BALI vs SPYH: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

NEOS S&P 500 Hedged Equity Income ETF

SPYHBCboe

Overlap

57.6%by weight

Expense ratio

BALI −0.33pt a year

BALI0.35%SPYH0.68%

Avg volume · 30D

BALI 22.3×the volume

BALI337KSPYH15.1K

BALI vs SPYH Performance

Oct 31, 2025 – Oct 30, 2026

+15.6%BALI+8.7%SPYH

Expense ratio: BALI 0.35%, better; SPYH 0.68%
Fund size: BALI $1.54B; SPYH $38M
1Y total return: BALI +15.6%, better; SPYH +8.7%
Yield (12M): BALI 7.84%, better; SPYH 7.81%
Holdings: BALI 193; SPYH 485
Avg volume (30D): BALI 337K sh, better; SPYH 15.1K sh
NAV per share: BALI $34.08; SPYH $55.57
52W range

ETF.net Grade

Pillar letters and Scores for BALI, SPYH, with each pillar’s weight
Pillar	BALI	SPYH
Cost30% weight	A77Higher	C45
Mission25% weight	A100Higher	A96
Risk15% weight	B56	B58Higher
Tradability15% weight	A83Higher	B61
Holdings10% weight	A83	A83
Durability5% weight	A85Higher	C42

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and SPYH 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 SPYH 17th 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 17BFTHIFirst Trust BuyWrite Income ETFScore 65
Rank 17BSPYHNEOS S&P 500 Hedged Equity Income ETFScore 65
Rank 19BTSPYTappAlpha SPY Growth & Daily Income ETFScore 64

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

SPYHBNEOS S&P 500 Hedged Equity 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.

SPYH Most S&P 500 income funds sell calls and leave the downside wide open. SPYH sells the calls, then spends part of that premium on a put spread, so the hedge is built into the strategy rather than bolted on later. Pays 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.

SPYH The Fund seeks high monthly income in a tax-efficient manner while providing a measure of downside protection.

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.

SPYH Holds the S&P 500 stocks, then layers a put spread collar on the index: calls sold for premium, protective puts bought with part of it, lower-strike puts sold to fund the rest.neosfunds.com
Index options here qualify as Section 1256 contracts, taxed 60% long-term and 40% short-term. Part of the payout can be return of capital, which defers tax and trims cost basis.neosfunds.com
Options are written on the index, not on individual names, so the equity sleeve stays a broad S&P 500 replication rather than a stock-picking bet.neosfunds.com
Sits in the upper half of a crowded S&P 500 options-income field, and the issuer describes the hedge as constant and fully financed by option premium.neosfunds.com

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.

SPYH The collar cuts both ways: sold calls limit how much of a rally you keep, and the bought-put cushion covers a band, not everything below it.neosfunds.com
0.68% a year is above the median for S&P 500 options-income funds; cheaper builds exist, such as IVVW at 0.25% and RSPA at 0.32%.
Launched in 2025, small, and not among the heavily traded names in its category, so bid-ask spreads can run wider than at the giants.

Full BALI profile⁠

Full SPYH profile⁠

BALI vs SPYH Holdings

How BALI and SPYH differ

Overlap by weight

57.6%

Shared holdings make up 87.2% of BALI and 64.0% of SPYH.

Level by level

Holdings116 in both57.6%
Sector11 Sectors94.2%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in BALI and SPYH, widest gap first
Sector	More in BALIMore in SPYH	BALI	SPYH
Technology	SPYH +2.8 points	37.0%	39.8%
Consumer Staples	BALI +1.5 points	6.3%	4.8%
Health Care	BALI +1.4 points	11.3%	9.9%
Energy	BALI +1.3 points	5.2%	3.9%
Industrials	BALI +1.2 points	8.3%	7.1%
Real Estate	SPYH +1.2 points	0.7%	1.9%
Communication	SPYH +1.1 points	8.0%	9.1%
Utilities	BALI +0.4 points	2.6%	2.2%
Materials	SPYH +0.4 points	1.5%	1.9%
Consumer Discretionary	SPYH +0.3 points	8.7%	9.0%
Financials	BALI +0.1 points	10.5%	10.4%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

BALI35.0%
SPYH37.2%

Securities held

BALI190
SPYH485

Asset class

BALI: Equity
SPYH: Equity

Holdings

Only in BALI74
In both116
Only in SPYH369

Only in BALI

74 securities, 8.9% of BALI by weight

Berkshire Hathaway Inc Class B1.81%
American Financial Group0.50%
Booking Holdings0.47%
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%

Only in SPYH

369 securities, 37.1% of SPYH by weight

Cash & Other1.67%
Berkshire Hathaway Inc1.54%
Johnson & Johnson1.03%
Walmart Inc0.85%
Mastercard Inc0.81%
Spx Us 12/18/26 P70100.66%
Coca-Cola Co/The0.56%
Philip Morris International Inc0.51%
Home Depot Inc/The0.51%
Ge Aerospace0.49%
RTX Corp0.42%
Thermo Fisher Scientific Inc0.39%
Goldman Sachs Group Inc/The0.39%
Wells Fargo & Co0.39%
Linde PLC0.38%
Morgan Stanley0.35%
Analog Devices Inc0.33%
Citigroup Inc0.32%
Walt Disney Co/The0.29%
Salesforce Inc0.29%
McDonald's Corp0.29%
ConocoPhillips0.29%
Union Pacific Corp0.28%
Kla Corp0.28%
Arista Networks Inc0.28%
American Express Co0.26%
Welltower Inc0.25%
Deere & Co0.25%
Accenture PLC0.24%
Intuitive Surgical Inc0.24%
Eaton Corp PLC0.23%
AT&T Inc0.22%
Danaher Corp0.22%
Boeing Co/The0.22%
Progressive Corp/The0.22%
Uber Technologies Inc0.21%
Chubb Ltd0.21%
Blackrock Inc0.21%
S&P Global Inc0.21%
Vertex Pharmaceuticals Inc0.21%
Altria Group Inc0.20%
Bristol-Myers Squibb Co0.20%
Capital One Financial Corp0.20%
Prologis Inc0.19%
Marathon Petroleum Corp0.19%
Automatic Data Processing Inc0.18%
Newmont Corp0.18%
ServiceNow Inc0.17%
Parker-Hannifin Corp0.16%
Southern Co/The0.16%

Weight gaps

The 100 widest of 116 Holdings in both funds.

Holding weights in BALI and SPYH, widest gap first
Holding	More in BALIMore in SPYH	BALI	SPYH
AppleAAPL	SPYH +1.34 points	6.35%	7.69%
ChevronCVX	BALI +1.17 points	1.87%	0.70%
United Parcel Service Inc Class BUPS	BALI +1.11 points	1.24%	0.13%
Costco Wholesale CorpCOST	BALI +1.08 points	1.75%	0.67%
Procter & GamblePG	BALI +1.06 points	1.63%	0.57%
PfizerPFE	BALI +1.02 points	1.29%	0.27%
TjxTJX	BALI +1.00 points	1.24%	0.24%
Tesla IncTSLA	SPYH +0.95 points	0.79%	1.74%
Exxonmobil Holdings CorpXOM	BALI +0.83 points	2.01%	1.18%
Wec Energy GroupWEC	BALI +0.82 points	0.88%	0.06%
Lockheed MartinLMT	BALI +0.82 points	1.00%	0.18%
NVIDIANVDA	SPYH +0.76 points	6.82%	7.58%
Abbott LaboratoriesABT	BALI +0.66 points	0.95%	0.29%
Cardinal HealthCAH	BALI +0.65 points	0.75%	0.10%
Verizon Communications IncVZ	BALI +0.65 points	0.93%	0.28%
Ametek IncAME	BALI +0.59 points	0.68%	0.09%
Vulcan MaterialsVMC	BALI +0.55 points	0.60%	0.05%
Gilead SciencesGILD	BALI +0.54 points	0.87%	0.33%
Visa Class AV	BALI +0.54 points	1.62%	1.08%
Airbnb Class AABNB	BALI +0.53 points	0.65%	0.12%
Phillips 66PSX	BALI +0.52 points	0.69%	0.17%
MicrosoftMSFT	SPYH +0.51 points	5.41%	5.92%
Citizens Financial Group IncCFG	BALI +0.50 points	0.54%	0.04%
UnitedHealth GroupUNH	BALI +0.48 points	1.07%	0.59%
3MMMM	BALI +0.47 points	0.61%	0.14%
Meta Platforms Class AMETA	SPYH +0.47 points	1.60%	2.07%
Amazon.com IncAMZN	SPYH +0.44 points	3.16%	3.60%
Alphabet Class AGOOGL	SPYH +0.44 points	2.06%	2.50%
Oreilly Automotive IncORLY	BALI +0.42 points	0.53%	0.11%
VerisignVRSN	BALI +0.40 points	0.43%	0.03%
Merck & Co IncMRK	BALI +0.40 points	0.97%	0.57%
Valero Energy CorpVLO	BALI +0.39 points	0.57%	0.18%
Ppl CorpPPL	BALI +0.39 points	0.44%	0.05%
PepsicoPEP	BALI +0.38 points	0.68%	0.30%
General Dynamics CorpGD	BALI +0.37 points	0.51%	0.14%
Archer Daniels MidlandADM	BALI +0.36 points	0.42%	0.06%
Eli LillyLLY	SPYH +0.34 points	1.37%	1.71%
Medtronic PLCMDT	BALI +0.33 points	0.53%	0.20%
Applied Material IncAMAT	BALI +0.33 points	0.82%	0.49%
Mckesson CorpMCK	BALI +0.32 points	0.50%	0.18%
Cisco Systems IncCSCO	BALI +0.32 points	0.96%	0.64%
Comfort Systems UsaFIX	BALI +0.31 points	0.34%	0.03%
Broadcom IncAVGO	SPYH +0.30 points	2.07%	2.37%
Us BancorpUSB	BALI +0.28 points	0.43%	0.15%
Lam ResearchLRCX	BALI +0.29 points	0.75%	0.46%
PaychexPAYX	BALI +0.28 points	0.34%	0.06%
Nextera EnergyNEE	BALI +0.28 points	0.55%	0.27%
Adobe IncADBE	BALI +0.28 points	0.43%	0.15%
Charles SchwabSCHW	BALI +0.27 points	0.49%	0.22%
Caterpillar IncCAT	BALI +0.27 points	0.73%	0.46%
Northrop Grumman CorpNOC	BALI +0.26 points	0.36%	0.10%
Mondelez International Class AMDLZ	BALI +0.26 points	0.39%	0.13%
Bank of AmericaBAC	BALI +0.25 points	0.75%	0.50%
Rockwell Automation IncROK	BALI +0.24 points	0.32%	0.08%
Transdigm GroupTDG	BALI +0.22 points	0.23%	<0.01%
Exelon CorpEXC	BALI +0.23 points	0.31%	0.08%
Travelers CompaniesTRV	BALI +0.22 points	0.36%	0.14%
Air Products and ChemicalsAPD	BALI +0.22 points	0.33%	0.11%
Target CorpTGT	BALI +0.20 points	0.31%	0.11%
JPMorgan Chase & CoJPM	SPYH +0.20 points	1.17%	1.37%
FortinetFTNT	BALI +0.20 points	0.33%	0.13%
Duke Energy CorpDUK	BALI +0.20 points	0.35%	0.15%
Intercontinental Exchange IncICE	BALI +0.20 points	0.35%	0.15%
Tyson Foods Inc Class ATSN	BALI +0.19 points	0.22%	0.03%
IntuitINTU	BALI +0.19 points	0.32%	0.13%
Starbucks CorpSBUX	BALI +0.19 points	0.37%	0.18%
Marvell TechnologyMRVL	BALI +0.19 points	0.31%	0.12%
Western Digital CorpWDC	BALI +0.19 points	0.36%	0.18%
Amgen IncAMGN	BALI +0.18 points	0.56%	0.38%
Amphenol Corp Class AAPH	BALI +0.17 points	0.47%	0.30%
Healthpeak Properties IncDOC	BALI +0.18 points	0.20%	0.02%
Lowes Companies IncLOW	BALI +0.17 points	0.36%	0.19%
BlackstoneBX	BALI +0.16 points	0.31%	0.15%
Dell Technologies Inc Class CDELL	BALI +0.16 points	0.35%	0.19%
Cvs HealthCVS	BALI +0.16 points	0.34%	0.18%
Palantir Technologies Class APLTR	SPYH +0.15 points	0.50%	0.65%
Micron TechnologyMU	SPYH +0.15 points	1.32%	1.47%
Texas InstrumentTXN	BALI +0.15 points	0.59%	0.44%
T Mobile Us IncTMUS	BALI +0.14 points	0.26%	0.12%
Avery Dennison CorpAVY	BALI +0.14 points	0.17%	0.03%
Palo Alto NetworksPANW	SPYH +0.14 points	0.32%	0.46%
Boston ScientificBSX	BALI +0.13 points	0.23%	0.10%
Honeywell International IncHON	BALI +0.13 points	0.23%	0.10%
International Business Machines CoIBM	BALI +0.13 points	0.51%	0.38%
Constellation Brands Class ASTZ	BALI +0.12 points	0.15%	0.03%
FastenalFAST	BALI +0.12 points	0.21%	0.09%
Cognizant Technology Solutions ClaCTSH	BALI +0.11 points	0.15%	0.04%
Wr BerkleyWRB	BALI +0.11 points	0.13%	0.02%
Datadog Inc Class ADDOG	BALI +0.10 points	0.19%	0.09%
Omnicom Group IncOMC	BALI +0.11 points	0.14%	0.03%
Kraft HeinzKHC	BALI +0.10 points	0.14%	0.04%
Alphabet Class CGOOG	SPYH +0.10 points	1.93%	2.03%
Cme Group Class ACME	BALI +0.09 points	0.26%	0.17%
OracleORCL	SPYH +0.09 points	0.25%	0.34%
SyscoSYY	BALI +0.09 points	0.15%	0.06%
Fox Class AFOXA	BALI +0.09 points	0.11%	0.02%
Cboe Global MarketsCBOE	BALI +0.08 points	0.14%	0.06%
Hewlett Packard EnterpriseHPE	BALI +0.08 points	0.19%	0.11%
Lumentum HoldingsLITE	BALI +0.07 points	0.11%	0.04%
Seagate Technology Holdings PLCSTX	BALI +0.07 points	0.30%	0.23%

All 190 BALI holdings⁠All SPYH 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 SPYH Cost

Overpaying SPYH vs BALI

$6,126

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

BALI 0.35%
$7,126
SPYH 0.68%
$13,252

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
SPYH 0.68%
Overpaying

Year by year

Year	BALI	SPYH	Overpaying
10	$634	$1,215	$581
20	$2,454	$4,633	$2,179
30	$7,126	$13,252	$6,126

Expense ratio

0.35%BALI, cheaper
0.68%SPYH

BALI0.35%SPYH0.68%

0.10%1.18%

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

BALI 11th cheapest of 51 funds

SPYH 27th cheapest of 51 funds

BALI vs SPYH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BALI 7.84%, better; SPYH 7.81%
Payout (12M): BALI $2.67; SPYH $4.34
Last payment: BALI $0.18; SPYH $0.37
Ex-dividend: BALI Oct 1, 2026; SPYH Oct 28, 2026
Paid on: BALI Oct 6, 2026; SPYH Oct 30, 2026
Frequency: BALI Monthly; SPYH Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 36 paymentsAll BALI payments⁠

SPYHMonthly · 19 paymentsAll SPYH payments⁠

BALI vs SPYH 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%SPYH 7.2%since May 2025
Return per unit of riskSharpe ratio, 3 years: BALI 1.52SPYH 1.72since May 2025
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023SPYH −6.4%since Apr 2025
Market sensitivityBeta, 5 years: BALI 0.79SPYH 0.58; Market = 1

BALI and SPYH 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 SPYH

In short

Stated mandate

Why people hold it

Worth knowing

How BALI and SPYH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in SPYH

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 SPYH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in SPYH

Weight gaps