BALI vs TSPY: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

TappAlpha SPY Growth & Daily Income ETF

TSPYBNasdaq

Overlap

59.3%by weight

Expense ratio

BALI −0.33pt a year

BALI0.35%TSPY0.68%

Avg volume · 30D

BALI 1.3×the volume

BALI337KTSPY268K

BALI vs TSPY Performance

Oct 31, 2025 – Oct 30, 2026

+15.6%BALI+10.8%TSPY

Expense ratio: BALI 0.35%, better; TSPY 0.68%
Fund size: BALI $1.54B; TSPY $399M
1Y total return: BALI +15.6%, better; TSPY +10.8%
Yield (12M): BALI 7.84%; TSPY 14.31%, better
Holdings: BALI 193; TSPY 504
Avg volume (30D): BALI 337K sh, better; TSPY 268K sh
NAV per share: BALI $34.08; TSPY $24.90
52W range

ETF.net Grade

Pillar letters and Scores for BALI, TSPY, with each pillar’s weight
Pillar	BALI	TSPY
Cost30% weight	A77Higher	C45
Mission25% weight	A100	A100
Risk15% weight	B56Higher	D28
Tradability15% weight	A83Higher	A75
Holdings10% weight	A83Higher	A77
Durability5% weight	A85Higher	C54

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and TSPY 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 TSPY 19th 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 17BSPYHNEOS S&P 500 Hedged Equity Income ETFScore 65
Rank 19BTSPYTappAlpha SPY Growth & Daily Income ETFScore 64
Rank 20BISPYProShares S&P 500 High Income ETFScore 63

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

TSPYBTappAlpha SPY Growth & Daily 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.

TSPY TappAlpha writes S&P 500 calls that expire the same day, harvesting premium daily instead of monthly, and distributes monthly. An actively run take on the covered-call trade that still chases capital appreciation, not just yield.

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.

TSPY The Fund seeks current income and capital appreciation while obtaining exposure to the S&P 500® Index through an actively managed covered-call strategy. It sells primarily daily or 0DTE call options against its long S&P 500 exposure to generate option-premium income.

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.

TSPY Sells primarily daily (0DTE) calls against its S&P 500 exposure, so strikes reset with the market instead of locking in a month-old view.
The label is the strategy: US S&P 500 equity exposure with calls written on top, actively managed, no drift into other benchmarks.
Pays monthly, and sits in the upper half of a crowded 51-fund S&P 500 options-income cohort.
Standard 1940 Act ETF wrapper, so no K-1 and no exotic legal structure behind the options sleeve.

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.

TSPY At 0.77% it runs above the cohort's median fee and well above rules-based S&P 500 overwriters like IVVW (0.25%) and GPIX (0.35%).
The fund discloses that distributions can include return of capital, which is your own money coming back and lowers your cost basis.
Launched in 2024, so the track record is short. Writing calls every day also gives up part of the upside on sharp rally days.

Full BALI profile⁠

Full TSPY profile⁠

BALI vs TSPY Holdings

How BALI and TSPY differ

Overlap by weight

59.3%

Shared holdings make up 89.5% of BALI and 65.7% of TSPY.

Level by level

Holdings118 in both59.3%
Countryby domicile99.4%
Asset classEquity100%

Sector

No Sector split for TSPY.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

BALI35.0%
TSPY37.1%

Securities held

BALI190
TSPY503

Asset class

BALI: Equity
TSPY: Equity

Holdings

Only in BALI72
In both118
Only in TSPY385

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 TSPY

385 securities, 33.9% of TSPY by weight

Johnson & Johnson1.00%
Walmart Inc0.84%
Mastercard Inc0.79%
Coca-Cola Co/The0.56%
First American Government Obligations Fund 12/01/20310.55%
Home Depot Inc/The0.50%
Philip Morris International Inc0.50%
Ge Aerospace0.48%
RTX Corp0.41%
Goldman Sachs Group Inc/The0.40%
Thermo Fisher Scientific Inc0.39%
Wells Fargo & Co0.38%
Linde PLC0.36%
Morgan Stanley0.34%
Kla Corp0.31%
Citigroup Inc0.31%
Analog Devices Inc0.31%
Walt Disney Co/The0.29%
Salesforce Inc0.29%
ConocoPhillips0.28%
McDonald's Corp0.28%
Union Pacific Corp0.27%
Arista Networks Inc0.27%
Blackrock Inc0.26%
Deere & Co0.26%
Welltower Inc0.26%
American Express Co0.26%
Accenture PLC0.24%
Intuitive Surgical Inc0.23%
AT&T Inc0.22%
Danaher Corp0.22%
Eaton Corp PLC0.22%
Vertex Pharmaceuticals Inc0.22%
S&P Global Inc0.21%
Boeing Co/The0.21%
Progressive Corp/The0.20%
Uber Technologies Inc0.20%
Altria Group Inc0.20%
Bristol-Myers Squibb Co0.19%
Chubb Ltd0.19%
Capital One Financial Corp0.19%
Marathon Petroleum Corp0.19%
Prologis Inc0.19%
Automatic Data Processing Inc0.17%
Newmont Corp0.17%
Parker-Hannifin Corp0.16%
ServiceNow Inc0.16%
Southern Co/The0.16%
Stryker Corp0.15%
Bank of New York Mellon Corp/The0.15%

Weight gaps

The 100 widest of 118 Holdings in both funds.

Holding weights in BALI and TSPY, widest gap first
Holding	More in BALIMore in TSPY	BALI	TSPY
AppleAAPL	TSPY +1.31 points	6.35%	7.66%
ChevronCVX	BALI +1.16 points	1.87%	0.71%
United Parcel Service Inc Class BUPS	BALI +1.12 points	1.24%	0.12%
Costco Wholesale CorpCOST	BALI +1.06 points	1.75%	0.69%
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	TSPY +0.93 points	0.79%	1.72%
Exxonmobil Holdings CorpXOM	BALI +0.84 points	2.01%	1.17%
Wec Energy GroupWEC	BALI +0.82 points	0.88%	0.06%
Lockheed MartinLMT	BALI +0.80 points	1.00%	0.20%
NVIDIANVDA	TSPY +0.73 points	6.82%	7.55%
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 +0.55 points	1.62%	1.07%
Vulcan MaterialsVMC	BALI +0.55 points	0.60%	0.05%
Gilead SciencesGILD	BALI +0.55 points	0.87%	0.32%
Airbnb Class AABNB	BALI +0.55 points	0.65%	0.10%
Phillips 66PSX	BALI +0.52 points	0.69%	0.17%
UnitedHealth GroupUNH	BALI +0.52 points	1.07%	0.55%
Citizens Financial Group IncCFG	BALI +0.50 points	0.54%	0.04%
MicrosoftMSFT	TSPY +0.49 points	5.41%	5.90%
3MMMM	BALI +0.47 points	0.61%	0.14%
Meta Platforms Class AMETA	TSPY +0.46 points	1.60%	2.06%
Alphabet Class AGOOGL	TSPY +0.44 points	2.06%	2.50%
Amazon.com IncAMZN	TSPY +0.43 points	3.16%	3.59%
Oreilly Automotive IncORLY	BALI +0.42 points	0.53%	0.11%
Merck & Co IncMRK	BALI +0.41 points	0.97%	0.56%
Valero Energy CorpVLO	BALI +0.40 points	0.57%	0.17%
Ppl CorpPPL	BALI +0.40 points	0.44%	0.04%
VerisignVRSN	BALI +0.39 points	0.43%	0.04%
PepsicoPEP	BALI +0.39 points	0.68%	0.29%
General Dynamics CorpGD	BALI +0.37 points	0.51%	0.14%
Archer Daniels MidlandADM	BALI +0.36 points	0.42%	0.06%
Eli LillyLLY	TSPY +0.36 points	1.37%	1.73%
Applied Material IncAMAT	BALI +0.35 points	0.82%	0.47%
Medtronic PLCMDT	BALI +0.35 points	0.53%	0.18%
Mckesson CorpMCK	BALI +0.33 points	0.50%	0.17%
Cisco Systems IncCSCO	BALI +0.33 points	0.96%	0.63%
Booking HoldingsBKNG	BALI +0.30 points	0.47%	0.17%
Broadcom IncAVGO	TSPY +0.29 points	2.07%	2.36%
Us BancorpUSB	BALI +0.29 points	0.43%	0.14%
Lam ResearchLRCX	BALI +0.29 points	0.75%	0.46%
PaychexPAYX	BALI +0.29 points	0.34%	0.05%
Caterpillar IncCAT	BALI +0.29 points	0.73%	0.44%
Nextera EnergyNEE	BALI +0.28 points	0.55%	0.27%
Adobe IncADBE	BALI +0.28 points	0.43%	0.15%
Comfort Systems UsaFIX	BALI +0.28 points	0.34%	0.06%
Berkshire Hathaway Inc Class BBRK.B	BALI +0.27 points	1.81%	1.54%
Charles SchwabSCHW	BALI +0.27 points	0.49%	0.22%
Mondelez International Class AMDLZ	BALI +0.27 points	0.39%	0.12%
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 +0.24 points	0.36%	0.12%
Travelers CompaniesTRV	BALI +0.23 points	0.36%	0.13%
Exelon CorpEXC	BALI +0.24 points	0.31%	0.07%
Air Products and ChemicalsAPD	BALI +0.22 points	0.33%	0.11%
Target CorpTGT	BALI +0.20 points	0.31%	0.11%
FortinetFTNT	BALI +0.20 points	0.33%	0.13%
Intercontinental Exchange IncICE	BALI +0.21 points	0.35%	0.14%
Duke Energy CorpDUK	BALI +0.20 points	0.35%	0.15%
Micron TechnologyMU	TSPY +0.20 points	1.32%	1.52%
Tyson Foods Inc Class ATSN	BALI +0.20 points	0.22%	0.02%
JPMorgan Chase & CoJPM	TSPY +0.19 points	1.17%	1.36%
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%
IntuitINTU	BALI +0.18 points	0.32%	0.14%
Healthpeak Properties IncDOC	BALI +0.18 points	0.20%	0.02%
Amphenol Corp Class AAPH	BALI +0.17 points	0.47%	0.30%
Texas InstrumentTXN	BALI +0.17 points	0.59%	0.42%
Western Digital CorpWDC	BALI +0.17 points	0.36%	0.20%
Cvs HealthCVS	BALI +0.16 points	0.34%	0.18%
Dell Technologies Inc Class CDELL	BALI +0.16 points	0.35%	0.19%
Avery Dennison CorpAVY	BALI +0.15 points	0.17%	0.02%
Palantir Technologies Class APLTR	TSPY +0.15 points	0.50%	0.65%
T Mobile Us IncTMUS	BALI +0.15 points	0.26%	0.11%
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%
Palo Alto NetworksPANW	TSPY +0.13 points	0.32%	0.45%
Honeywell International IncHON	BALI +0.13 points	0.23%	0.10%
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 +0.11 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%
OracleORCL	TSPY +0.09 points	0.25%	0.34%
Fox Class AFOXA	BALI +0.09 points	0.11%	0.02%
SyscoSYY	BALI +0.09 points	0.15%	0.06%
Alphabet Class CGOOG	TSPY +0.08 points	1.93%	2.01%
Hewlett Packard EnterpriseHPE	BALI +0.08 points	0.19%	0.11%
Seagate Technology Holdings PLCSTX	BALI +0.08 points	0.30%	0.22%
General Mills IncGIS	BALI +0.07 points	0.10%	0.03%

All 190 BALI holdings⁠All 504 TSPY 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 TSPY Cost

Overpaying TSPY vs BALI

$6,126

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

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

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
TSPY 0.68%
Overpaying

Year by year

Year	BALI	TSPY	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%TSPY

BALI0.35%TSPY0.68%

0.10%1.18%

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

BALI 11th cheapest of 51 funds

TSPY 27th cheapest of 51 funds

BALI vs TSPY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BALI 7.84%; TSPY 14.31%, better
Payout (12M): BALI $2.67; TSPY $3.57
Last payment: BALI $0.18; TSPY $0.30
Ex-dividend: BALI Oct 1, 2026; TSPY Oct 6, 2026
Paid on: BALI Oct 6, 2026; TSPY Oct 7, 2026
Frequency: BALI Monthly; TSPY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 36 paymentsAll BALI payments⁠

TSPYMonthly · 25 paymentsAll TSPY payments⁠

BALI vs TSPY 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%TSPY 12.3%since Sep 2024
Return per unit of riskSharpe ratio, 3 years: BALI 1.52TSPY 0.82since Sep 2024
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023TSPY −18.0%since Aug 2024
Market sensitivityBeta, 5 years: BALI 0.79TSPY 1.04; Market = 1

BALI and TSPY 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 TSPY

In short

Stated mandate

Why people hold it

Worth knowing

How BALI and TSPY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in TSPY

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 TSPY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in TSPY

Weight gaps