BALI vs ISPY: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

ProShares S&P 500 High Income ETF

ISPYBCboe

Overlap

54.5%by weight

Expense ratio

BALI −0.20pt a year

BALI0.35%ISPY0.55%

Avg volume · 30D

BALI 4.0×the volume

BALI337KISPY83.3K

BALI vs ISPY Performance

Oct 31, 2025 – Oct 30, 2026

+15.6%BALI+8.4%ISPY

Expense ratio: BALI 0.35%, better; ISPY 0.55%
Fund size: BALI $1.54B; ISPY $1.14B
1Y total return: BALI +15.6%, better; ISPY +8.4%
Yield (12M): BALI 7.84%, better; ISPY 5.61%
Holdings: BALI 193; ISPY 504
Avg volume (30D): BALI 337K sh, better; ISPY 83.3K sh
NAV per share: BALI $34.08; ISPY $47.26
52W range

ETF.net Grade

Pillar letters and Scores for BALI, ISPY, with each pillar’s weight
Pillar	BALI	ISPY
Cost30% weight	A77Higher	B57
Mission25% weight	A100Higher	A95
Risk15% weight	B56Higher	D27
Tradability15% weight	A83Higher	A70
Holdings10% weight	A83Higher	C51
Durability5% weight	A85Higher	A71

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and ISPY 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 2nd and ISPY 20th of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 19BTSPYTappAlpha SPY Growth & Daily Income ETFScore 64
Rank 20BISPYProShares S&P 500 High Income ETFScore 63
Rank 20BPEPSParametric Equity Plus ETFScore 63

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

ISPYBProShares S&P 500 High 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.

ISPY Most covered-call funds write one option a month. ISPY writes them daily, slicing S&P 500 premium into small pieces while still aiming for long-term returns in line with the index itself.

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.

ISPY The Fund seeks high income potential through a daily-options covered-call strategy and seeks long-term returns consistent with the S&P 500 Index.

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.

ISPY The daily-options twist: premium is harvested in small, frequent slices rather than one monthly bet, and the fund also targets long-run returns consistent with the S&P 500.proshares.com
Income is a stated policy, not a byproduct: ProShares pays monthly and declares a minimum annual distribution target of 6%.proshares.com
At 0.56%, the expense ratio runs below the median for S&P 500 option-income funds, a corner of the market where fees often climb past 1%.
A multi-billion-dollar fund holding roughly 500 stocks, and it does what the label says: the equity sleeve stays close to the index it references.

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.

ISPY Cheaper shelf-mates exist. IVVW charges 0.25%, PBP 0.29%, GPIX and BALI 0.35%, all writing calls on the same large-cap universe.
Selling calls every day trims what you keep in a fast rally, while the full drawdown of holding the S&P 500 still rides along underneath.
ProShares discloses that distributions may include return of capital, meaning part of a payout can be your own principal handed back.proshares.com

Full BALI profile⁠

Full ISPY profile⁠

BALI vs ISPY Holdings

How BALI and ISPY differ

Overlap by weight

54.5%

Shared holdings make up 89.5% of BALI and 55.8% of ISPY.

Level by level

Holdings118 in both54.5%
Sector11 Sectors86.0%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in BALI and ISPY, widest gap first
Sector	More in BALIMore in ISPY	BALI	ISPY
Financials	ISPY +13.1 points	10.5%	23.6%
Technology	BALI +3.3 points	37.0%	33.7%
Health Care	BALI +2.8 points	11.3%	8.5%
Consumer Staples	BALI +2.2 points	6.3%	4.1%
Industrials	BALI +2.0 points	8.3%	6.3%
Energy	BALI +1.8 points	5.2%	3.4%
Consumer Discretionary	BALI +1.0 points	8.7%	7.7%
Utilities	BALI +0.8 points	2.6%	1.8%
Real Estate	ISPY +0.8 points	0.7%	1.5%
Communication	BALI +0.1 points	8.0%	7.9%
Materials	ISPY +0.1 points	1.5%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in BALI and ISPY, widest gap first
Country	More in BALIMore in ISPY	BALI	ISPY
United States	ISPY +0.1 points	99.4%	99.5%
Netherlands	BALI +0.4 points	0.4%	0.0%
Switzerland	ISPY +0.3 points	0.0%	0.3%
United Kingdom	BALI +0.2 points	0.2%	0.0%
China	ISPY +0.1 points	0.0%	0.1%
Brazil	BALI +0.1 points	0.1%	0.0%
Mexico	ISPY +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BALI35.0%
ISPY44.1%

Securities held

BALI190
ISPY503

Asset class

BALI: Equity
ISPY: Equity

Holdings

Only in BALI72
In both118
Only in ISPY385

Only in BALI

72 securities, 6.6% of BALI by weight

American Financial Group0.50%
Ferrovial NV0.33%
Texas Roadhouse Inc0.29%
Agnc Investment Reit0.29%
First Hawaiian0.26%
Dynatrace Inc0.23%
Amdocs0.23%
Blue Owl Capital Class A0.21%
Popular0.19%
United Therapeutics0.17%
New York Times Class A0.17%
Neurocrine Biosciences0.16%
First Horizon0.16%
Viking Holdings Ltd0.15%
Exelixis Inc0.15%
Healthcare Realty Trust Inc Class0.14%
Rpm International Inc0.13%
Applied Industrial Technologies0.13%
Natera0.13%
Rayonier Reit0.11%
Sentinelone Inc Class A0.10%
Omega Healthcare Investors Reit0.10%
Nvent Electric PLC0.10%
Ionis Pharmaceuticals0.10%
Ingredion Inc0.10%
Elastic0.09%
Old Republic International0.09%
Mercadolibre0.08%
Eastman Chemical0.08%
Chemed0.07%
Smithfield Foods0.07%
Astera Labs0.07%
Eastgroup Properties Reit0.06%
Snowflake0.06%
Reliance Steel & Aluminum0.06%
Gentex0.06%
Dropbox Inc Class A0.05%
H&R Block Inc0.05%
Booz Allen Hamilton Holding Class0.05%
Columbia Banking System Inc0.05%
Borgwarner0.05%
Liberty Media Series C0.05%
Mongodb Class A0.05%
W. P. Carey Reit0.05%
Littelfuse0.04%
Agree Realty Reit0.04%
Coca Cola Europacific Partners PLC0.04%
Aramark0.04%
Hinge Health Class A0.04%
Watsco0.03%

Only in ISPY

385 securities, 41.8% of ISPY by weight

Proshares Genius Mny Mkt Etf13.22%
Johnson & Johnson0.85%
Walmart Inc0.71%
Mastercard Inc - A0.67%
Coca-Cola Co/The0.47%
Home Depot Inc0.42%
Philip Morris International0.42%
General Electric0.41%
Rtx Corp0.35%
Goldman Sachs Group Inc0.34%
Thermo Fisher Scientific Inc0.33%
Wells Fargo & Co0.33%
Linde PLC0.31%
Morgan Stanley0.28%
Kla Corp0.27%
Citigroup Inc0.26%
Analog Devices Inc0.26%
Walt Disney Co/The0.25%
Salesforce Inc0.24%
Conocophillips0.24%
Mcdonald's Corp0.24%
Union Pacific Corp0.23%
Arista Networks Inc0.23%
Welltower Inc0.22%
Deere & Co0.22%
American Express Co0.22%
BlackRock Inc0.21%
Accenture Plc-Cl A0.20%
Intuitive Surgical Inc0.20%
AT&T Inc0.19%
Danaher Corp0.19%
Eaton Corp PLC0.19%
Vertex Pharmaceuticals Inc0.18%
S&P Global Inc0.18%
Boeing Co/The0.18%
Progressive Corp0.17%
Uber Technologies Inc0.17%
Altria Group Inc0.17%
Chubb Ltd0.17%
Bristol-Myers Squibb Co0.17%
Capital One Financial Corp0.16%
Marathon Petroleum Corp0.16%
Prologis Inc0.16%
Automatic Data Processing0.15%
Parker Hannifin Corp0.15%
Newmont Corp0.15%
Servicenow Inc0.14%
Southern Co/The0.14%
Stryker Corp0.13%
Bank of New York Mellon Corp0.13%

Weight gaps

The 100 widest of 118 Holdings in both funds.

Holding weights in BALI and ISPY, widest gap first
Holding	More in BALIMore in ISPY	BALI	ISPY
ChevronCVX	BALI +1.27 points	1.87%	0.60%
Costco Wholesale CorpCOST	BALI +1.17 points	1.75%	0.58%
Procter & GamblePG	BALI +1.14 points	1.63%	0.49%
United Parcel Service Inc Class BUPS	BALI +1.14 points	1.24%	0.10%
PfizerPFE	BALI +1.06 points	1.29%	0.23%
TjxTJX	BALI +1.04 points	1.24%	0.20%
Exxonmobil Holdings CorpXOM	BALI +1.01 points	2.01%	1.00%
Wec Energy GroupWEC	BALI +0.83 points	0.88%	0.05%
Lockheed MartinLMT	BALI +0.83 points	1.00%	0.17%
Abbott LaboratoriesABT	BALI +0.71 points	0.95%	0.24%
Visa Class AV	BALI +0.71 points	1.62%	0.91%
Verizon Communications IncVZ	BALI +0.69 points	0.93%	0.24%
Cardinal HealthCAH	BALI +0.67 points	0.75%	0.08%
Tesla IncTSLA	ISPY +0.67 points	0.79%	1.46%
Ametek IncAME	BALI +0.61 points	0.68%	0.07%
Gilead SciencesGILD	BALI +0.60 points	0.87%	0.27%
UnitedHealth GroupUNH	BALI +0.60 points	1.07%	0.47%
Airbnb Class AABNB	BALI +0.56 points	0.65%	0.09%
Vulcan MaterialsVMC	BALI +0.55 points	0.60%	0.05%
Phillips 66PSX	BALI +0.54 points	0.69%	0.15%
Berkshire Hathaway Inc Class BBRK.B	BALI +0.50 points	1.81%	1.31%
Citizens Financial Group IncCFG	BALI +0.51 points	0.54%	0.03%
3MMMM	BALI +0.49 points	0.61%	0.12%
Merck & Co IncMRK	BALI +0.49 points	0.97%	0.48%
PepsicoPEP	BALI +0.44 points	0.68%	0.24%
Oreilly Automotive IncORLY	BALI +0.44 points	0.53%	0.09%
Valero Energy CorpVLO	BALI +0.42 points	0.57%	0.15%
Applied Material IncAMAT	BALI +0.42 points	0.82%	0.40%
Cisco Systems IncCSCO	BALI +0.43 points	0.96%	0.53%
NVIDIANVDA	BALI +0.42 points	6.82%	6.40%
Ppl CorpPPL	BALI +0.41 points	0.44%	0.03%
MicrosoftMSFT	BALI +0.40 points	5.41%	5.01%
VerisignVRSN	BALI +0.40 points	0.43%	0.03%
General Dynamics CorpGD	BALI +0.39 points	0.51%	0.12%
Archer Daniels MidlandADM	BALI +0.37 points	0.42%	0.05%
Medtronic PLCMDT	BALI +0.37 points	0.53%	0.16%
Lam ResearchLRCX	BALI +0.36 points	0.75%	0.39%
Caterpillar IncCAT	BALI +0.36 points	0.73%	0.37%
Mckesson CorpMCK	BALI +0.35 points	0.50%	0.15%
Booking HoldingsBKNG	BALI +0.33 points	0.47%	0.14%
Bank of AmericaBAC	BALI +0.33 points	0.75%	0.42%
Nextera EnergyNEE	BALI +0.32 points	0.55%	0.23%
Us BancorpUSB	BALI +0.31 points	0.43%	0.12%
Adobe IncADBE	BALI +0.30 points	0.43%	0.13%
Charles SchwabSCHW	BALI +0.30 points	0.49%	0.19%
PaychexPAYX	BALI +0.29 points	0.34%	0.05%
Comfort Systems UsaFIX	BALI +0.28 points	0.34%	0.06%
Mondelez International Class AMDLZ	BALI +0.28 points	0.39%	0.11%
Northrop Grumman CorpNOC	BALI +0.26 points	0.36%	0.10%
Travelers CompaniesTRV	BALI +0.25 points	0.36%	0.11%
Rockwell Automation IncROK	BALI +0.26 points	0.32%	0.06%
Exelon CorpEXC	BALI +0.25 points	0.31%	0.06%
Amgen IncAMGN	BALI +0.23 points	0.56%	0.33%
Air Products and ChemicalsAPD	BALI +0.24 points	0.33%	0.09%
Texas InstrumentTXN	BALI +0.23 points	0.59%	0.36%
Intercontinental Exchange IncICE	BALI +0.23 points	0.35%	0.12%
FortinetFTNT	BALI +0.22 points	0.33%	0.11%
Target CorpTGT	BALI +0.22 points	0.31%	0.09%
Duke Energy CorpDUK	BALI +0.22 points	0.35%	0.13%
Alphabet Class CGOOG	BALI +0.22 points	1.93%	1.71%
Amphenol Corp Class AAPH	BALI +0.22 points	0.47%	0.25%
Starbucks CorpSBUX	BALI +0.22 points	0.37%	0.15%
Lowes Companies IncLOW	BALI +0.21 points	0.36%	0.15%
Tyson Foods Inc Class ATSN	BALI +0.20 points	0.22%	0.02%
BlackstoneBX	BALI +0.20 points	0.31%	0.11%
IntuitINTU	BALI +0.20 points	0.32%	0.12%
International Business Machines CoIBM	BALI +0.20 points	0.51%	0.31%
Western Digital CorpWDC	BALI +0.20 points	0.36%	0.17%
Cvs HealthCVS	BALI +0.19 points	0.34%	0.15%
Dell Technologies Inc Class CDELL	BALI +0.18 points	0.35%	0.17%
Healthpeak Properties IncDOC	BALI +0.18 points	0.20%	0.02%
Advanced Micro DevicesAMD	BALI +0.16 points	1.23%	1.07%
T Mobile Us IncTMUS	BALI +0.16 points	0.26%	0.10%
AppleAAPL	ISPY +0.15 points	6.35%	6.50%
Avery Dennison CorpAVY	BALI +0.15 points	0.17%	0.02%
Meta Platforms Class AMETA	ISPY +0.15 points	1.60%	1.75%
Transdigm GroupTDG	BALI +0.15 points	0.23%	0.08%
Boston ScientificBSX	BALI +0.15 points	0.23%	0.08%
Honeywell International IncHON	BALI +0.14 points	0.23%	0.09%
FastenalFAST	BALI +0.13 points	0.21%	0.08%
AbbVieABBV	BALI +0.14 points	0.81%	0.67%
Constellation Brands Class ASTZ	BALI +0.12 points	0.15%	0.03%
Cognizant Technology Solutions ClaCTSH	BALI +0.11 points	0.15%	0.04%
Cme Group Class ACME	BALI +0.12 points	0.26%	0.14%
Kraft HeinzKHC	BALI +0.11 points	0.14%	0.03%
Seagate Technology Holdings PLCSTX	BALI +0.11 points	0.30%	0.19%
Omnicom Group IncOMC	BALI +0.11 points	0.14%	0.03%
Wr BerkleyWRB	BALI +0.11 points	0.13%	0.02%
Amazon.com IncAMZN	BALI +0.11 points	3.16%	3.05%
NetflixNFLX	BALI +0.11 points	0.44%	0.33%
Eli LillyLLY	ISPY +0.10 points	1.37%	1.47%
Cboe Global MarketsCBOE	BALI +0.09 points	0.14%	0.05%
Hewlett Packard EnterpriseHPE	BALI +0.10 points	0.19%	0.09%
SyscoSYY	BALI +0.10 points	0.15%	0.05%
Ge VernovaGEV	BALI +0.10 points	0.39%	0.29%
Fox Class AFOXA	BALI +0.09 points	0.11%	0.02%
Datadog Inc Class ADDOG	BALI +0.09 points	0.19%	0.10%
Marvell TechnologyMRVL	BALI +0.09 points	0.31%	0.22%
General Mills IncGIS	BALI +0.08 points	0.10%	0.02%
Best BuyBBY	BALI +0.07 points	0.09%	0.02%

All 190 BALI holdings⁠All 513 ISPY 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 ISPY Cost

Overpaying ISPY vs BALI

$3,778

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

BALI 0.35%
$7,126
ISPY 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
ISPY 0.55%
Overpaying

Year by year

Year	BALI	ISPY	Overpaying
10	$634	$988	$354
20	$2,454	$3,790	$1,336
30	$7,126	$10,904	$3,778

Expense ratio

0.35%BALI, cheaper
0.55%ISPY

BALI0.35%ISPY0.55%

0.10%1.18%

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

BALI 11th cheapest of 51 funds

ISPY 22nd cheapest of 51 funds

BALI vs ISPY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BALI 7.84%, better; ISPY 5.61%
Payout (12M): BALI $2.67; ISPY $2.65
Last payment: BALI $0.18; ISPY $0.25
Ex-dividend: BALI Oct 1, 2026; ISPY Oct 1, 2026
Paid on: BALI Oct 6, 2026; ISPY Oct 7, 2026
Frequency: BALI Monthly; ISPY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 36 paymentsAll BALI payments⁠

ISPYMonthly · 33 paymentsAll ISPY payments⁠

BALI vs ISPY 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%ISPY 10.9%since Jan 2024
Return per unit of riskSharpe ratio, 3 years: BALI 1.52ISPY 0.95since Jan 2024
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023ISPY −16.9%since Dec 2023
Market sensitivityBeta, 5 years: BALI 0.79ISPY 0.86; Market = 1

BALI and ISPY 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
ISPYBvsCSHIA
ProShares S&P 500 High Income ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.55% · 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
ISPYBvsIVVWA
ProShares S&P 500 High Income ETF · iShares S&P 500 BuyWrite ETF
Expense ratio
0.55% · 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
ISPYBvsGPIXA
ProShares S&P 500 High Income ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.55% · 0.29%
Category

BALI vs ISPY

In short

Stated mandate

Why people hold it

Worth knowing

How BALI and ISPY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in ISPY

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 ISPY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in ISPY

Weight gaps