BALI vs PAPI: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

Parametric Equity Premium Income ETF

PAPIBNYSE Arca

Overlap

16.7%by weight

Expense ratio

PAPI −0.06pt a year

BALI0.35%PAPI0.29%

Avg volume · 30D

BALI 4.0×the volume

BALI337KPAPI83.7K

3Y return · a year

BALI +8.0pt

BALI+21.2%PAPI+13.2%

BALI vs PAPI Performance

Oct 31, 2025 – Oct 30, 2026

+15.6%BALI+20.5%PAPI

Expense ratio: BALI 0.35%; PAPI 0.29%, better
Fund size: BALI $1.54B; PAPI $544M
1Y total return: BALI +15.6%; PAPI +20.5%, better
Yield (12M): BALI 7.84%; PAPI 7.86%, better
Holdings: BALI 193; PAPI 220
Avg volume (30D): BALI 337K sh, better; PAPI 83.7K sh
NAV per share: BALI $34.08; PAPI $28.21
52W range

ETF.net Grade

Pillar letters and Scores for BALI, PAPI, with each pillar’s weight
Pillar	BALI	PAPI
Cost30% weight	A77	A87Higher
Mission25% weight	A100	Not scored
Risk15% weight	B56Higher	C54
Tradability15% weight	A83Higher	C41
Holdings10% weight	A83	A84Higher
Durability5% weight	A85Higher	B61

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and PAPI 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 PAPI 14th 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 13AXYLGGlobal X S&P 500 Covered Call & Growth ETFScore 70
Rank 14BPAPIParametric Equity Premium Income ETFScore 69
Rank 15BNBOSNeuberger Berman Option Strategy ETFScore 67

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

PAPIBParametric 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.

PAPI Parametric's take on covered-call income: an actively managed dividend-stock portfolio with an S&P 500 options overlay bolted on, paying monthly, at a fee far below what this corner of the market usually charges.

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.

PAPI Seeks consistent monthly income while preserving prospects for capital appreciation. It is actively managed and combines a dividend-paying equity portfolio with an option-writing overlay.

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.

PAPI Cheap seat in an expensive neighborhood. At 0.29% a year, it undercuts the typical options-income fund by a wide margin.
Undercuts even the well-built names it competes with: DIVO (0.56%), TCAL (0.34%) and ROCY (0.35%) all charge more for a similar job.
Two engines, not one: dividend-paying US stocks for the base, an option-writing overlay tied to the S&P 500 for the premium. Income is paid monthly.
Eaton Vance and Parametric are long-standing names in options overlays, and the build here rates among the stronger ones in its peer group.

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.

PAPI The prospectus flags that distributions can include return of capital, meaning part of a monthly payment may be your own money coming back.
Writing calls is a trade: premium income now in exchange for giving up some of the upside when the market runs hard.
No declared target payout rate, and the fund launched in 2023, so the record is short by design.

Full BALI profile⁠

Full PAPI profile⁠

BALI vs PAPI Holdings

How BALI and PAPI differ

Overlap by weight

16.7%

Shared holdings make up 42.8% of BALI and 27.4% of PAPI.

Level by level

Holdings61 in both16.7%
Sector11 Sectors70.1%
Countryby domicile97.9%
Asset classEquity100%

Sector

Sector weights in BALI and PAPI, widest gap first
Sector	More in BALIMore in PAPI	BALI	PAPI
Technology	BALI +26.0 points	37.0%	11.0%
Materials	PAPI +7.8 points	1.5%	9.3%
Utilities	PAPI +7.4 points	2.6%	10.0%
Energy	PAPI +4.9 points	5.2%	10.1%
Consumer Staples	PAPI +4.0 points	6.3%	10.3%
Consumer Discretionary	PAPI +3.4 points	8.7%	12.1%
Communication	BALI +3.1 points	8.0%	4.9%
Industrials	PAPI +2.2 points	8.3%	10.5%
Real Estate	BALI +0.7 points	0.7%	0.0%
Health Care	BALI +0.1 points	11.3%	11.2%
Financials	PAPI +0.1 points	10.5%	10.6%

Country, concentration and asset class

Country by domicile

Country weights in BALI and PAPI, widest gap first
Country	More in BALIMore in PAPI	BALI	PAPI
United States	BALI +1.7 points	99.4%	97.7%
Canada	PAPI +1.0 points	0.0%	1.0%
Ireland	PAPI +0.5 points	0.0%	0.5%
Other countries (4)	PAPI +0.1 points	0.6%	0.7%

Concentration

Weight in the 10 largest Holdings

BALI35.0%
PAPI7.1%

Securities held

BALI190
PAPI219

Asset class

BALI: Equity
PAPI: Equity

Holdings

Only in BALI129
In both61
Only in PAPI158

Only in BALI

129 securities, 53.3% of BALI by weight

NVIDIA6.82%
Amazon.com Inc3.16%
Broadcom Inc2.07%
Alphabet Class C1.93%
Berkshire Hathaway Inc Class B1.81%
Visa Class A1.62%
Meta Platforms Class A1.60%
Eli Lilly1.37%
Micron Technology1.32%
Advanced Micro Devices1.23%
JPMorgan Chase & Co1.17%
Lockheed Martin1.00%
Applied Material Inc0.82%
Tesla Inc0.79%
Lam Research0.75%
Bank of America0.75%
Caterpillar Inc0.73%
Ametek Inc0.68%
Airbnb Class A0.65%
3M0.61%
Amgen Inc0.56%
Nextera Energy0.55%
Citizens Financial Group Inc0.54%
Medtronic PLC0.53%
Oreilly Automotive Inc0.53%
International Business Machines Co0.51%
Mckesson Corp0.50%
Palantir Technologies Class A0.50%
Charles Schwab0.49%
Booking Holdings0.47%
Amphenol Corp Class A0.47%
Intel Corporation0.46%
Netflix0.44%
Us Bancorp0.43%
Adobe Inc0.43%
Verisign0.43%
Ge Vernova0.39%
Mondelez International Class A0.39%
Crowdstrike Holdings Class A0.37%
Starbucks Corp0.37%
Western Digital Corp0.36%
Travelers Companies0.36%
Lowes Companies Inc0.36%
Northrop Grumman Corp0.36%
Intercontinental Exchange Inc0.35%
Dell Technologies Inc Class C0.35%
Comfort Systems Usa0.34%
Cvs Health0.34%
Fortinet0.33%
Ferrovial NV0.33%

Only in PAPI

158 securities, 72.5% of PAPI by weight

Msilf Government1.85%
Hasbro Inc Common Stock0.61%
Badger Meter Inc Common0.59%
Accenture PLC Common0.59%
Royalty Pharma PLC Common0.59%
Polaris Inc Common Stock0.57%
Permian Resources0.57%
Labcorp Holdings Inc0.57%
Artisan Partners Asset0.57%
Lennar Corp Common Stock0.57%
Columbia Sportswear Co0.56%
Exponent Inc Common Stock0.56%
L3HARRIS Technologies Inc0.56%
Ppg Industries Inc Common0.56%
Noble Corp PLC Common0.56%
Aptargroup Inc Common0.55%
Conocophillips Common0.55%
Meritage Homes Corp0.55%
Qiagen NV Common Stock0.55%
First Interstate0.54%
Amcor PLC Common Stock0.54%
Thor Industries Inc0.54%
Universal Display Corp0.54%
Stanley Black & Decker0.54%
Lyondellbasell Industries0.54%
Quest Diagnostics Inc0.54%
International Paper Co0.54%
International Seaways Inc0.54%
International Flavors &0.54%
A O Smith Corp Common0.54%
Brookfield Asset0.54%
Home Depot Inc/The Common0.53%
Mcdonald's Corp Common0.53%
Prosperity Bancshares Inc0.53%
Comcast Corp Common Stock0.53%
Analog Devices Inc Common0.53%
Everest Group Ltd Common0.53%
Viper Energy Inc Common0.53%
Alliant Energy Corp0.53%
Packaging Corp of America0.53%
Eog Resources Inc Common0.53%
California Water Service0.53%
Magnolia Oil & Gas Corp0.53%
Ufp Industries Inc Common0.53%
Radian Group Inc Common0.53%
Hormel Foods Corp Common0.52%
Nike Inc Common Stock USD0.52%
Oge Energy Corp Common0.52%
Regions Financial Corp0.52%
Public Service Enterprise0.52%

Weight gaps

All 61 Holdings in both funds, largest gap first.

Holding weights in BALI and PAPI, widest gap first
Holding	More in BALIMore in PAPI	BALI	PAPI
AppleAAPL	BALI +6.12 points	6.35%	0.23%
MicrosoftMSFT	BALI +4.89 points	5.41%	0.52%
Alphabet Class AGOOGL	BALI +1.65 points	2.06%	0.41%
Exxonmobil Holdings CorpXOM	BALI +1.46 points	2.01%	0.55%
ChevronCVX	BALI +1.33 points	1.87%	0.54%
Costco Wholesale CorpCOST	BALI +1.23 points	1.75%	0.52%
Procter & GamblePG	BALI +1.12 points	1.63%	0.51%
PfizerPFE	BALI +0.77 points	1.29%	0.52%
TjxTJX	BALI +0.76 points	1.24%	0.48%
United Parcel Service Inc Class BUPS	BALI +0.70 points	1.24%	0.54%
UnitedHealth GroupUNH	BALI +0.69 points	1.07%	0.38%
Cardinal HealthCAH	BALI +0.61 points	0.75%	0.14%
Phillips 66PSX	BALI +0.55 points	0.69%	0.14%
DowDOW	PAPI +0.49 points	0.09%	0.58%
Chord EnergyCHRD	PAPI +0.49 points	0.02%	0.51%
WatscoWSO	PAPI +0.49 points	0.03%	0.52%
Reliance Steel & AluminumRS	PAPI +0.47 points	0.06%	0.53%
Cisco Systems IncCSCO	BALI +0.47 points	0.96%	0.49%
Eastman ChemicalEMN	PAPI +0.46 points	0.08%	0.54%
Merck & Co IncMRK	BALI +0.46 points	0.97%	0.51%
ChemedCHE	PAPI +0.45 points	0.07%	0.52%
Verizon Communications IncVZ	BALI +0.45 points	0.93%	0.48%
Valero Energy CorpVLO	BALI +0.44 points	0.57%	0.13%
Abbott LaboratoriesABT	BALI +0.44 points	0.95%	0.51%
Msc Industrial Class AMSM	PAPI +0.44 points	0.03%	0.47%
NewmarketNEU	PAPI +0.43 points	0.02%	0.45%
Best BuyBBY	PAPI +0.43 points	0.09%	0.52%
GentexGNTX	PAPI +0.42 points	0.06%	0.48%
General Mills IncGIS	PAPI +0.42 points	0.10%	0.52%
CognexCGNX	PAPI +0.41 points	0.02%	0.43%
Ingredion IncINGR	PAPI +0.40 points	0.10%	0.50%
Old Republic InternationalORI	PAPI +0.40 points	0.09%	0.49%
CortevaCTVA	PAPI +0.38 points	0.02%	0.40%
Ppl CorpPPL	BALI +0.38 points	0.44%	0.06%
Kraft HeinzKHC	PAPI +0.37 points	0.14%	0.51%
Omnicom Group IncOMC	PAPI +0.37 points	0.14%	0.51%
Avery Dennison CorpAVY	PAPI +0.35 points	0.17%	0.52%
Wec Energy GroupWEC	BALI +0.34 points	0.88%	0.54%
Cognizant Technology Solutions ClaCTSH	PAPI +0.35 points	0.15%	0.50%
New York Times Class ANYT	PAPI +0.32 points	0.17%	0.49%
Gilead SciencesGILD	BALI +0.31 points	0.87%	0.56%
FastenalFAST	PAPI +0.30 points	0.21%	0.51%
AmdocsDOX	PAPI +0.30 points	0.23%	0.53%
LittelfuseLFUS	PAPI +0.30 points	0.04%	0.34%
AbbVieABBV	BALI +0.27 points	0.81%	0.54%
Cme Group Class ACME	PAPI +0.26 points	0.26%	0.52%
Texas Roadhouse IncTXRH	PAPI +0.25 points	0.29%	0.54%
IntuitINTU	PAPI +0.21 points	0.32%	0.53%
Air Products and ChemicalsAPD	PAPI +0.20 points	0.33%	0.53%
Duke Energy CorpDUK	PAPI +0.18 points	0.35%	0.53%
QualcommQCOM	BALI +0.17 points	0.27%	0.10%
Target CorpTGT	BALI +0.16 points	0.31%	0.15%
PaychexPAYX	PAPI +0.16 points	0.34%	0.50%
PepsicoPEP	BALI +0.15 points	0.68%	0.53%
AvnetAVT	PAPI +0.11 points	0.03%	0.14%
Vulcan MaterialsVMC	BALI +0.05 points	0.60%	0.55%
Archer Daniels MidlandADM	PAPI +0.04 points	0.42%	0.46%
Texas InstrumentTXN	BALI +0.04 points	0.59%	0.55%
Fox Class AFOXA	PAPI +0.03 points	0.11%	0.14%
American Financial GroupAFG	PAPI +0.02 points	0.50%	0.52%
General Dynamics CorpGD	BALI +0.01 points	0.51%	0.50%

All 190 BALI holdings⁠All PAPI 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 PAPI Cost

Overpaying BALI vs PAPI

$1,174

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

BALI 0.35%
$7,126
PAPI 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
PAPI 0.29%
Overpaying

Year by year

Year	BALI	PAPI	Overpaying
10	$634	$527	$107
20	$2,454	$2,044	$410
30	$7,126	$5,952	$1,174

Expense ratio

0.35%BALI
0.29%PAPI, cheaper

PAPI0.29%BALI0.35%

0.10%1.18%

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

PAPI 5th cheapest of 51 funds

BALI 11th cheapest of 51 funds

BALI vs PAPI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BALI 7.84%; PAPI 7.86%, better
Payout (12M): BALI $2.67; PAPI $2.22
Last payment: BALI $0.18; PAPI $0.16
Ex-dividend: BALI Oct 1, 2026; PAPI Oct 30, 2026
Paid on: BALI Oct 6, 2026; PAPI Pays Nov 5, 2026
Frequency: BALI Monthly; PAPI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 36 paymentsAll BALI payments⁠

PAPIMonthly · 36 paymentsAll PAPI payments⁠

BALI vs PAPI 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%, betterPAPI 11.3%
Return per unit of riskSharpe ratio, 3 years: BALI 1.52, betterPAPI 0.76
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023PAPI −14.3%since Oct 2023
Market sensitivityBeta, 5 years: BALI 0.79PAPI 0.21; Market = 1

BALI and PAPI 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

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BALI vs PAPI

In short

Stated mandate

Why people hold it

Worth knowing

How BALI and PAPI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in PAPI

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 PAPI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in PAPI

Weight gaps