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Start your 7-day free trial BATS · Active · options-income
BALI
iShares U.S. Large Cap Premium Income Active ETF
BlackRock Fund Advisors (BFA)
Verdict
Weighted score · Pro 🔒
Fund Identity
What it is, who runs it, where it lives.
The iShares U.S.
The Fund invests at least 80% of its net assets in large cap equity securities of U.S. issuers, while employing a targeted outcome strategy to optimize premium income generation and potential capital appreciation. The strategy combines long positions in U.S. large cap equities, selling (writing) call options on a U.S. large cap equity index (such as the S&P 500 Index), and buying futures on a U.S. large cap equity index. Portfolio construction uses proprietary quantitative return forecast models designed to prioritize downside protection and identify mispricing across stocks.
Ticker
BALI
Issuer
BlackRock Fund Advisors (BFA)
Exchange
BATS
Inception
2023-09-28 · 2.9 yrs
Mgmt style
Active
Replication
Physical (full replication) combined with Derivatives (options/futures) — holds long equity positions, writes index call options, and buys index futures
Index-based
—
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Covered Calls (short/written call options on U.S. large cap equity index)
generates income
Underlying
S&P 500 Index (SPX)
income exposure
MONTHLY
7.6%
DIST. RATE
8% ROC
Ordinary Income
Ordinary Income
Underlying
S&P 500 Index (SPX)
Strategy
Covered Calls (short/written call options on U.S. large cap equity index)
Tax
Ordinary Income
The Fund writes (sells) call options on a U.S. large cap equity index such as the S&P 500 Index to generate premium income. Writing call options limits upside participation in rising markets, so the Fund also buys equity index futures to reduce the cap on potential capital gains. The net effect is a strategy that trades some upside for premium income while retaining equity market exposure.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · AUG '25 – AUG '26
AUG '25AUG '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
8%
ROC
Return of Capital8%
Net Investment Income92%
Frequency
Monthly
Dist. rate
7.59%
ROC %
8%
30-day SEC
not reported
Consistency
1 w/o cut
YOC · 1yr-ago buyer
8.6%
Tax Treatment — Ordinary Income
ORDINARY INCOME
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The August 2026 distribution of $0.189337 per share for BALI is composed primarily of net realized capital gains (73%), with net income contributing 19% and return of capital making up 8%. On a fiscal year-to-date basis, return of capital represents 62% of cumulative distributions, with net income at 21% and capital gains at 17%. The current distribution's ROC portion is notably smaller than the YTD average, suggesting capital gains realizations drove this particular payout.
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-08-03
Ex-dividend
2026-08-03
Pay date
—
Payback Period
13.2 yr
Dist. Since Incep.
$7.0
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
199
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$35.0$32.1$29.3$26.4
AUG '25AUG '26
Price $34.97
50-DMA $33.56
200-DMA $31.37
Bullish — 50-DMA above 200-DMA
Price $35.01 is above the 200-day SMA ($31.37); 50-day SMA $33.56. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
245K
Avg dollar volume
$8,223,110
Bid/ask spread
0.25%
Premium/discount
—
Turnover
112%
Estimated bid/ask spread ~0.25% (moderate). Average daily dollar volume ~$8.2M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$1.37B
$1.37B$706M$46M
JUN '24AUG '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
BALI · 2026-08-10
Prepared by Streamfolio
Research aid, not investment advice.
Prepared by Streamfolio
Research aid, not investment advice.