com
• Pays monthly, and the mandate chases capital appreciation as well as premium, so the stock sleeve is not just collateral for the options.
• Does what its documents say it does, and stands among the stronger implementations in the S&P 500 option-income group.

• HEMI Not a plain index buy-write. An active portfolio screened on value, quality and momentum sits under the options sleeve, with the S&P 500 as the reference point.
• The mandate is written for tax-efficient current income while retaining potential for capital appreciation, not income at any cost.
• At 0.58%, the fee lands just under the median for S&P 500 options-income ETFs, a group where plenty of funds charge north of 0.90%.

Worth knowing

• BALI Selling index calls swaps part of a big rally for premium. The design targets lower volatility than the broad market, not maximum upside.
• Distributions can include return of capital, meaning part of a payout may be your own money coming back rather than fund earnings.ishares.com
• Launched in 2023, so the track record is short, and it trades at moderate volume rather than with the tightest spreads in the category.

• HEMI It launched in December 2025, so there is no multi-year record showing how the strategy handles a full market cycle.
• A small asset base and light trading make spreads wider than in the category's giants. Limit orders matter more here.
• Cheaper rivals crowd the same trade: IVVW at 0.25%, RSPA at 0.32%, GPIX and BALI at 0.35%.

Full BALI profile⁠

Full HEMI profile⁠