BALI vs XRMI: Grades, Fees and Holdings Compared

iShares U.S. Large Cap Premium Income Active ETF

BALIACboe

Global X S&P 500 Risk Managed Income ETF

XRMIBNYSE Arca

Overlap

59.5%by weight

Expense ratio

BALI −0.25pt a year

BALI0.35%XRMI0.60%

Avg volume · 30D

BALI 15.5×the volume

BALI337KXRMI21.8K

3Y return · a year

BALI +11.0pt

BALI+20.1%XRMI+9.1%

BALI vs XRMI Performance

Oct 31, 2025 – Nov 2, 2026

+15.1%BALI+7.8%XRMI

Expense ratio: BALI 0.35%, better; XRMI 0.60%
Fund size: BALI $1.54B; XRMI $63M
1Y total return: BALI +15.1%, better; XRMI +7.8%
Yield (12M): BALI 8.46%; XRMI 12.46%, better
Holdings: BALI 193; XRMI 506
Avg volume (30D): BALI 337K sh, better; XRMI 21.8K sh
NAV per share: BALI $34.08; XRMI $16.98
52W range

ETF.net Grade

Pillar letters and Scores for BALI, XRMI, with each pillar’s weight
Pillar	BALI	XRMI
Cost30% weight	A77Higher	C50
Mission25% weight	A100Higher	A94
Risk15% weight	B56	B62Higher
Tradability15% weight	A83Higher	D32
Holdings10% weight	A84Higher	B65
Durability5% weight	A85Higher	C54

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. BALI and XRMI 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 XRMI 23rd 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 2AIVVWiShares S&P 500 BuyWrite ETFScore 81
Rank 23BHEMIHartford Equity Premium Income ETFScore 61
Rank 23BXRMIGlobal X S&P 500 Risk Managed Income ETFScore 61
Rank 26BHEQTSimplify Hedged Equity ETFScore 60

Our read on each fund

ETF.net Research

BALIAiShares U.S. Large Cap Premium Income Active ETF

XRMIBGlobal X S&P 500 Risk Managed 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.

XRMI A covered-call fund with a seatbelt. XRMI owns the S&P 500, sells at-the-money calls for income, and spends part of that premium on puts 5% below the market, so the hedge is built in rather than bolted on. 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.

XRMI XRMI seeks returns broadly corresponding to the price and yield performance of the Cboe S&P 500 Risk Managed Income Index. It owns S&P 500 stocks and uses a net-credit collar to generate income while mitigating significant market declines.

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.

XRMI Net-credit collar: it sells at-the-money S&P 500 calls and buys 5% out-of-the-money puts, sized so the call premium collected exceeds the cost of the puts.globalxetfs.com globalxetfs.com 2
Calls are struck at the money, the fattest part of the premium curve, not safely out of the money. Distributions go out monthly.globalxetfs.com
Holds the roughly 500 S&P 500 stocks outright and layers the options on top. No swap counterparty, no fund-of-funds wrapper.
Running since 2021 and tied to a published Cboe index, so strikes and rolls follow a rulebook rather than a manager's read of the tape.

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.

XRMI At-the-money calls trade away the upside above the strike each period, so equity gains in a strong rally are structurally limited.globalxetfs.com
The put starts 5% below the market, so the first slice of a decline lands on the fund before the hedge engages.globalxetfs.com
At 0.60% it sits at the median of a crowded S&P 500 options-income field where IVVW (0.25%) and GPIX (0.35%) run cheaper, and it trades thinly, so spreads matter.

Full BALI profile⁠

Full XRMI profile⁠

BALI vs XRMI Holdings

How BALI and XRMI differ

Overlap by weight

59.5%

Shared holdings make up 89.5% of BALI and 66.1% of XRMI.

Level by level

Holdings118 in both59.5%
Sector11 Sectors92.8%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in BALI and XRMI, widest gap first
Sector	More in BALIMore in XRMI	BALI	XRMI
Technology	XRMI +3.3 points	37.0%	40.3%
Health Care	BALI +2.2 points	11.3%	9.1%
Consumer Staples	BALI +1.9 points	6.3%	4.4%
Communication	XRMI +1.7 points	8.0%	9.7%
Energy	BALI +1.5 points	5.2%	3.7%
Real Estate	XRMI +1.0 points	0.7%	1.7%
Industrials	BALI +1.0 points	8.3%	7.3%
Financials	XRMI +0.9 points	10.5%	11.4%
Utilities	BALI +0.7 points	2.6%	1.9%
Materials	XRMI +0.2 points	1.5%	1.7%
Consumer Discretionary	XRMI +0.1 points	8.7%	8.8%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

BALI35.0%
XRMI37.3%

Securities held

BALI190
XRMI505

Asset class

BALI: Equity
XRMI: Equity

Holdings

Only in BALI72
In both118
Only in XRMI387

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 XRMI

387 securities, 34.3% of XRMI by weight

Johnson & Johnson1.01%
Walmart Inc0.85%
Mastercard Inc - A0.79%
Spx Us 11/20/26 P73550.67%
Coca-Cola Co/The0.56%
Home Depot Inc0.50%
Philip Morris International0.50%
Ge Aerospace0.48%
Rtx Corporation0.41%
Thermo Fisher Scientific Inc0.40%
Goldman Sachs Group Inc0.40%
Wells Fargo & Co0.39%
Linde PLC0.35%
Morgan Stanley0.34%
Citigroup Inc0.31%
Analog Devices Inc0.31%
Kla Corp0.31%
Walt Disney Co/The0.29%
Salesforce Inc0.29%
Mcdonald's Corp0.29%
Conocophillips0.28%
Union Pacific Corp0.28%
Arista Networks Inc0.28%
Deere & Co0.27%
Welltower Inc0.26%
American Express Co0.26%
BlackRock Inc0.25%
Accenture Plc-Cl A0.24%
Intuitive Surgical Inc0.23%
AT&T Inc0.23%
Vertex Pharmaceuticals Inc0.23%
Danaher Corp0.22%
Eaton Corp PLC0.22%
S&P Global Inc0.22%
Progressive Corp0.21%
Boeing Co/The0.21%
Chubb Ltd0.20%
Altria Group Inc0.20%
Uber Technologies Inc0.20%
Marathon Petroleum Corp0.20%
Bristol-Myers Squibb Co0.20%
Prologis Inc0.20%
Capital One Financial Corp0.19%
Automatic Data Processing0.18%
Newmont Corp0.18%
Parker Hannifin Corp0.17%
Servicenow Inc0.17%
Southern Co/The0.17%
Bank of New York Mellon Corp0.16%
Stryker Corp0.16%

Weight gaps

The 100 widest of 118 Holdings in both funds.

Holding weights in BALI and XRMI, widest gap first
Holding	More in BALIMore in XRMI	BALI	XRMI
AppleAAPL	XRMI +1.35 points	6.35%	7.70%
ChevronCVX	BALI +1.15 points	1.87%	0.72%
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 +1.05 points	1.63%	0.58%
PfizerPFE	BALI +1.02 points	1.29%	0.27%
TjxTJX	BALI +1.00 points	1.24%	0.24%
Tesla IncTSLA	XRMI +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 +0.79 points	1.00%	0.21%
NVIDIANVDA	XRMI +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 +0.64 points	0.93%	0.29%
Ametek IncAME	BALI +0.59 points	0.68%	0.09%
Vulcan MaterialsVMC	BALI +0.55 points	0.60%	0.04%
Gilead SciencesGILD	BALI +0.55 points	0.87%	0.32%
Visa Class AV	BALI +0.54 points	1.62%	1.08%
Airbnb Class AABNB	BALI +0.54 points	0.65%	0.11%
MicrosoftMSFT	XRMI +0.52 points	5.41%	5.93%
Phillips 66PSX	BALI +0.51 points	0.69%	0.18%
UnitedHealth GroupUNH	BALI +0.52 points	1.07%	0.55%
Citizens Financial Group IncCFG	BALI +0.50 points	0.54%	0.04%
3MMMM	BALI +0.48 points	0.61%	0.13%
Meta Platforms Class AMETA	XRMI +0.48 points	1.60%	2.08%
Amazon.com IncAMZN	XRMI +0.45 points	3.16%	3.61%
Alphabet Class AGOOGL	XRMI +0.45 points	2.06%	2.51%
Oreilly Automotive IncORLY	BALI +0.42 points	0.53%	0.11%
Merck & Co IncMRK	BALI +0.41 points	0.97%	0.56%
VerisignVRSN	BALI +0.40 points	0.43%	0.03%
Ppl CorpPPL	BALI +0.39 points	0.44%	0.05%
Valero Energy CorpVLO	BALI +0.39 points	0.57%	0.18%
PepsicoPEP	BALI +0.38 points	0.68%	0.30%
Eli LillyLLY	XRMI +0.36 points	1.37%	1.73%
Archer Daniels MidlandADM	BALI +0.37 points	0.42%	0.05%
General Dynamics CorpGD	BALI +0.36 points	0.51%	0.15%
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 +0.33 points	0.96%	0.63%
Broadcom IncAVGO	XRMI +0.30 points	2.07%	2.37%
Booking HoldingsBKNG	BALI +0.30 points	0.47%	0.17%
Caterpillar IncCAT	BALI +0.29 points	0.73%	0.44%
Us BancorpUSB	BALI +0.29 points	0.43%	0.14%
PaychexPAYX	BALI +0.28 points	0.34%	0.06%
Lam ResearchLRCX	BALI +0.28 points	0.75%	0.47%
Adobe IncADBE	BALI +0.28 points	0.43%	0.15%
Nextera EnergyNEE	BALI +0.28 points	0.55%	0.27%
Comfort Systems UsaFIX	BALI +0.28 points	0.34%	0.06%
Charles SchwabSCHW	BALI +0.27 points	0.49%	0.22%
Berkshire Hathaway Inc Class BBRK.B	BALI +0.26 points	1.81%	1.55%
Mondelez International Class AMDLZ	BALI +0.26 points	0.39%	0.13%
Rockwell Automation IncROK	BALI +0.26 points	0.32%	0.06%
Northrop Grumman CorpNOC	BALI +0.26 points	0.36%	0.10%
Bank of AmericaBAC	BALI +0.25 points	0.75%	0.50%
Exelon CorpEXC	BALI +0.23 points	0.31%	0.07%
Travelers CompaniesTRV	BALI +0.22 points	0.36%	0.14%
Air Products and ChemicalsAPD	BALI +0.22 points	0.33%	0.11%
Micron TechnologyMU	XRMI +0.21 points	1.32%	1.53%
Intercontinental Exchange IncICE	BALI +0.21 points	0.35%	0.14%
Target CorpTGT	BALI +0.20 points	0.31%	0.11%
FortinetFTNT	BALI +0.20 points	0.33%	0.13%
JPMorgan Chase & CoJPM	XRMI +0.20 points	1.17%	1.37%
Duke Energy CorpDUK	BALI +0.19 points	0.35%	0.16%
Tyson Foods Inc Class ATSN	BALI +0.19 points	0.22%	0.03%
Lowes Companies IncLOW	BALI +0.19 points	0.36%	0.17%
Starbucks CorpSBUX	BALI +0.18 points	0.37%	0.19%
Amgen IncAMGN	BALI +0.18 points	0.56%	0.38%
IntuitINTU	BALI +0.18 points	0.32%	0.14%
Healthpeak Properties IncDOC	BALI +0.18 points	0.20%	0.02%
BlackstoneBX	BALI +0.17 points	0.31%	0.14%
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%
Palantir Technologies Class APLTR	XRMI +0.15 points	0.50%	0.65%
T Mobile Us IncTMUS	BALI +0.15 points	0.26%	0.11%
Avery Dennison CorpAVY	BALI +0.15 points	0.17%	0.02%
Dell Technologies Inc Class CDELL	BALI +0.15 points	0.35%	0.20%
Transdigm GroupTDG	BALI +0.14 points	0.23%	0.09%
International Business Machines CoIBM	BALI +0.14 points	0.51%	0.37%
Constellation Brands Class ASTZ	BALI +0.13 points	0.15%	0.02%
Palo Alto NetworksPANW	XRMI +0.13 points	0.32%	0.45%
Boston ScientificBSX	BALI +0.13 points	0.23%	0.10%
FastenalFAST	BALI +0.12 points	0.21%	0.09%
Honeywell International IncHON	BALI +0.12 points	0.23%	0.11%
Kraft HeinzKHC	BALI +0.11 points	0.14%	0.03%
Cognizant Technology Solutions ClaCTSH	BALI +0.11 points	0.15%	0.04%
Omnicom Group IncOMC	BALI +0.10 points	0.14%	0.04%
Cboe Global MarketsCBOE	BALI +0.10 points	0.14%	0.04%
Wr BerkleyWRB	BALI +0.10 points	0.13%	0.03%
OracleORCL	XRMI +0.10 points	0.25%	0.35%
Alphabet Class CGOOG	XRMI +0.09 points	1.93%	2.02%
SyscoSYY	BALI +0.09 points	0.15%	0.06%
Fox Class AFOXA	BALI +0.09 points	0.11%	0.02%
Cme Group Class ACME	BALI +0.09 points	0.26%	0.17%
General Mills IncGIS	BALI +0.08 points	0.10%	0.02%
Seagate Technology Holdings PLCSTX	BALI +0.07 points	0.30%	0.23%
Hewlett Packard EnterpriseHPE	BALI +0.08 points	0.19%	0.11%

All 190 BALI holdings⁠All 506 XRMI 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 XRMI Cost

Overpaying XRMI vs BALI

$4,691

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

BALI 0.35%
$7,126
XRMI 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

BALI 0.35%
XRMI 0.60%
Overpaying

Year by year

Year	BALI	XRMI	Overpaying
10	$634	$1,076	$442
20	$2,454	$4,116	$1,662
30	$7,126	$11,817	$4,691

Expense ratio

0.35%BALI, cheaper
0.60%XRMI

BALI0.35%XRMI0.60%

0.10%1.18%

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

BALI 11th cheapest of 51 funds

XRMI 25th cheapest of 51 funds

BALI vs XRMI Dividends

Last 12 months to Nov 2, 2026

Yield (12M): BALI 8.46%; XRMI 12.46%, better
Payout (12M): BALI $2.86; XRMI $2.12
Last payment: BALI $0.18; XRMI $0.15
Ex-dividend: BALI Nov 2, 2026; XRMI Oct 19, 2026
Paid on: BALI Pays Nov 5, 2026; XRMI Oct 22, 2026
Frequency: BALI Monthly; XRMI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BALIMonthly · 37 paymentsAll BALI payments⁠

XRMIMonthly · 46 paymentsAll XRMI payments⁠

BALI vs XRMI 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%XRMI 5.2%, better
Return per unit of riskSharpe ratio, 3 years: BALI 1.52, betterXRMI 0.93
Worst fallMax drawdown, 5 years: BALI −16.6%since Sep 2023XRMI −15.3%
Market sensitivityBeta, 5 years: BALI 0.79XRMI 0.35; Market = 1

BALI and XRMI 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 XRMI

In short

Stated mandate

Why people hold it

Worth knowing

How BALI and XRMI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in XRMI

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 XRMI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BALI

Only in XRMI

Weight gaps