BALI vs SPUT: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

Innovator Equity Premium Income – Daily PutWrite ETF

SPUTCNYSE Arca

Overlap

32.5%by weight

Expense ratio

BALI −0.44pt a year

BALI0.35%SPUT0.79%

Avg volume · 30D

BALI 142.2×the volume

BALI337KSPUT2.37K

BALI vs SPUT Performance

Oct 31, 2025 – Oct 30, 2026

+15.6%BALI+9.4%SPUT

Expense ratio: BALI 0.35%, better; SPUT 0.79%
Fund size: BALI $1.54B; SPUT $17M
1Y total return: BALI +15.6%, better; SPUT +9.4%
Yield (12M): BALI 7.84%, better; SPUT 5.06%
Holdings: BALI 193; SPUT 501
Avg volume (30D): BALI 337K sh, better; SPUT 2.37K sh
NAV per share: BALI $34.08; SPUT $28.37
52W range

ETF.net Grade

Pillar letters and Scores for BALI, SPUT, with each pillar’s weight
Pillar	BALI	SPUT
Cost30% weight	A77Higher	D31
Mission25% weight	A100Higher	A98
Risk15% weight	B56	B64Higher
Tradability15% weight	A83Higher	F14
Holdings10% weight	A83	Not scored
Durability5% weight	A85Higher	D37

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and SPUT 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 SPUT 32nd 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 32CSIXHETC 6 Meridian Hedged Equity Index Option ETFScore 52
Rank 32CSPUTInnovator Equity Premium Income – Daily PutWrite ETFScore 52
Rank 34CXSPINEOS Boosted S&P 500 High Income ETFScore 49

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

SPUTCInnovator Equity Premium Income – Daily PutWrite 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.

SPUT Most S&P 500 income ETFs sell calls on stock they own. SPUT flips the trade: an actively run large-cap sleeve paired with puts written on the index every single day, with cash paid out monthly.

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.

SPUT The Fund seeks current income while providing capital appreciation through an actively managed equity portfolio and a daily put-write options 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.

SPUT Income comes from writing puts on the S&P 500, not calls on its own shares, so the options engine sits alongside the equity sleeve instead of on top of it.innovatoretfs.com
Puts are written daily rather than once a month, spreading strike-setting across many entry points instead of one date on the calendar.innovatoretfs.com
Pays monthly, and the stock side is a broad active portfolio of roughly 500 names rather than a handful of megacaps.

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.

SPUT The 0.79% fee sits above what most S&P 500 income funds charge: IVVW runs 0.25%, GPIX 0.35%.
Launched in 2025, still small and thinly traded, so bid-ask spreads can run wider than in the category's heavyweights.
Innovator discloses that monthly distributions can include return of capital, meaning part of a payout may be your own money coming back.innovatoretfs.com

Full BALI profile⁠

Full SPUT profile⁠

BALI vs SPUT Holdings

How BALI and SPUT differ

Overlap by weight

32.5%

Shared holdings make up 90.1% of BALI and 32.7% of SPUT.

Level by level

Holdings131 in both32.5%
Sector11 Sectors93.3%
Countryby domicile99.5%
Asset classEquity100%

Sector

Sector weights in BALI and SPUT, widest gap first
Sector	More in BALIMore in SPUT	BALI	SPUT
Technology	SPUT +3.4 points	37.0%	40.4%
Communication	SPUT +2.1 points	8.0%	10.1%
Consumer Staples	BALI +2.1 points	6.3%	4.2%
Health Care	BALI +1.8 points	11.3%	9.5%
Energy	BALI +1.7 points	5.2%	3.5%
Real Estate	SPUT +0.8 points	0.7%	1.5%
Utilities	BALI +0.7 points	2.6%	1.9%
Industrials	BALI +0.5 points	8.3%	7.8%
Materials	SPUT +0.2 points	1.5%	1.7%
Consumer Discretionary	SPUT +0.2 points	8.7%	8.9%
Financials	Same weight	10.5%	10.5%

Country, concentration and asset class

Country by domicile

Country weights in BALI and SPUT, widest gap first
Country	More in BALIMore in SPUT	BALI	SPUT
United States	BALI +0.1 points	99.4%	99.3%
Netherlands	BALI +0.4 points	0.4%	0.0%
Switzerland	SPUT +0.3 points	0.0%	0.3%
United Kingdom	BALI +0.1 points	0.2%	0.1%
Brazil	Same weight	0.1%	0.1%
China	SPUT +0.1 points	0.0%	0.1%
Mexico	SPUT +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
Finland	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BALI35.0%
SPUT67.3%

Securities held

BALI190
SPUT500

Asset class

BALI: Equity
SPUT: Equity

Holdings

Only in BALI59
In both131
Only in SPUT369

Only in BALI

59 securities, 6.0% 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%
Healthpeak Properties Inc0.20%
Popular0.19%
Avery Dennison Corp0.17%
New York Times Class A0.17%
Neurocrine Biosciences0.16%
First Horizon0.16%
Exelixis Inc0.15%
Healthcare Realty Trust Inc Class0.14%
Rpm International Inc0.13%
Applied Industrial Technologies0.13%
Rayonier Reit0.11%
Sentinelone Inc Class A0.10%
Omega Healthcare Investors Reit0.10%
Ionis Pharmaceuticals0.10%
Ingredion Inc0.10%
Best Buy0.09%
Elastic0.09%
Old Republic International0.09%
Eastman Chemical0.08%
Chemed0.07%
Smithfield Foods0.07%
Eastgroup Properties Reit0.06%
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%
W. P. Carey Reit0.05%
Littelfuse0.04%
Agree Realty Reit0.04%
Coca Cola Europacific Partners PLC0.04%
Aramark0.04%
Hinge Health Class A0.04%
Gitlab Class A0.03%
Msc Industrial Class A0.03%
Liberty Live Holdings Inc Series C0.03%
Avnet0.03%
Guardant Health0.03%
Trade Desk Class A0.03%
Advanced Energy Industries0.03%

Only in SPUT

369 securities, 66.6% of SPUT by weight

United States Treasury Bill 12/01/202649.85%
Johnson & Johnson0.50%
Walmart Inc0.41%
Mastercard Inc0.38%
Coca-Cola Co/The0.28%
Home Depot Inc/The0.25%
Philip Morris International Inc0.25%
Ge Aerospace0.24%
RTX Corp0.20%
Thermo Fisher Scientific Inc0.20%
Wells Fargo & Co0.19%
Linde PLC0.18%
Morgan Stanley0.17%
Citigroup Inc0.16%
Kla Corp0.16%
Analog Devices Inc0.15%
Walt Disney Co/The0.15%
ConocoPhillips0.14%
McDonald's Corp0.14%
Union Pacific Corp0.14%
Salesforce Inc0.14%
Blackrock Inc0.13%
Arista Networks Inc0.13%
American Express Co0.13%
Deere & Co0.13%
Welltower Inc0.13%
Accenture PLC0.12%
Intuitive Surgical Inc0.12%
AT&T Inc0.11%
Danaher Corp0.11%
Eaton Corp PLC0.11%
Vertex Pharmaceuticals Inc0.11%
Progressive Corp/The0.10%
S&P Global Inc0.10%
Chubb Ltd0.10%
Marathon Petroleum Corp0.10%
Altria Group Inc0.10%
Boeing Co/The0.10%
Uber Technologies Inc0.10%
Bristol-Myers Squibb Co0.10%
Capital One Financial Corp0.10%
Prologis Inc0.09%
Automatic Data Processing Inc0.09%
Newmont Corp0.09%
Parker-Hannifin Corp0.08%
ServiceNow Inc0.08%
Southern Co/The0.08%
Equinix Inc0.08%
Stryker Corp0.08%
Bank of New York Mellon Corp/The0.08%

Weight gaps

The 100 widest of 131 Holdings in both funds.

Holding weights in BALI and SPUT, widest gap first
Holding	More in BALIMore in SPUT	BALI	SPUT
NVIDIANVDA	BALI +3.20 points	6.82%	3.62%
AppleAAPL	BALI +2.61 points	6.35%	3.74%
MicrosoftMSFT	BALI +2.51 points	5.41%	2.90%
ChevronCVX	BALI +1.54 points	1.87%	0.33%
Exxonmobil Holdings CorpXOM	BALI +1.42 points	2.01%	0.59%
Costco Wholesale CorpCOST	BALI +1.41 points	1.75%	0.34%
Amazon.com IncAMZN	BALI +1.41 points	3.16%	1.75%
Procter & GamblePG	BALI +1.34 points	1.63%	0.29%
Berkshire Hathaway Inc Class BBRK.B	BALI +1.24 points	1.81%	0.57%
United Parcel Service Inc Class BUPS	BALI +1.18 points	1.24%	0.06%
PfizerPFE	BALI +1.16 points	1.29%	0.13%
TjxTJX	BALI +1.12 points	1.24%	0.12%
Visa Class AV	BALI +1.10 points	1.62%	0.52%
Broadcom IncAVGO	BALI +0.91 points	2.07%	1.16%
Lockheed MartinLMT	BALI +0.89 points	1.00%	0.11%
Alphabet Class CGOOG	BALI +0.86 points	1.93%	1.07%
Wec Energy GroupWEC	BALI +0.85 points	0.88%	0.03%
Alphabet Class AGOOGL	BALI +0.82 points	2.06%	1.24%
Abbott LaboratoriesABT	BALI +0.81 points	0.95%	0.14%
Verizon Communications IncVZ	BALI +0.79 points	0.93%	0.14%
UnitedHealth GroupUNH	BALI +0.79 points	1.07%	0.28%
Gilead SciencesGILD	BALI +0.71 points	0.87%	0.16%
Cardinal HealthCAH	BALI +0.71 points	0.75%	0.04%
Merck & Co IncMRK	BALI +0.69 points	0.97%	0.28%
Cisco Systems IncCSCO	BALI +0.65 points	0.96%	0.31%
Ametek IncAME	BALI +0.64 points	0.68%	0.04%
Advanced Micro DevicesAMD	BALI +0.61 points	1.23%	0.62%
Phillips 66PSX	BALI +0.60 points	0.69%	0.09%
Airbnb Class AABNB	BALI +0.60 points	0.65%	0.05%
Applied Material IncAMAT	BALI +0.59 points	0.82%	0.23%
Meta Platforms Class AMETA	BALI +0.57 points	1.60%	1.03%
Vulcan MaterialsVMC	BALI +0.57 points	0.60%	0.03%
Micron TechnologyMU	BALI +0.56 points	1.32%	0.76%
3MMMM	BALI +0.54 points	0.61%	0.07%
PepsicoPEP	BALI +0.54 points	0.68%	0.14%
Lam ResearchLRCX	BALI +0.52 points	0.75%	0.23%
Citizens Financial Group IncCFG	BALI +0.52 points	0.54%	0.02%
Bank of AmericaBAC	BALI +0.51 points	0.75%	0.24%
Caterpillar IncCAT	BALI +0.51 points	0.73%	0.22%
JPMorgan Chase & CoJPM	BALI +0.49 points	1.17%	0.68%
Valero Energy CorpVLO	BALI +0.48 points	0.57%	0.09%
Oreilly Automotive IncORLY	BALI +0.47 points	0.53%	0.06%
Eli LillyLLY	BALI +0.46 points	1.37%	0.91%
General Dynamics CorpGD	BALI +0.45 points	0.51%	0.06%
Medtronic PLCMDT	BALI +0.44 points	0.53%	0.09%
Ppl CorpPPL	BALI +0.42 points	0.44%	0.02%
Nextera EnergyNEE	BALI +0.42 points	0.55%	0.13%
VerisignVRSN	BALI +0.41 points	0.43%	0.02%
Mckesson CorpMCK	BALI +0.41 points	0.50%	0.09%
AbbVieABBV	BALI +0.41 points	0.81%	0.40%
Archer Daniels MidlandADM	BALI +0.39 points	0.42%	0.03%
Booking HoldingsBKNG	BALI +0.38 points	0.47%	0.09%
Texas InstrumentTXN	BALI +0.38 points	0.59%	0.21%
Charles SchwabSCHW	BALI +0.38 points	0.49%	0.11%
Amgen IncAMGN	BALI +0.37 points	0.56%	0.19%
Us BancorpUSB	BALI +0.36 points	0.43%	0.07%
Adobe IncADBE	BALI +0.35 points	0.43%	0.07%
International Business Machines CoIBM	BALI +0.33 points	0.51%	0.18%
Amphenol Corp Class AAPH	BALI +0.32 points	0.47%	0.15%
Mondelez International Class AMDLZ	BALI +0.33 points	0.39%	0.06%
PaychexPAYX	BALI +0.31 points	0.34%	0.03%
Comfort Systems UsaFIX	BALI +0.31 points	0.34%	0.03%
Travelers CompaniesTRV	BALI +0.30 points	0.36%	0.06%
Northrop Grumman CorpNOC	BALI +0.30 points	0.36%	0.06%
Rockwell Automation IncROK	BALI +0.28 points	0.32%	0.04%
Intercontinental Exchange IncICE	BALI +0.28 points	0.35%	0.07%
Starbucks CorpSBUX	BALI +0.28 points	0.37%	0.09%
Duke Energy CorpDUK	BALI +0.27 points	0.35%	0.08%
Air Products and ChemicalsAPD	BALI +0.28 points	0.33%	0.05%
Lowes Companies IncLOW	BALI +0.27 points	0.36%	0.09%
Exelon CorpEXC	BALI +0.27 points	0.31%	0.04%
Western Digital CorpWDC	BALI +0.28 points	0.36%	0.09%
FortinetFTNT	BALI +0.27 points	0.33%	0.06%
Target CorpTGT	BALI +0.26 points	0.31%	0.05%
Dell Technologies Inc Class CDELL	BALI +0.26 points	0.35%	0.09%
Cvs HealthCVS	BALI +0.25 points	0.34%	0.09%
Intel CorporationINTC	BALI +0.25 points	0.46%	0.21%
IntuitINTU	BALI +0.25 points	0.32%	0.07%
BlackstoneBX	BALI +0.24 points	0.31%	0.07%
NetflixNFLX	BALI +0.24 points	0.44%	0.20%
Tyson Foods Inc Class ATSN	BALI +0.21 points	0.22%	0.01%
Ge VernovaGEV	BALI +0.21 points	0.39%	0.18%
T Mobile Us IncTMUS	BALI +0.20 points	0.26%	0.06%
Palantir Technologies Class APLTR	BALI +0.20 points	0.50%	0.30%
Seagate Technology Holdings PLCSTX	BALI +0.19 points	0.30%	0.11%
Transdigm GroupTDG	BALI +0.18 points	0.23%	0.05%
Crowdstrike Holdings Class ACRWD	BALI +0.18 points	0.37%	0.19%
Boston ScientificBSX	BALI +0.18 points	0.23%	0.05%
Marvell TechnologyMRVL	BALI +0.18 points	0.31%	0.13%
Honeywell International IncHON	BALI +0.18 points	0.23%	0.05%
Cme Group Class ACME	BALI +0.18 points	0.26%	0.08%
FastenalFAST	BALI +0.16 points	0.21%	0.05%
United TherapeuticsUTHR	BALI +0.15 points	0.17%	0.02%
Tesla IncTSLA	SPUT +0.14 points	0.79%	0.93%
Viking Holdings LtdVIK	BALI +0.14 points	0.15%	<0.01%
QualcommQCOM	BALI +0.14 points	0.27%	0.13%
Constellation Brands Class ASTZ	BALI +0.13 points	0.15%	0.02%
Datadog Inc Class ADDOG	BALI +0.13 points	0.19%	0.06%
Hewlett Packard EnterpriseHPE	BALI +0.13 points	0.19%	0.06%
Cognizant Technology Solutions ClaCTSH	BALI +0.13 points	0.15%	0.02%

All 190 BALI holdings⁠All 501 SPUT 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 SPUT Cost

Overpaying SPUT vs BALI

$8,048

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

BALI 0.35%
$7,126
SPUT 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
SPUT 0.79%
Overpaying

Year by year

Year	BALI	SPUT	Overpaying
10	$634	$1,405	$771
20	$2,454	$5,331	$2,877
30	$7,126	$15,174	$8,048

Expense ratio

0.35%BALI, cheaper
0.79%SPUT

BALI0.35%SPUT0.79%

0.10%1.18%

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

BALI 11th cheapest of 51 funds

SPUT 33rd cheapest of 51 funds

BALI vs SPUT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BALI 7.84%, better; SPUT 5.06%
Payout (12M): BALI $2.67; SPUT $1.44
Last payment: BALI $0.18; SPUT $0.09
Ex-dividend: BALI Oct 1, 2026; SPUT Oct 30, 2026
Paid on: BALI Oct 6, 2026; SPUT Pays Nov 2, 2026
Frequency: BALI Monthly; SPUT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 36 paymentsAll BALI payments⁠

SPUTMonthly · 20 paymentsAll SPUT payments⁠

BALI vs SPUT 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%SPUT 6.8%since Apr 2025
Return per unit of riskSharpe ratio, 3 years: BALI 1.52SPUT 1.39since Apr 2025
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023SPUT −10.5%since Mar 2025
Market sensitivityBeta, 5 years: BALI 0.79SPUT 0.55; Market = 1

BALI and SPUT 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 SPUT

In short

Stated mandate

Why people hold it

Worth knowing

How BALI and SPUT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in SPUT

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 SPUT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in SPUT

Weight gaps