BALI vs PHDG: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

Invesco S&P 500 Downside Hedged ETF

PHDGBNYSE Arca

Overlap

54.6%by weight

Expense ratio

BALI −0.04pt a year

BALI0.35%PHDG0.39%

Avg volume · 30D

BALI 46.6×the volume

BALI337KPHDG7.25K

3Y return · a year

BALI +10.0pt

BALI+21.2%PHDG+11.2%

BALI vs PHDG Performance

Oct 31, 2025 – Oct 30, 2026

+15.6%BALI+8.7%PHDG

Expense ratio: BALI 0.35%, better; PHDG 0.39%
Fund size: BALI $1.54B; PHDG $62M
1Y total return: BALI +15.6%, better; PHDG +8.7%
Yield (12M): BALI 7.84%, better; PHDG 1.44%
Holdings: BALI 193; PHDG 508
Avg volume (30D): BALI 337K sh, better; PHDG 7.25K sh
NAV per share: BALI $34.08; PHDG $41.16
52W range

ETF.net Grade

Pillar letters and Scores for BALI, PHDG, with each pillar’s weight
Pillar	BALI	PHDG
Cost30% weight	A77Higher	A73
Mission25% weight	A100	Not scored
Risk15% weight	B56Higher	D39
Tradability15% weight	A83Higher	D30
Holdings10% weight	A83Higher	A70
Durability5% weight	A85Higher	B66

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and PHDG 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 PHDG 29th 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 29BOVLHOverlay Shares Hedged Large Cap Equity ETFScore 56
Rank 29BPHDGInvesco S&P 500 Downside Hedged ETFScore 56
Rank 31CHEDGEquable Shares Hedged Equity ETFScore 53

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

PHDGBInvesco S&P 500 Downside Hedged 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.

PHDG Most funds in this corner of the market sell options for income. PHDG does the opposite: an S&P 500 core paired with a VIX futures hedge that scales up as markets get choppy, run actively since 2012.

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.

PHDG The actively managed ETF seeks positive total returns in rising or falling markets. It obtains dynamic exposure to S&P 500 equity and volatility.

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.

PHDG The hedge is rules-driven: its reference index shifts among the S&P 500, VIX short-term futures and cash based on realized and implied volatility.spglobal.com
0.39% net of a waiver through August 31, 2027 (0.44% gross), below the category median despite an actively managed volatility overlay.
Live since December 2012, so this hedging engine has run through real volatility spikes rather than arriving as a recent product launch.
Broad core behind the hedge: exposure to about 500 large US stocks, with cash paid out quarterly.

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.

PHDG Long volatility costs money to carry. In calm, grinding-higher markets the VIX sleeve can bleed value, and that is the price of the cushion.spglobal.com sec.gov
The index's stop-loss rule shifts to cash after a 2% slide over five index business days. It dampens drawdowns but does not set a floor under them.sec.gov
It trades thinly next to the category's covered-call heavyweights, and several of those undercut it on fee (IVVW at 0.25%).

Full BALI profile⁠

Full PHDG profile⁠

BALI vs PHDG Holdings

How BALI and PHDG differ

Overlap by weight

54.6%

Shared holdings make up 89.5% of BALI and 55.9% of PHDG.

Level by level

Asset classEquity, Alternatives0.0%
Holdings118 in both54.6%
Sector11 Sectors93.9%
Countryby domicile98.3%

Sector

Sector weights in BALI and PHDG, widest gap first
Sector	More in BALIMore in PHDG	BALI	PHDG
Technology	PHDG +2.5 points	37.0%	39.5%
Consumer Staples	BALI +1.7 points	6.3%	4.6%
Health Care	BALI +1.6 points	11.3%	9.7%
Energy	BALI +1.5 points	5.2%	3.7%
Financials	PHDG +1.1 points	10.5%	11.6%
Communication	PHDG +1.1 points	8.0%	9.1%
Real Estate	PHDG +1.0 points	0.7%	1.7%
Industrials	BALI +0.8 points	8.3%	7.5%
Utilities	BALI +0.6 points	2.6%	2.0%
Consumer Discretionary	PHDG +0.4 points	8.7%	9.1%
Materials	Same weight	1.5%	1.5%

Country, concentration and asset class

Country by domicile

Country weights in BALI and PHDG, widest gap first
Country	More in BALIMore in PHDG	BALI	PHDG
United States	BALI +1.3 points	99.4%	98.1%
Ireland	PHDG +1.1 points	0.0%	1.1%
Other countries (6)	PHDG +0.2 points	0.6%	0.8%

Concentration

Weight in the 10 largest Holdings

BALI35.0%
PHDG48.3%

Securities held

BALI190
PHDG505

Asset class

BALI: Equity
PHDG: Alternatives

Holdings

Only in BALI72
In both118
Only in PHDG387

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 PHDG

387 securities, 40.0% of PHDG by weight

Invesco Premier US Government Money Portfolio11.81%
Johnson & Johnson0.84%
Walmart Inc0.68%
Mastercard Inc0.65%
Coca-Cola Co/The0.45%
Home Depot Inc/The0.41%
Philip Morris International Inc0.41%
General Electric Co0.41%
Goldman Sachs Group Inc/The0.34%
RTX Corp0.34%
Thermo Fisher Scientific Inc0.33%
Wells Fargo & Co0.32%
Linde PLC0.29%
Morgan Stanley0.29%
KLA Corp0.28%
Analog Devices Inc0.27%
Citigroup Inc0.27%
Arista Networks Inc0.24%
Walt Disney Co/The0.24%
Salesforce Inc0.24%
McDonald's Corp0.23%
ConocoPhillips0.23%
Union Pacific Corp0.23%
American Express Co0.22%
Blackrock Inc0.21%
Welltower Inc0.21%
Deere & Co0.21%
Intuitive Surgical Inc0.20%
Eaton Corp PLC0.19%
Accenture PLC0.19%
Danaher Corp0.19%
AT&T Inc0.18%
S&P Global Inc0.18%
Vertex Pharmaceuticals Inc0.17%
Boeing Co/The0.17%
Uber Technologies Inc0.17%
Progressive Corp/The0.17%
Altria Group Inc0.16%
Capital One Financial Corp0.16%
Chubb Ltd0.16%
Bristol-Myers Squibb Co0.16%
Prologis Inc0.15%
Marathon Petroleum Corp0.15%
Newmont Corp0.15%
Parker-Hannifin Corp0.15%
Automatic Data Processing Inc0.14%
ServiceNow Inc0.14%
Stryker Corp0.14%
Southern Co/The0.14%
Equinix Inc0.13%

Weight gaps

The 100 widest of 118 Holdings in both funds.

Holding weights in BALI and PHDG, widest gap first
Holding	More in BALIMore in PHDG	BALI	PHDG
ChevronCVX	BALI +1.29 points	1.87%	0.58%
Costco Wholesale CorpCOST	BALI +1.19 points	1.75%	0.56%
Procter & GamblePG	BALI +1.16 points	1.63%	0.47%
United Parcel Service Inc Class BUPS	BALI +1.14 points	1.24%	0.10%
PfizerPFE	BALI +1.07 points	1.29%	0.22%
Exxonmobil Holdings CorpXOM	BALI +1.06 points	2.01%	0.95%
TjxTJX	BALI +1.04 points	1.24%	0.20%
Wec Energy GroupWEC	BALI +0.83 points	0.88%	0.05%
Lockheed MartinLMT	BALI +0.83 points	1.00%	0.17%
Visa Class AV	BALI +0.74 points	1.62%	0.88%
Abbott LaboratoriesABT	BALI +0.72 points	0.95%	0.23%
Verizon Communications IncVZ	BALI +0.70 points	0.93%	0.23%
Cardinal HealthCAH	BALI +0.68 points	0.75%	0.07%
Tesla IncTSLA	PHDG +0.65 points	0.79%	1.44%
Gilead SciencesGILD	BALI +0.61 points	0.87%	0.26%
Ametek IncAME	BALI +0.61 points	0.68%	0.07%
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 +0.55 points	0.69%	0.14%
Berkshire Hathaway Inc Class BBRK.B	BALI +0.53 points	1.81%	1.28%
Merck & Co IncMRK	BALI +0.51 points	0.97%	0.46%
Citizens Financial Group IncCFG	BALI +0.50 points	0.54%	0.04%
3MMMM	BALI +0.49 points	0.61%	0.12%
PepsicoPEP	BALI +0.45 points	0.68%	0.23%
Oreilly Automotive IncORLY	BALI +0.44 points	0.53%	0.09%
Valero Energy CorpVLO	BALI +0.43 points	0.57%	0.14%
MicrosoftMSFT	BALI +0.43 points	5.41%	4.98%
Cisco Systems IncCSCO	BALI +0.42 points	0.96%	0.54%
Ppl CorpPPL	BALI +0.41 points	0.44%	0.03%
Applied Material IncAMAT	BALI +0.40 points	0.82%	0.42%
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%
Mckesson CorpMCK	BALI +0.36 points	0.50%	0.14%
Caterpillar IncCAT	BALI +0.35 points	0.73%	0.38%
Lam ResearchLRCX	BALI +0.35 points	0.75%	0.40%
Nextera EnergyNEE	BALI +0.33 points	0.55%	0.22%
Booking HoldingsBKNG	BALI +0.33 points	0.47%	0.14%
Bank of AmericaBAC	BALI +0.33 points	0.75%	0.42%
Us BancorpUSB	BALI +0.31 points	0.43%	0.12%
Adobe IncADBE	BALI +0.31 points	0.43%	0.12%
Charles SchwabSCHW	BALI +0.31 points	0.49%	0.18%
PaychexPAYX	BALI +0.30 points	0.34%	0.04%
Mondelez International Class AMDLZ	BALI +0.29 points	0.39%	0.10%
Comfort Systems UsaFIX	BALI +0.28 points	0.34%	0.06%
NVIDIANVDA	BALI +0.28 points	6.82%	6.54%
Northrop Grumman CorpNOC	BALI +0.27 points	0.36%	0.09%
Travelers CompaniesTRV	BALI +0.26 points	0.36%	0.10%
Rockwell Automation IncROK	BALI +0.26 points	0.32%	0.06%
Amgen IncAMGN	BALI +0.24 points	0.56%	0.32%
Exelon CorpEXC	BALI +0.25 points	0.31%	0.06%
Air Products and ChemicalsAPD	BALI +0.24 points	0.33%	0.09%
Intercontinental Exchange IncICE	BALI +0.23 points	0.35%	0.12%
Alphabet Class CGOOG	BALI +0.23 points	1.93%	1.70%
Target CorpTGT	BALI +0.22 points	0.31%	0.09%
Duke Energy CorpDUK	BALI +0.23 points	0.35%	0.12%
FortinetFTNT	BALI +0.22 points	0.33%	0.11%
Texas InstrumentTXN	BALI +0.23 points	0.59%	0.36%
Starbucks CorpSBUX	BALI +0.22 points	0.37%	0.15%
Amphenol Corp Class AAPH	BALI +0.21 points	0.47%	0.26%
Lowes Companies IncLOW	BALI +0.21 points	0.36%	0.15%
Tyson Foods Inc Class ATSN	BALI +0.20 points	0.22%	0.02%
IntuitINTU	BALI +0.21 points	0.32%	0.11%
International Business Machines CoIBM	BALI +0.20 points	0.51%	0.31%
BlackstoneBX	BALI +0.20 points	0.31%	0.11%
Cvs HealthCVS	BALI +0.19 points	0.34%	0.15%
Western Digital CorpWDC	BALI +0.19 points	0.36%	0.18%
Healthpeak Properties IncDOC	BALI +0.18 points	0.20%	0.02%
T Mobile Us IncTMUS	BALI +0.17 points	0.26%	0.09%
Dell Technologies Inc Class CDELL	BALI +0.17 points	0.35%	0.18%
AbbVieABBV	BALI +0.16 points	0.81%	0.65%
Avery Dennison CorpAVY	BALI +0.15 points	0.17%	0.02%
Transdigm GroupTDG	BALI +0.15 points	0.23%	0.08%
Boston ScientificBSX	BALI +0.15 points	0.23%	0.08%
Meta Platforms Class AMETA	PHDG +0.14 points	1.60%	1.74%
Honeywell International IncHON	BALI +0.14 points	0.23%	0.09%
FastenalFAST	BALI +0.13 points	0.21%	0.08%
Amazon.com IncAMZN	BALI +0.13 points	3.16%	3.03%
Constellation Brands Class ASTZ	BALI +0.12 points	0.15%	0.03%
Cme Group Class ACME	BALI +0.13 points	0.26%	0.13%
Cognizant Technology Solutions ClaCTSH	BALI +0.11 points	0.15%	0.04%
Kraft HeinzKHC	BALI +0.11 points	0.14%	0.03%
Intel CorporationINTC	PHDG +0.12 points	0.46%	0.58%
NetflixNFLX	BALI +0.11 points	0.44%	0.33%
Omnicom Group IncOMC	BALI +0.11 points	0.14%	0.03%
Wr BerkleyWRB	BALI +0.11 points	0.13%	0.02%
Seagate Technology Holdings PLCSTX	BALI +0.10 points	0.30%	0.20%
Cboe Global MarketsCBOE	BALI +0.10 points	0.14%	0.04%
AppleAAPL	PHDG +0.09 points	6.35%	6.44%
SyscoSYY	BALI +0.10 points	0.15%	0.05%
Fox Class AFOXA	BALI +0.09 points	0.11%	0.02%
Hewlett Packard EnterpriseHPE	BALI +0.09 points	0.19%	0.10%
Ge VernovaGEV	BALI +0.09 points	0.39%	0.30%
Datadog Inc Class ADDOG	BALI +0.08 points	0.19%	0.11%
General Mills IncGIS	BALI +0.08 points	0.10%	0.02%
Palantir Technologies Class APLTR	PHDG +0.07 points	0.50%	0.57%
Palo Alto NetworksPANW	PHDG +0.07 points	0.32%	0.39%
Marvell TechnologyMRVL	BALI +0.07 points	0.31%	0.24%

All 190 BALI holdings⁠All 507 PHDG 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 PHDG Cost

Overpaying PHDG vs BALI

$772

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

BALI 0.35%
$7,126
PHDG 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
PHDG 0.39%
Overpaying

Year by year

Year	BALI	PHDG	Overpaying
10	$634	$705	$71
20	$2,454	$2,725	$271
30	$7,126	$7,898	$772

Expense ratio

0.35%BALI, cheaper
0.39%PHDG

BALI0.35%PHDG0.39%

0.10%1.18%

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

BALI 11th cheapest of 51 funds

PHDG 14th cheapest of 51 funds

BALI vs PHDG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BALI 7.84%, better; PHDG 1.44%
Payout (12M): BALI $2.67; PHDG $0.59
Last payment: BALI $0.18; PHDG $0.12
Ex-dividend: BALI Oct 1, 2026; PHDG Sep 21, 2026
Paid on: BALI Oct 6, 2026; PHDG Sep 25, 2026
Frequency: BALI Monthly; PHDG Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 36 paymentsAll BALI payments⁠

PHDGQuarterly · 15 paymentsAll PHDG payments⁠

BALI vs PHDG 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%, betterPHDG 10.5%
Return per unit of riskSharpe ratio, 3 years: BALI 1.52, betterPHDG 0.65
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023PHDG −17.1%
Market sensitivityBeta, 5 years: BALI 0.79PHDG 0.71; Market = 1

BALI and PHDG 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 PHDG

In short

Stated mandate

Why people hold it

Worth knowing

How BALI and PHDG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in PHDG

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 PHDG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in PHDG

Weight gaps