BALI vs SPYI: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

Neos S&P 500(R) High Income ETF

SPYIACboe

Overlap

57.6%by weight

Expense ratio

BALI −0.33pt a year

BALI0.35%SPYI0.68%

Avg volume · 30D

SPYI 8.0×the volume

BALI337KSPYI2.7M

3Y return · a year

BALI +3.2pt

BALI+21.2%SPYI+18.0%

BALI vs SPYI Performance

Oct 31, 2025 – Oct 30, 2026

+15.6%BALI+11.9%SPYI

Expense ratio: BALI 0.35%, better; SPYI 0.68%
Fund size: BALI $1.54B; SPYI $12.5B
1Y total return: BALI +15.6%, better; SPYI +11.9%
Yield (12M): BALI 7.84%; SPYI 12.06%, better
Holdings: BALI 193; SPYI 504
Avg volume (30D): BALI 337K sh; SPYI 2.7M sh, better
NAV per share: BALI $34.08; SPYI $52.42
52W range

ETF.net Grade

Pillar letters and Scores for BALI, SPYI, with each pillar’s weight
Pillar	BALI	SPYI
Cost30% weight	A77Higher	C45
Mission25% weight	A100	A100
Risk15% weight	B56Higher	C46
Tradability15% weight	A83	A98Higher
Holdings10% weight	A83Higher	A80
Durability5% weight	A85Higher	A83

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and SPYI 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 SPYI 9th 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 8AFYEEFidelity Yield Enhanced Equity ETFScore 73
Rank 9ASPYINeos S&P 500(R) High Income ETFScore 72
Rank 9ATPUTT. Rowe Price Capital Appreciation Market Opportunities ETFScore 72

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

SPYIANeos S&P 500(R) High 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.

SPYI SPYI owns the S&P 500 and layers an SPX call spread on top: sell calls for premium, buy further-out calls to leave some room to climb. Monthly payouts, index-option tax treatment, running since 2022.

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.

SPYI The fund seeks high monthly income through investments in S&P 500 constituents and a data-driven call-option strategy, while retaining potential for equity appreciation in rising markets.

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.

SPYI The overlay is a net-credit call spread: it sells SPX calls and buys further out-of-the-money calls, so the fund keeps some participation when the index rises.neosfunds.com sec.gov
Income comes from SPX index options, Section 1256 contracts taxed 60% long-term / 40% short-term regardless of holding period. Managers also pursue tax loss harvesting.neosfunds.com neosfunds.com 2
Pays monthly, and the portfolio matches the mandate closely: S&P 500 constituents plus the option overlay. A multi-billion-dollar fund that trades actively.

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.

SPYI At 0.68%, it prices above the typical fund in its options-income group (0.60% median), and cheaper index-option income peers exist, including IVVW at 0.25% and GPIX at 0.35%.
Neos discloses that distributions have been classified as return of capital, which hands back part of your own investment and lowers your cost basis.neosfunds.com
Writing calls trades away part of a rally. The fund aims to capture a portion of the index's upside, not the whole move.neosfunds.com neosfunds.com 2

Full BALI profile⁠

Full SPYI profile⁠

BALI vs SPYI Holdings

How BALI and SPYI differ

Overlap by weight

57.6%

Shared holdings make up 87.7% of BALI and 64.0% of SPYI.

Level by level

Holdings117 in both57.6%
Sector11 Sectors94.2%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in BALI and SPYI, widest gap first
Sector	More in BALIMore in SPYI	BALI	SPYI
Technology	SPYI +1.6 points	37.0%	38.6%
Consumer Staples	BALI +1.5 points	6.3%	4.8%
Energy	BALI +1.5 points	5.2%	3.7%
Financials	SPYI +1.4 points	10.5%	11.9%
Health Care	BALI +1.4 points	11.3%	9.9%
Communication	SPYI +1.3 points	8.0%	9.3%
Real Estate	SPYI +1.0 points	0.7%	1.7%
Industrials	BALI +0.9 points	8.3%	7.4%
Utilities	BALI +0.6 points	2.6%	2.0%
Consumer Discretionary	SPYI +0.5 points	8.7%	9.2%
Materials	Same weight	1.5%	1.5%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

BALI35.0%
SPYI37.6%

Securities held

BALI190
SPYI504

Asset class

BALI: Equity
SPYI: Equity

Holdings

Only in BALI73
In both117
Only in SPYI387

Only in BALI

73 securities, 8.4% of BALI by weight

Berkshire Hathaway Inc Class B1.81%
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%

Only in SPYI

387 securities, 36.9% of SPYI by weight

Cash & Other2.24%
Berkshire Hathaway Inc1.51%
Johnson & Johnson1.00%
Walmart Inc0.82%
Mastercard Inc0.78%
Coca-Cola Co/The0.56%
Home Depot Inc/The0.50%
Philip Morris International Inc0.50%
Ge Aerospace0.47%
RTX Corp0.41%
Goldman Sachs Group Inc/The0.40%
Thermo Fisher Scientific Inc0.39%
Wells Fargo & Co0.39%
Linde PLC0.36%
Morgan Stanley0.33%
Salesforce Inc0.32%
Citigroup Inc0.32%
Kla Corp0.31%
Analog Devices Inc0.31%
Walt Disney Co/The0.29%
ConocoPhillips0.28%
McDonald's Corp0.28%
Union Pacific Corp0.27%
Arista Networks Inc0.26%
American Express Co0.26%
Deere & Co0.25%
Blackrock Inc0.25%
Welltower Inc0.25%
Accenture PLC0.24%
Intuitive Surgical Inc0.23%
AT&T Inc0.23%
Danaher Corp0.22%
Eaton Corp PLC0.22%
Vertex Pharmaceuticals Inc0.21%
S&P Global Inc0.21%
Boeing Co/The0.20%
Progressive Corp/The0.20%
Uber Technologies Inc0.20%
Altria Group Inc0.20%
Marathon Petroleum Corp0.20%
Chubb Ltd0.20%
Bristol-Myers Squibb Co0.19%
Capital One Financial Corp0.19%
Prologis Inc0.18%
Automatic Data Processing Inc0.18%
Newmont Corp0.17%
Parker-Hannifin Corp0.17%
ServiceNow Inc0.16%
Southern Co/The0.16%
Bank of New York Mellon Corp/The0.15%

Weight gaps

The 100 widest of 117 Holdings in both funds.

Holding weights in BALI and SPYI, widest gap first
Holding	More in BALIMore in SPYI	BALI	SPYI
AppleAAPL	SPYI +1.33 points	6.35%	7.68%
ChevronCVX	BALI +1.20 points	1.87%	0.67%
United Parcel Service Inc Class BUPS	BALI +1.12 points	1.24%	0.12%
Costco Wholesale CorpCOST	BALI +1.07 points	1.75%	0.68%
Procter & GamblePG	BALI +1.06 points	1.63%	0.57%
PfizerPFE	BALI +1.03 points	1.29%	0.26%
TjxTJX	BALI +1.01 points	1.24%	0.23%
Tesla IncTSLA	SPYI +0.93 points	0.79%	1.72%
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 +0.81 points	1.00%	0.19%
NVIDIANVDA	SPYI +0.76 points	6.82%	7.58%
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 +0.60 points	0.68%	0.08%
Visa Class AV	BALI +0.58 points	1.62%	1.04%
Gilead SciencesGILD	BALI +0.55 points	0.87%	0.32%
Vulcan MaterialsVMC	BALI +0.55 points	0.60%	0.05%
Airbnb Class AABNB	BALI +0.55 points	0.65%	0.10%
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%
MicrosoftMSFT	SPYI +0.50 points	5.41%	5.91%
3MMMM	BALI +0.47 points	0.61%	0.14%
Meta Platforms Class AMETA	SPYI +0.44 points	1.60%	2.04%
Amazon.com IncAMZN	SPYI +0.44 points	3.16%	3.60%
Alphabet Class AGOOGL	SPYI +0.43 points	2.06%	2.49%
Oreilly Automotive IncORLY	BALI +0.42 points	0.53%	0.11%
Merck & Co IncMRK	BALI +0.41 points	0.97%	0.56%
Ppl CorpPPL	BALI +0.40 points	0.44%	0.04%
VerisignVRSN	BALI +0.40 points	0.43%	0.03%
Valero Energy CorpVLO	BALI +0.39 points	0.57%	0.18%
PepsicoPEP	BALI +0.40 points	0.68%	0.28%
Archer Daniels MidlandADM	BALI +0.36 points	0.42%	0.06%
General Dynamics CorpGD	BALI +0.37 points	0.51%	0.14%
Eli LillyLLY	SPYI +0.36 points	1.37%	1.73%
Applied Material IncAMAT	BALI +0.35 points	0.82%	0.47%
Medtronic PLCMDT	BALI +0.34 points	0.53%	0.19%
Mckesson CorpMCK	BALI +0.33 points	0.50%	0.17%
Cisco Systems IncCSCO	BALI +0.32 points	0.96%	0.64%
Booking HoldingsBKNG	BALI +0.30 points	0.47%	0.17%
Broadcom IncAVGO	SPYI +0.29 points	2.07%	2.36%
Lam ResearchLRCX	BALI +0.30 points	0.75%	0.45%
Us BancorpUSB	BALI +0.29 points	0.43%	0.14%
Caterpillar IncCAT	BALI +0.29 points	0.73%	0.44%
PaychexPAYX	BALI +0.29 points	0.34%	0.05%
Nextera EnergyNEE	BALI +0.29 points	0.55%	0.26%
Adobe IncADBE	BALI +0.28 points	0.43%	0.15%
Comfort Systems UsaFIX	BALI +0.28 points	0.34%	0.06%
Charles SchwabSCHW	BALI +0.27 points	0.49%	0.22%
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 +0.25 points	0.32%	0.07%
Northrop Grumman CorpNOC	BALI +0.25 points	0.36%	0.11%
Travelers CompaniesTRV	BALI +0.24 points	0.36%	0.12%
Exelon CorpEXC	BALI +0.24 points	0.31%	0.07%
Air Products and ChemicalsAPD	BALI +0.23 points	0.33%	0.10%
Target CorpTGT	BALI +0.21 points	0.31%	0.10%
FortinetFTNT	BALI +0.20 points	0.33%	0.13%
Intercontinental Exchange IncICE	BALI +0.20 points	0.35%	0.15%
Duke Energy CorpDUK	BALI +0.20 points	0.35%	0.15%
Tyson Foods Inc Class ATSN	BALI +0.20 points	0.22%	0.02%
JPMorgan Chase & CoJPM	SPYI +0.20 points	1.17%	1.36%
Micron TechnologyMU	SPYI +0.19 points	1.32%	1.51%
Starbucks CorpSBUX	BALI +0.19 points	0.37%	0.18%
Lowes Companies IncLOW	BALI +0.18 points	0.36%	0.18%
Amgen IncAMGN	BALI +0.18 points	0.56%	0.38%
BlackstoneBX	BALI +0.18 points	0.31%	0.13%
Healthpeak Properties IncDOC	BALI +0.18 points	0.20%	0.02%
Western Digital CorpWDC	BALI +0.18 points	0.36%	0.19%
Amphenol Corp Class AAPH	BALI +0.17 points	0.47%	0.30%
IntuitINTU	BALI +0.18 points	0.32%	0.14%
Texas InstrumentTXN	BALI +0.17 points	0.59%	0.42%
Cvs HealthCVS	BALI +0.17 points	0.34%	0.17%
Dell Technologies Inc Class CDELL	BALI +0.16 points	0.35%	0.19%
T Mobile Us IncTMUS	BALI +0.15 points	0.26%	0.11%
Avery Dennison CorpAVY	BALI +0.15 points	0.17%	0.02%
Palantir Technologies Class APLTR	SPYI +0.14 points	0.50%	0.64%
Transdigm GroupTDG	BALI +0.14 points	0.23%	0.09%
International Business Machines CoIBM	BALI +0.14 points	0.51%	0.37%
Boston ScientificBSX	BALI +0.14 points	0.23%	0.09%
Honeywell International IncHON	BALI +0.13 points	0.23%	0.10%
Palo Alto NetworksPANW	SPYI +0.13 points	0.32%	0.45%
Constellation Brands Class ASTZ	BALI +0.12 points	0.15%	0.03%
FastenalFAST	BALI +0.12 points	0.21%	0.09%
Kraft HeinzKHC	BALI +0.11 points	0.14%	0.03%
Cognizant Technology Solutions ClaCTSH	BALI +0.10 points	0.15%	0.05%
Omnicom Group IncOMC	BALI +0.10 points	0.14%	0.04%
Wr BerkleyWRB	BALI +0.10 points	0.13%	0.03%
Cboe Global MarketsCBOE	BALI +0.09 points	0.14%	0.05%
Cme Group Class ACME	BALI +0.10 points	0.26%	0.16%
Fox Class AFOXA	BALI +0.09 points	0.11%	0.02%
SyscoSYY	BALI +0.09 points	0.15%	0.06%
Seagate Technology Holdings PLCSTX	BALI +0.08 points	0.30%	0.22%
Alphabet Class CGOOG	SPYI +0.08 points	1.93%	2.01%
OracleORCL	SPYI +0.09 points	0.25%	0.34%
Hewlett Packard EnterpriseHPE	BALI +0.08 points	0.19%	0.11%
Datadog Inc Class ADDOG	BALI +0.07 points	0.19%	0.12%
General Mills IncGIS	BALI +0.07 points	0.10%	0.03%

All 190 BALI holdings⁠All SPYI 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 SPYI Cost

Overpaying SPYI vs BALI

$6,126

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

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

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
SPYI 0.68%
Overpaying

Year by year

Year	BALI	SPYI	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%SPYI

BALI0.35%SPYI0.68%

0.10%1.18%

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

BALI 11th cheapest of 51 funds

SPYI 27th cheapest of 51 funds

BALI vs SPYI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BALI 7.84%; SPYI 12.06%, better
Payout (12M): BALI $2.67; SPYI $6.32
Last payment: BALI $0.18; SPYI $0.51
Ex-dividend: BALI Oct 1, 2026; SPYI Oct 21, 2026
Paid on: BALI Oct 6, 2026; SPYI Oct 23, 2026
Frequency: BALI Monthly; SPYI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 36 paymentsAll BALI payments⁠

SPYIMonthly · 46 paymentsAll SPYI payments⁠

BALI vs SPYI 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%SPYI 8.7%, better
Return per unit of riskSharpe ratio, 3 years: BALI 1.52, betterSPYI 1.45
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023SPYI −16.5%since Aug 2022
Market sensitivityBeta, 5 years: BALI 0.79SPYI 0.70; Market = 1

BALI and SPYI in the news

All news⁠

ETF Filings
Defiance files AI index funds that may also buy private companies outside the index
Oct 30, 2026SPYI
ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026SPYI
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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