What is the CoveredRank score for BALI?

BALI scores 7.26 out of 10 on the CoveredRank composite score since inception, calculated from six weighted criteria measured against its benchmark.

How does BALI protect on the downside?

BALI scores 3.9 out of 10 on downside protection, measured against the benchmark on the months where the benchmark fell.

Rankings / BALI

BALI

iShares U.S. Large Cap Premium Income Active ETF

SPYIssuer: BlackRockInception: October 18, 2022

7.3

Overall Score

Strategy & 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.

TTM Yield: 7.83% — trailing 12-month distributions, as of September 30, 2026

Expense ratio

0.35%

Inception

Oct 2022

AUM

$1.4B

Holdings

203

Beta

0.812

Volatility (ann.)

10.28%

Upside capture

88.78%

Downside capture

80.19%

Characteristics

✓Captured 89% of SPY's up months since inception (36 months)
✓Worst drawdown -7.4% vs -7.6% for SPY
✓Expense ratio 0.35%, about half of SPYI's 0.68%

Considerations

✗Total return +77.1% vs +85.0% for SPY since Oct 2023, a 7.9-point gap
✗Down capture of 80%: it keeps most of SPY's losses
✗TTM yield 7.83% vs 11.92% for SPYI

Fits

→Wants S&P 500-linked income without giving up most of the upside
→Accepts an active manager and a 3-year record
→Cares about fees more than headline yield

Doesn't fit

→Needs the highest possible yield (SPYI pays 11.9%)
→Wants a rules-based, index-tracking strategy
→Requires a 5-year or longer track record

How it works

The fund holds a dynamically managed portfolio of large-cap US equities and sells call options on the S&P 500 Index. To reduce the upside cap created by the short calls, the fund buys S&P 500 futures. This creates a more balanced exposure than a traditional covered-call strategy, where the short call fully caps gains above the strike. Premium collected from option sales is distributed monthly. The strategy does not hedge market declines: down-capture has been close to up-capture since inception.

In summary

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.

Performance

Cumulative total return of BALI against SPY, distributions reinvested.

Last 60 months · Sep 2023 – Sep 2026

BALI(+77.1%)

SPY(+85.0%)

Cumulative total return, rebased to 0% at the start of each period. Distributions reinvested. Data through end of previous month.

Annual returns

Calendar-year total return, distributions reinvested.

Year	BALI	SPY
2026 YTD	+14.98%	+12.71%
2025	+14.52%	+17.72%
2024	+22.42%	+24.89%
2023 *	+9.87%	+11.64%

Historical years are frozen. YTD is refreshed monthly. * Partial year: return from fund inception to December 31.

Score breakdown

Composite score from six weighted criteria, measured since inception.

Weight 25%9.1

Total Return

Performance since inception against the benchmark.

Weight 25%3.9

Downside Protection

How much of the benchmark drawdown the fund absorbed.

Weight 25%8.9

Upside Participation

How much of the benchmark rally the fund kept.

Weight 15%7.2

Distribution Consistency

Frequency of distribution cuts below 85% of the previous payment.

Weight 5%9.4

Expense Ratio

Inversely proportional to the annual management fee.

Weight 5%4.9

Liquidity

Assets under management on a log scale.

Portfolio exposure

Sector and geographic composition of BALI underlying holdings.

Sectors

Technology36.5%

Healthcare10.4%

Financial Services10.2%

Consumer Cyclical10.1%

Communication Services9.6%

Industrials7.7%

Consumer Defensive6.0%

Energy4.4%

Other5.1%

Countries

United States94.7%

Other4.1%

Ireland0.5%

Puerto Rico0.2%

United Kingdom0.1%

Bermuda0.1%

Israel0.1%

Uruguay0.1%

Top holdings

#	Symbol	Name	Weight
1	NVDA	NVIDIA	7.79%
2	AAPL	APPLE	6.10%
3	MSFT	MICROSOFT	5.38%
4	AMZN	AMAZON.COM INC	3.33%
5	GOOGL	ALPHABET CLASS A	2.68%
6	GOOG	ALPHABET CLASS C	2.37%
7	AVGO	BROADCOM INC	2.34%
8	META	META PLATFORMS CLASS A	1.93%
9	XOM	EXXONMOBIL HOLDINGS CORP	1.73%
10	COST	COSTCO WHOLESALE CORP	1.71%

Holdings data from fund disclosures, updated periodically. Percentages may not sum to 100% due to cash, options, and other positions not shown.

Composite score by time window

The same six criteria, applied to different trailing periods. Pro subscribers see the full breakdown.

Since inception

7.3

3 years

7.2

1 year

8.3

3 months

6.5

🔒

See the full time-window breakdown

How has BALI ranked across inception, 3 years, 1 year, and 3 months? Pro subscribers can compare a fund's trajectory over every window, across all 28 funds.

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Key Metrics

Expense Ratio

0.350%

Inception Date

October 18, 2022

Benchmark

SPY

Other ETFs benchmarked on SPY

Disclaimer: CoveredRank provides independent educational content only. This is not financial advice. Please consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.