SPYI and BALI are both covered call ETFs tracking the same benchmark, but with different approaches. SPYI offers a 11.92% yield, while BALI provides a 7.83% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
NEOS S&P 500 High Income ETF
7.23
Overall Score
iShares U.S. Large Cap Premium Income Active ETF
7.26
Overall Score
| Criteria | SPYI | BALI |
|---|---|---|
| Overall Score | 7.23 7.26 | |
| Total Return (25%) | 7.34 9.07 | |
| Downside Protection (25%) | 5.75 3.93 | |
| Upside Participation (25%) | 7.54 8.88 | |
| Consistency (15%) | 10.00 7.19 | |
| Expense Ratio (5%) | 4.00 9.38 | |
| Liquidity (5%) | 7.40 4.90 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | SPYI | BALI |
|---|---|---|
| Expense Ratio | 0.680% | 0.350% |
| Inception Date | Aug 30, 2022 | Oct 18, 2022 |
| Issuer | NEOS | BlackRock |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 3/5 stars | 3/5 stars |
Pays 11.9%, 3.7 points more than GPIX, at a fee 2.3 times higher (0.68% vs 0.29%).
Investor Profile:
SPYI is an actively managed NEOS fund that holds S&P 500 stocks, 511 positions, and uses a call spread approach on SPX index option futures. The options qualify as Section 1256 contracts, taxed at the 60/40 rate. NEOS aims for high monthly income in a tax-efficient way, and distributions are partly return of capital. It pays monthly.
Keeps 89% of S&P 500 upside for a 7.8% yield, but with 36 months of history and 80% down capture the downside protection is modest.
Investor Profile:
BALI is an actively managed BlackRock fund run by its Systematic Active Equity team (Robert Fisher, Travis Cooke, Raffaele Savi). It holds about 203 large-cap U.S. stocks, with technology at 36.8% of assets. It sells call options on a large-cap equity index to collect premium and pays monthly. Its benchmark is the S&P 500.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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