BALI vs HRSK: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

Toews Agility Shares Hedged Risk ETF

HRSKFNYSE Arca

Overlap

24.3%by weight

Expense ratio

BALI −0.60pt a year

BALI0.35%HRSK0.95%

Avg volume · 30D

BALI 61.5×the volume

BALI373KHRSK6.06K

BALI vs HRSK Performance

Aug 7, 2026 – Nov 9, 2026

−2.5%BALI−4.1%HRSK

Expense ratio: BALI 0.35%, better; HRSK 0.95%
Fund size: BALI $1.5B; HRSK $33M
1Y total return: BALI +15.8%; HRSK No data
Yield (12M): BALI 7.94%; HRSK No data
Holdings: BALI 193; HRSK 120
Avg volume (30D): BALI 373K sh, better; HRSK 6.06K sh
NAV per share: BALI $32.85; HRSK $24.38
52W range

ETF.net Grade

Pillar letters and Scores for BALI, HRSK, with each pillar’s weight
Pillar	BALI	HRSK
Cost30% weight	A79Higher	F14
Mission25% weight	A100	Not scored
Risk15% weight	B60Higher	D37
Tradability15% weight	A84Higher	F12
Holdings10% weight	A83Higher	C46
Durability5% weight	A85Higher	D26

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and HRSK are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds

See all 51 ›

BALI ranks 1st and HRSK 50th of 51 funds in the S&P 500 Option Income Category.

Rank 1ABALIiShares U.S. Large Cap Premium Income Active ETFScore 82
Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 82
Rank 49DYSPYGraniteShares YieldBOOST SPY ETFScore 28
Rank 50FHRSKToews Agility Shares Hedged Risk ETFScore 23
Rank 50FMRSKToews Agility Shares Managed Risk ETFScore 23

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

HRSKFToews Agility Shares Hedged Risk 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.

HRSK Most S&P 500 options funds sell away upside for premium. HRSK buys protection instead: long-dated puts on its large-cap sleeve, shorter-dated calls to help pay for them, and no stated cap on gains.

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.

HRSK The Fund seeks large-cap U.S. equity exposure while limiting adverse market risk through long-dated put options and using shorter-dated call options as part of its strategy.

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.

HRSK The contrarian build in a crowd of premium sellers: it holds large-cap US equity, buys long-dated put options to limit downside, and writes shorter-dated calls as part of the strategy.prnewswire.com
No stated performance cap, so the equity side isn't structurally boxed in on the upside the way covered-call and buffer payoffs are.prnewswire.com
Launched in 2026 via a Section 351 exchange, which let eligible investors move appreciated holdings in tax deferred and keep their original cost basis.prnewswire.com
Toews has run managed-risk strategies since 1994, so the hedging playbook here is older than the ETF wrapper around it.prnewswire.com

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.

HRSK At 0.95% a year it runs above the 0.60% median for S&P 500 options funds, and rivals like IVVW (0.25%) and GPIX (0.35%) charge a fraction of it.
Small asset base and light trading, so bid-ask spreads can run wider than the category heavyweights'.
Protection isn't free: put premiums come out of returns in calm markets, and the 2026 launch leaves a short record of how the overlay acts in a deep selloff.

Full BALI profile⁠

Full HRSK profile⁠

BALI vs HRSK Holdings

How BALI and HRSK differ

Overlap by weight

24.3%

Shared holdings make up 61.3% of BALI and 26.5% of HRSK.

About this figure: BALI earns income from options, which aren’t counted.

HRSK earns income from options, which aren’t counted.

Level by level

Holdings53 in both24.3%
Sector11 Sectors94.3%
Countryby domicile99.4%
Asset classStocks100%

Sector

Sector weights in BALI and HRSK, widest gap first
Sector	Gap	BALI	HRSK
Technology	HRSK +4.1 points	33.8%	37.9%
Health Care	BALI +2.2 points	12.0%	9.8%
Real Estate	HRSK +1.0 points	0.8%	1.8%
Industrials	BALI +0.9 points	8.2%	7.3%
Utilities	BALI +0.7 points	2.8%	2.0%
Energy	BALI +0.7 points	4.9%	4.2%
Consumer Discretionary	BALI +0.5 points	9.3%	8.8%
Consumer Staples	BALI +0.5 points	6.9%	6.4%
Communication	HRSK +0.3 points	8.5%	8.8%
Financials	HRSK +0.2 points	11.2%	11.4%
Materials	HRSK +0.1 points	1.6%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in BALI and HRSK, widest gap first
Country	Gap	BALI	HRSK
United States	HRSK +0.3 points	99.4%	99.7%
Netherlands	BALI +0.4 points	0.4%	0.0%
Switzerland	HRSK +0.2 points	0.0%	0.2%
United Kingdom	BALI +0.2 points	0.2%	0.0%
Brazil	BALI +0.1 points	0.1%	0.0%
China	HRSK +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
Mexico	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BALI35.4%
HRSK61.6%

Securities held

BALI190
HRSK118

Asset class

BALI: Stocks
HRSK: Stocks

Holdings

Only in BALI137
In both53
Only in HRSK65

Only in BALI

137 securities, 35.3% of BALI by weight

Costco Wholesale Corp1.89%
Pfizer1.29%
United Parcel Service Inc Class B1.29%
Tjx1.24%
Abbott Laboratories1.02%
Verizon Communications Inc0.99%
Wec Energy Group0.91%
Cardinal Health0.84%
AbbVie0.83%
Airbnb Class A0.77%
Tesla Inc0.73%
3M0.68%
Ametek Inc0.67%
Vulcan Materials0.63%
Phillips 660.62%
Texas Instrument0.56%
Oreilly Automotive Inc0.56%
Citizens Financial Group Inc0.55%
Mckesson Corp0.55%
Booking Holdings0.53%
American Financial Group0.52%
Valero Energy Corp0.52%
International Business Machines Co0.50%
General Dynamics Corp0.50%
Ppl Corp0.46%
Amphenol Corp Class A0.46%
Verisign0.45%
Adobe Inc0.43%
Archer Daniels Midland0.40%
Starbucks Corp0.39%
Travelers Companies0.38%
Paychex0.37%
Intercontinental Exchange Inc0.37%
Ferrovial NV0.36%
Northrop Grumman Corp0.35%
Target Corp0.34%
Air Products and Chemicals0.33%
Cvs Health0.33%
Exelon Corp0.31%
Texas Roadhouse Inc0.30%
Agnc Investment Reit0.30%
Fortinet0.30%
Palo Alto Networks0.29%
T Mobile Us Inc0.28%
Cme Group Class A0.27%
First Hawaiian0.27%
Transdigm Group0.25%
Tyson Foods Inc Class A0.24%
Boston Scientific0.24%
Marvell Technology0.23%

Only in HRSK

65 securities, 67.5% of HRSK by weight

Bbh Sweep Vehicle21.35%
Ss Tech Sel Sect6.71%
Ss Health Care4.79%
Ss Financial Sel3.72%
Ss Industrial3.19%
Ss Consumer Disc3.08%
Ss Comm Slct Etf3.03%
Ishares Mornings2.01%
Walmart Inc1.35%
Altria Group Inc1.33%
Vng Ms Mc Etf-Ui1.29%
Philip Morris In1.29%
Ss Real Estate1.25%
Spdr Portfolio’s1.18%
Vanguard S&P 5001.04%
Vang Russ Growth0.94%
Ss Utilities Sel0.85%
Home Depot Inc0.81%
Marathon Petrole0.76%
Conocophillips0.60%
Ss Materials Etf0.56%
Ss Energy Select0.54%
Marriott Intl-A0.43%
Williams Cos Inc0.41%
Eaton Corp PLC0.37%
Citigroup Inc0.37%
American Electri0.31%
Freeport-Mcmoran0.31%
BlackRock Inc0.25%
Coca-Cola Co/The0.25%
Nisource Inc0.21%
Echostar Corp-A0.21%
Royal Caribbean0.20%
Delta Air Li0.20%
Regeneron Pharm0.19%
Mcdonalds Corp0.19%
Corning Inc0.18%
Keysight Tec0.15%
Nucor Corp0.15%
Emcor Group Inc0.13%
Steel Dynamics0.13%
Capital One Fina0.12%
Union Pac Corp0.12%
Boeing Co/The0.10%
Vertex Pharm0.08%
Devon Energy Co0.08%
Howmet Aerospace0.08%
Camden Prop Tr0.08%
Honeywell Aerosp0.07%
Kinder Morgan In0.06%

Weight gaps

All 53 Holdings in both funds, largest gap first.

Holding weights in BALI and HRSK, widest gap first
Holding	Gap	BALI	HRSK
NVIDIANVDA	BALI +5.10 points	6.45%	1.35%
AppleAAPL	BALI +2.45 points	6.55%	4.10%
MicrosoftMSFT	BALI +2.39 points	5.71%	3.32%
Amazon.com IncAMZN	BALI +2.24 points	3.54%	1.30%
Berkshire Hathaway Inc Class BBRK.B	BALI +1.85 points	1.98%	0.13%
Exxonmobil Holdings CorpXOM	BALI +1.79 points	1.85%	0.06%
Alphabet Class CGOOG	BALI +1.72 points	2.04%	0.32%
Procter & GamblePG	BALI +1.62 points	1.74%	0.12%
ChevronCVX	BALI +1.48 points	1.75%	0.28%
Visa Class AV	BALI +1.44 points	1.72%	0.28%
Alphabet Class AGOOGL	BALI +1.39 points	2.18%	0.79%
Micron TechnologyMU	BALI +1.05 points	1.07%	0.02%
Advanced Micro DevicesAMD	BALI +0.99 points	1.14%	0.15%
Meta Platforms Class AMETA	BALI +0.95 points	1.65%	0.70%
Eli LillyLLY	BALI +0.94 points	1.36%	0.42%
Gilead SciencesGILD	BALI +0.80 points	0.88%	0.08%
Lockheed MartinLMT	BALI +0.69 points	0.92%	0.23%
Merck & Co IncMRK	BALI +0.63 points	0.98%	0.35%
JPMorgan Chase & CoJPM	HRSK +0.60 points	1.21%	1.81%
Lam ResearchLRCX	BALI +0.59 points	0.65%	0.06%
Medtronic PLCMDT	BALI +0.56 points	0.58%	0.01%
Caterpillar IncCAT	BALI +0.56 points	0.68%	0.12%
PepsicoPEP	BALI +0.54 points	0.72%	0.18%
Nextera EnergyNEE	BALI +0.48 points	0.59%	0.11%
Applied Material IncAMAT	BALI +0.48 points	0.73%	0.25%
Broadcom IncAVGO	HRSK +0.46 points	1.93%	2.39%
Us BancorpUSB	BALI +0.42 points	0.45%	0.03%
Intel CorporationINTC	BALI +0.40 points	0.41%	<0.01%
UnitedHealth GroupUNH	BALI +0.36 points	1.07%	0.71%
Duke Energy CorpDUK	BALI +0.36 points	0.37%	<0.01%
Cisco Systems IncCSCO	BALI +0.35 points	0.89%	0.54%
Ge VernovaGEV	BALI +0.34 points	0.36%	0.02%
Crowdstrike Holdings Class ACRWD	BALI +0.32 points	0.34%	0.02%
Mondelez International Class AMDLZ	HRSK +0.30 points	0.41%	0.71%
Lowes Companies IncLOW	BALI +0.27 points	0.40%	0.13%
Palantir Technologies Class APLTR	HRSK +0.26 points	0.45%	0.71%
Amgen IncAMGN	BALI +0.26 points	0.58%	0.32%
Charles SchwabSCHW	BALI +0.25 points	0.53%	0.28%
Rockwell Automation IncROK	BALI +0.22 points	0.28%	0.06%
Seagate Technology Holdings PLCSTX	HRSK +0.21 points	0.22%	0.43%
SandiskSNDK	BALI +0.17 points	0.18%	0.01%
IntuitINTU	BALI +0.16 points	0.33%	0.17%
Comfort Systems UsaFIX	BALI +0.14 points	0.29%	0.15%
Honeywell International IncHON	BALI +0.14 points	0.24%	0.10%
QualcommQCOM	HRSK +0.11 points	0.28%	0.39%
Hewlett Packard EnterpriseHPE	HRSK +0.10 points	0.16%	0.26%
Bank of AmericaBAC	HRSK +0.10 points	0.77%	0.87%
OracleORCL	BALI +0.08 points	0.23%	0.15%
BlackstoneBX	HRSK +0.06 points	0.33%	0.39%
Western Digital CorpWDC	HRSK +0.05 points	0.27%	0.32%
Dell Technologies Inc Class CDELL	BALI +0.01 points	0.28%	0.27%
DowDOW	Same weight	0.08%	0.08%
NetflixNFLX	Same weight	0.47%	0.47%

All 190 BALI holdings⁠All HRSK holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BALI vs HRSK Cost

Overpaying HRSK vs BALI

$10,743

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BALI 0.35%
$7,126
HRSK 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
HRSK 0.95%
Overpaying

Year by year

Year	BALI	HRSK	Overpaying
10	$634	$1,678	$1,044
20	$2,454	$6,322	$3,868
30	$7,126	$17,869	$10,743

Expense ratio

0.35%BALI, cheaper
0.95%HRSK

BALI0.35%HRSK0.95%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

BALI 11th cheapest of 51 funds

HRSK 43rd cheapest of 51 funds

BALI vs HRSK Dividends

Last 12 months to Nov 9, 2026

Yield (12M): BALI 7.94%; HRSK No data
Payout (12M): BALI $2.66; HRSK None
Last payment: BALI $0.18; HRSK No data
Ex-dividend: BALI Nov 2, 2026; HRSK No data
Paid on: BALI Nov 5, 2026; HRSK No data
Frequency: BALI Monthly; HRSK No data

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 37 paymentsAll BALI payments⁠

HRSKAll HRSK payments⁠

No distribution history available.

BALI vs HRSK Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BALI 10.2%HRSK No data
Return per unit of riskSharpe ratio, 3 years: BALI 1.52HRSK No data
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023HRSK No data
Market sensitivityBeta, 5 years: BALI 0.78HRSK 1.03; Market = 1

BALI and HRSK in the news

All news⁠

Income Watch
BlackRock estimates 86% of the iShares Nasdaq Premium Income Active ETF's October check was return of capital
Oct 11, 2026BALI

Popular comparisons

BALIAvsCSHIA
iShares U.S. Large Cap Premium Income Active ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.35% · 0.38%
Category
HRSKFvsCSHIA
Toews Agility Shares Hedged Risk ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.95% · 0.38%
Category
BALIAvsIVVWA
iShares U.S. Large Cap Premium Income Active ETF · iShares S&P 500 BuyWrite ETF
Expense ratio
0.35% · 0.25%
Category
HRSKFvsIVVWA
Toews Agility Shares Hedged Risk ETF · iShares S&P 500 BuyWrite ETF
Expense ratio
0.95% · 0.25%
Category
BALIAvsGPIXA
iShares U.S. Large Cap Premium Income Active ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.35% · 0.29%
Category
HRSKFvsGPIXA
Toews Agility Shares Hedged Risk ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.95% · 0.29%
Category

BALI vs HRSK

In short

Stated mandate

Why people hold it

Worth knowing

How BALI and HRSK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in HRSK

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

BlackRock estimates 86% of the iShares Nasdaq Premium Income Active ETF's October check was return of capital

How BALI and HRSK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in HRSK

Weight gaps