BALI vs PBP: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

Invesco S&P 500 BuyWrite ETF

PBPACboe

Overlap

59.5%by weight

Expense ratio

PBP −0.06pt a year

BALI0.35%PBP0.29%

Avg volume · 30D

BALI 5.1×the volume

BALI337KPBP66K

3Y return · a year

BALI +6.6pt

BALI+21.2%PBP+14.6%

BALI vs PBP Performance

Oct 31, 2025 – Oct 30, 2026

+15.6%BALI+14.5%PBP

Expense ratio: BALI 0.35%; PBP 0.29%, better
Fund size: BALI $1.54B; PBP $389M
1Y total return: BALI +15.6%, better; PBP +14.5%
Yield (12M): BALI 7.84%; PBP 11.45%, better
Holdings: BALI 193; PBP 504
Avg volume (30D): BALI 337K sh, better; PBP 66K sh
NAV per share: BALI $34.08; PBP $23.03
52W range

ETF.net Grade

Pillar letters and Scores for BALI, PBP, with each pillar’s weight
Pillar	BALI	PBP
Cost30% weight	A77	A87Higher
Mission25% weight	A100	Not scored
Risk15% weight	B56	B66Higher
Tradability15% weight	A83Higher	D39
Holdings10% weight	A83Higher	A77
Durability5% weight	A85Higher	A83

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and PBP 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 PBP 11th 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 9ATPUTT. Rowe Price Capital Appreciation Market Opportunities ETFScore 72
Rank 11APBPInvesco S&P 500 BuyWrite ETFScore 71
Rank 11APHEQParametric Hedged Equity ETFScore 71

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

PBPAInvesco S&P 500 BuyWrite 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.

PBP A 2007-vintage covered-call fund on the S&P 500: hold the index, sell calls against it, pay the premium out monthly. The plain-vanilla version of the trade, priced well under the typical options-income fund.

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.

PBP The fund uses a total-return buy-write approach on the S&P 500. It maintains a long position indexed to the S&P 500 and uses a covered-call 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.

PBP Charges 0.29%, under half the 0.60% median for S&P 500 options-income funds. XYLD runs a similar covered-call playbook at 0.60%.
Trading since 2007, so its record spans the financial crisis and everything after. Long history for an options-income ETF.
Plain mechanics: roughly 500 stocks tracking the S&P 500, calls written against that position, premium paid out monthly.invesco.com
Sits among the stronger implementations in a crowded field of S&P 500 income funds.

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.

PBP Covered calls trade upside for premium. When the S&P 500 runs hard, the written calls hand back part of that move.invesco.com
Thinly traded next to the headline names in the category, which can mean wider bid-ask spreads.
No longer the cheapest seat: IVVW writes calls on the same index for 0.25%.

Full BALI profile⁠

Full PBP profile⁠

BALI vs PBP Holdings

How BALI and PBP differ

Overlap by weight

59.5%

Shared holdings make up 89.5% of BALI and 67.3% of PBP.

Level by level

Asset classEquity, Alternatives0.0%
Holdings118 in both59.5%
Sector11 Sectors92.8%
Countryby domicile98.1%

Sector

Sector weights in BALI and PBP, widest gap first
Sector	More in BALIMore in PBP	BALI	PBP
Technology	PBP +3.5 points	37.0%	40.5%
Health Care	BALI +2.0 points	11.3%	9.3%
Consumer Staples	BALI +2.0 points	6.3%	4.3%
Communication	PBP +2.0 points	8.0%	9.9%
Energy	BALI +1.8 points	5.2%	3.4%
Real Estate	PBP +1.0 points	0.7%	1.7%
Financials	PBP +0.7 points	10.5%	11.2%
Utilities	BALI +0.7 points	2.6%	1.9%
Industrials	BALI +0.8 points	8.3%	7.5%
Consumer Discretionary	Same weight	8.7%	8.7%
Materials	PBP +0.1 points	1.5%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in BALI and PBP, widest gap first
Country	More in BALIMore in PBP	BALI	PBP
United States	BALI +1.6 points	99.4%	97.8%
Ireland	PBP +1.2 points	0.0%	1.2%
Other countries (6)	PBP +0.3 points	0.6%	0.9%

Concentration

Weight in the 10 largest Holdings

BALI35.0%
PBP37.8%

Securities held

BALI190
PBP503

Asset class

BALI: Equity
PBP: Alternatives

Holdings

Only in BALI72
In both118
Only in PBP385

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 PBP

385 securities, 33.9% of PBP by weight

Johnson & Johnson1.01%
Walmart Inc0.82%
Mastercard Inc0.78%
Coca-Cola Co/The0.55%
Home Depot Inc/The0.50%
Philip Morris International Inc0.49%
General Electric Co0.49%
Goldman Sachs Group Inc/The0.41%
RTX Corp0.41%
Thermo Fisher Scientific Inc0.40%
Wells Fargo & Co0.39%
Linde PLC0.35%
Morgan Stanley0.35%
KLA Corp0.33%
Analog Devices Inc0.32%
Citigroup Inc0.32%
Arista Networks Inc0.29%
Walt Disney Co/The0.29%
Salesforce Inc0.29%
McDonald's Corp0.28%
ConocoPhillips0.27%
Union Pacific Corp0.27%
American Express Co0.26%
Blackrock Inc0.26%
Welltower Inc0.26%
Deere & Co0.25%
Intuitive Surgical Inc0.24%
Eaton Corp PLC0.23%
Accenture PLC0.23%
Danaher Corp0.23%
AT&T Inc0.22%
S&P Global Inc0.21%
Vertex Pharmaceuticals Inc0.21%
Boeing Co/The0.21%
Uber Technologies Inc0.20%
Progressive Corp/The0.20%
Altria Group Inc0.20%
Capital One Financial Corp0.20%
Chubb Ltd0.19%
Bristol-Myers Squibb Co0.19%
Prologis Inc0.19%
Marathon Petroleum Corp0.18%
Newmont Corp0.18%
Parker-Hannifin Corp0.18%
Automatic Data Processing Inc0.17%
ServiceNow Inc0.17%
Stryker Corp0.17%
Southern Co/The0.16%
Equinix Inc0.16%
Corning Inc0.16%

Weight gaps

The 100 widest of 118 Holdings in both funds.

Holding weights in BALI and PBP, widest gap first
Holding	More in BALIMore in PBP	BALI	PBP
AppleAAPL	PBP +1.40 points	6.35%	7.75%
ChevronCVX	BALI +1.17 points	1.87%	0.70%
United Parcel Service Inc Class BUPS	BALI +1.12 points	1.24%	0.12%
Costco Wholesale CorpCOST	BALI +1.08 points	1.75%	0.67%
Procter & GamblePG	BALI +1.06 points	1.63%	0.57%
NVIDIANVDA	PBP +1.05 points	6.82%	7.87%
PfizerPFE	BALI +1.03 points	1.29%	0.26%
TjxTJX	BALI +1.00 points	1.24%	0.24%
Tesla IncTSLA	PBP +0.94 points	0.79%	1.73%
Exxonmobil Holdings CorpXOM	BALI +0.86 points	2.01%	1.15%
Wec Energy GroupWEC	BALI +0.82 points	0.88%	0.06%
Lockheed MartinLMT	BALI +0.80 points	1.00%	0.20%
Abbott LaboratoriesABT	BALI +0.67 points	0.95%	0.28%
Cardinal HealthCAH	BALI +0.66 points	0.75%	0.09%
Verizon Communications IncVZ	BALI +0.65 points	0.93%	0.28%
Ametek IncAME	BALI +0.59 points	0.68%	0.09%
MicrosoftMSFT	PBP +0.58 points	5.41%	5.99%
Gilead SciencesGILD	BALI +0.56 points	0.87%	0.31%
Visa Class AV	BALI +0.55 points	1.62%	1.07%
Vulcan MaterialsVMC	BALI +0.54 points	0.60%	0.06%
Airbnb Class AABNB	BALI +0.54 points	0.65%	0.11%
Phillips 66PSX	BALI +0.52 points	0.69%	0.17%
UnitedHealth GroupUNH	BALI +0.51 points	1.07%	0.56%
Citizens Financial Group IncCFG	BALI +0.50 points	0.54%	0.04%
Meta Platforms Class AMETA	PBP +0.50 points	1.60%	2.10%
Amazon.com IncAMZN	PBP +0.48 points	3.16%	3.64%
3MMMM	BALI +0.47 points	0.61%	0.14%
Alphabet Class AGOOGL	PBP +0.48 points	2.06%	2.54%
Broadcom IncAVGO	PBP +0.43 points	2.07%	2.50%
Oreilly Automotive IncORLY	BALI +0.42 points	0.53%	0.11%
Merck & Co IncMRK	BALI +0.42 points	0.97%	0.55%
Valero Energy CorpVLO	BALI +0.40 points	0.57%	0.17%
Ppl CorpPPL	BALI +0.40 points	0.44%	0.04%
PepsicoPEP	BALI +0.40 points	0.68%	0.28%
VerisignVRSN	BALI +0.39 points	0.43%	0.04%
Archer Daniels MidlandADM	BALI +0.36 points	0.42%	0.06%
General Dynamics CorpGD	BALI +0.37 points	0.51%	0.14%
Medtronic PLCMDT	BALI +0.35 points	0.53%	0.18%
Mckesson CorpMCK	BALI +0.33 points	0.50%	0.17%
Applied Material IncAMAT	BALI +0.31 points	0.82%	0.51%
Eli LillyLLY	PBP +0.30 points	1.37%	1.67%
Cisco Systems IncCSCO	BALI +0.31 points	0.96%	0.65%
Booking HoldingsBKNG	BALI +0.30 points	0.47%	0.17%
Nextera EnergyNEE	BALI +0.29 points	0.55%	0.26%
PaychexPAYX	BALI +0.29 points	0.34%	0.05%
Micron TechnologyMU	PBP +0.29 points	1.32%	1.61%
Us BancorpUSB	BALI +0.29 points	0.43%	0.14%
Adobe IncADBE	BALI +0.28 points	0.43%	0.15%
Berkshire Hathaway Inc Class BBRK.B	BALI +0.27 points	1.81%	1.54%
Caterpillar IncCAT	BALI +0.28 points	0.73%	0.45%
Comfort Systems UsaFIX	BALI +0.27 points	0.34%	0.07%
Charles SchwabSCHW	BALI +0.27 points	0.49%	0.22%
Mondelez International Class AMDLZ	BALI +0.27 points	0.39%	0.12%
Lam ResearchLRCX	BALI +0.27 points	0.75%	0.48%
Northrop Grumman CorpNOC	BALI +0.25 points	0.36%	0.11%
Bank of AmericaBAC	BALI +0.24 points	0.75%	0.51%
Rockwell Automation IncROK	BALI +0.24 points	0.32%	0.08%
Travelers CompaniesTRV	BALI +0.23 points	0.36%	0.13%
Exelon CorpEXC	BALI +0.24 points	0.31%	0.07%
Intel CorporationINTC	PBP +0.24 points	0.46%	0.70%
Air Products and ChemicalsAPD	BALI +0.22 points	0.33%	0.11%
JPMorgan Chase & CoJPM	PBP +0.22 points	1.17%	1.39%
Intercontinental Exchange IncICE	BALI +0.21 points	0.35%	0.14%
Target CorpTGT	BALI +0.20 points	0.31%	0.10%
FortinetFTNT	BALI +0.20 points	0.33%	0.13%
Duke Energy CorpDUK	BALI +0.20 points	0.35%	0.15%
Tyson Foods Inc Class ATSN	BALI +0.20 points	0.22%	0.02%
Palantir Technologies Class APLTR	PBP +0.19 points	0.50%	0.69%
Amgen IncAMGN	BALI +0.18 points	0.56%	0.38%
Starbucks CorpSBUX	BALI +0.19 points	0.37%	0.18%
Lowes Companies IncLOW	BALI +0.18 points	0.36%	0.18%
IntuitINTU	BALI +0.18 points	0.32%	0.14%
Healthpeak Properties IncDOC	BALI +0.18 points	0.20%	0.02%
Advanced Micro DevicesAMD	PBP +0.18 points	1.23%	1.41%
BlackstoneBX	BALI +0.17 points	0.31%	0.14%
Cvs HealthCVS	BALI +0.16 points	0.34%	0.18%
Amphenol Corp Class AAPH	BALI +0.16 points	0.47%	0.31%
T Mobile Us IncTMUS	BALI +0.15 points	0.26%	0.11%
Texas InstrumentTXN	BALI +0.15 points	0.59%	0.44%
Avery Dennison CorpAVY	BALI +0.15 points	0.17%	0.02%
Palo Alto NetworksPANW	PBP +0.15 points	0.32%	0.47%
Western Digital CorpWDC	BALI +0.15 points	0.36%	0.22%
International Business Machines CoIBM	BALI +0.14 points	0.51%	0.37%
Transdigm GroupTDG	BALI +0.13 points	0.23%	0.10%
Boston ScientificBSX	BALI +0.14 points	0.23%	0.09%
Dell Technologies Inc Class CDELL	BALI +0.13 points	0.35%	0.22%
Constellation Brands Class ASTZ	BALI +0.12 points	0.15%	0.03%
Honeywell International IncHON	BALI +0.12 points	0.23%	0.11%
FastenalFAST	BALI +0.12 points	0.21%	0.09%
Alphabet Class CGOOG	PBP +0.11 points	1.93%	2.04%
OracleORCL	PBP +0.12 points	0.25%	0.37%
Kraft HeinzKHC	BALI +0.11 points	0.14%	0.03%
Cognizant Technology Solutions ClaCTSH	BALI +0.11 points	0.15%	0.04%
Wr BerkleyWRB	BALI +0.10 points	0.13%	0.03%
Omnicom Group IncOMC	BALI +0.11 points	0.14%	0.03%
Cme Group Class ACME	BALI +0.10 points	0.26%	0.16%
Cboe Global MarketsCBOE	BALI +0.09 points	0.14%	0.05%
Fox Class AFOXA	BALI +0.09 points	0.11%	0.02%
SyscoSYY	BALI +0.09 points	0.15%	0.06%
General Mills IncGIS	BALI +0.07 points	0.10%	0.03%

All 190 BALI holdings⁠All 504 PBP 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 PBP Cost

Overpaying BALI vs PBP

$1,174

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

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

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
PBP 0.29%
Overpaying

Year by year

Year	BALI	PBP	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%PBP, cheaper

PBP0.29%BALI0.35%

0.10%1.18%

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

PBP 5th cheapest of 51 funds

BALI 11th cheapest of 51 funds

BALI vs PBP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BALI 7.84%; PBP 11.45%, better
Payout (12M): BALI $2.67; PBP $2.64
Last payment: BALI $0.18; PBP $0.17
Ex-dividend: BALI Oct 1, 2026; PBP Oct 19, 2026
Paid on: BALI Oct 6, 2026; PBP Oct 23, 2026
Frequency: BALI Monthly; PBP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 36 paymentsAll BALI payments⁠

PBPMonthly · 40 paymentsAll PBP payments⁠

BALI vs PBP 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%PBP 6.1%, better
Return per unit of riskSharpe ratio, 3 years: BALI 1.52PBP 1.55, better
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023PBP −18.6%
Market sensitivityBeta, 5 years: BALI 0.79PBP 0.41; Market = 1

BALI and PBP 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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