BALI · Streamfolio

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BATS · Active · options-income

BALI

iShares U.S. Large Cap Premium Income Active ETF

BlackRock Fund Advisors (BFA)

Verdict

BUY

Weighted score · 4.10 / 5

AUM

$931M

assets under mgmt

Avg Volume

293K

shares · daily

Distribution

7.7%

Monthly · 70% ROC

Expense Ratio

0.35%

0.35% gross

1Y Return

—

vs underlying

Sharpe

1.27

Max DD -16.7%

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, employing a targeted outcome strategy that 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), and buying futures on a U.S. large cap equity index. The strategy is designed to optimize premium income generation and the potential for capital appreciation. Portfolio construction relies on proprietary quantitative return forecast models that incorporate downside protection insights and seek to identify mispricing across stocks.

Ticker

BALI

Issuer

BlackRock Fund Advisors (BFA)

Exchange

BATS

Inception

2023-09-28 · 2.7 yrs

Mgmt style

Active

Replication

Physical (full replication) combined with Derivatives (written call options on S&P 500 index + long equity index futures)

Index-based

— · S&P 500 Index

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 (written/short call options on U.S. large cap equity index)

generates income

Underlying

S&P 500 Index (SPX)

income exposure

MONTHLY

7.7%

DIST. RATE

70% ROC
Ordinary Income

Underlying

S&P 500 Index (SPX)

Strategy

Covered Calls (written/short call options on U.S. large cap equity index)

Tax

Ordinary Income

The Fund sells (writes) call options on a U.S. large cap equity index such as the S&P 500 to generate premium income, which may cap potential gains from the long equity positions. To partially offset this cap on upside participation, the Fund also buys futures on a U.S. large cap equity index.

Performance & NAV

Total return vs. the underlying, with drawdown context.

NAV HISTORY · JUN '25 – JUN '26

JUN '25JUN '26

Max DD

-16.7%

Volatility

13.0%

Sharpe

1.27

Sortino

1.83

Calmar

1.52

Beta

0.81

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.

1Y vs Underlying

—

Tracking err.

—

Yield on cost

10.5%

Distribution & Tax

Where the yield comes from — and how it’s taxed.

Composition · Recent Distribution

70%

ROC

Return of Capital — constructive70%

Net Investment Income30%

Frequency

Monthly

Dist. rate

7.72%

ROC %

70%

30-day SEC

not reported

Consistency

2 w/o cut

YOC · 1yr-ago buyer

8.9%

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

70% Return of Capital

ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.

Composition · Narrative

For the June 4, 2026 distribution, 70% ($0.151657 per share) is classified as Return of Capital and 30% ($0.064382 per share) as Net Income, with no realized capital gains. On a fiscal year-to-date basis, 78% of cumulative distributions represent Return of Capital.

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

2026-06-01

Ex-dividend

2026-06-01

Pay date

—

Payback Period

13.0 yr

Dist. Since Incep.

$6.6

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

$34.1$31.3$28.6$25.9

JUN '25JUN '26

Price $33.74

50-DMA $33.02

200-DMA $31.00

Bullish — 50-DMA above 200-DMA

Price $33.74 is above the 200-day SMA ($31.00); 50-day SMA $33.02. 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

293K

Avg dollar volume

$9,752,568

Bid/ask spread

0.22%

Premium/discount

—

Turnover

112%

Estimated bid/ask spread ~0.22% (moderate). Average daily dollar volume ~$9.8M (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: Falling. Source: shares×price (Massive, monthly).

AUM ($)

$931M

$1.19B$619M$46M

JUN '24JUN '26

SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.

BALI · 2026-06-20
Prepared by denvereyon
Research aid, not investment advice.