AMAX vs INCM: Grades, Fees and Holdings Compared

Adaptive Hedged Multi-Asset Income ETF

AMAXFNYSE Arca

Franklin Income Focus ETF

INCMANYSE Arca

Overlap

0.3%by weight

Expense ratio

INCM −0.99pt a year

AMAX1.37%INCM0.38%

Avg volume · 30D

INCM 6.9×the volume

AMAX60.2KINCM418K

3Y return · a year

INCM +3.2pt

AMAX+10.3%INCM+13.5%

AMAX vs INCM Performance

Oct 31, 2025 – Oct 30, 2026

−0.2%AMAX+11.3%INCM

Expense ratio: AMAX 1.37%; INCM 0.38%, better
Fund size: AMAX $73M; INCM $2.03B
1Y total return: AMAX −0.2%; INCM +11.3%, better
Yield (12M): AMAX 12.53%, better; INCM 5.67%
Holdings: AMAX 13; INCM 393
Avg volume (30D): AMAX 60.2K sh; INCM 418K sh, better
NAV per share: AMAX $7.15; INCM $29.10
52W range

ETF.net Grade

Pillar letters and Scores for AMAX, INCM, with each pillar’s weight
Pillar	AMAX	INCM
Cost30% weight	F0	A93Higher
Mission25% weight	C41	Not scored
Risk15% weight	F21	A80Higher
Tradability15% weight	D39	B64Higher
Holdings10% weight	F23	Not scored
Durability5% weight	C51	A77Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. AMAX and INCM are both graded against the same 15 Multi-Asset Income funds, so their Grades compare head to head.

Multi-Asset Income⁠

Category · 15 funds

See all 15 ›

INCM ranks 1st and AMAX 15th of 15 funds in the Multi-Asset Income Category.

Rank 1AINCMFranklin Income Focus ETFScore 82
Rank 2AIYLDiShares Morningstar Multi-Asset Income ETFScore 79
Rank 13DYFYAYields for You Income Strategy A ETFScore 37
Rank 15FAMAXAdaptive Hedged Multi-Asset Income ETFScore 24

Our read on each fund

ETF.net Research

AMAXFAdaptive Hedged Multi-Asset Income ETF

INCMAFranklin Income Focus ETF

In short

AMAX Most multi-asset income funds follow a fixed recipe. This one is actively managed, spreads across stocks, bonds and alternatives via other funds, hedges on the manager's call, and pays monthly.

INCM A go-anywhere income hunt in ETF form: Franklin's managers roam across asset classes chasing current income, hold roughly 400 positions, charge 0.38%, and pay out monthly.

Stated mandate

AMAX The Fund seeks total return through capital appreciation and current income.

INCM The fund seeks a high level of current income, with long-term capital appreciation as a secondary objective.

Why people hold it

AMAX Actively managed with no published benchmark to hug: the manager can reshape the stock, bond and alternative mix and layer on hedges. That flexibility is the whole pitch.bloomberg.com
Pays monthly, a cadence set in the fund's own income policy rather than a marketing habit.
The track record runs back to 2009, across multiple rate and credit cycles, not a two-year backtest.
Mandate is total return: capital appreciation sits alongside current income in the stated objective, so it is not chasing yield alone.

INCM Charges 0.38%, well under the typical fund in its multi-asset allocation group. More of the income stays with shareholders.
Distributes monthly, matching the rhythm of actual bills. Current income is the stated primary objective, with capital appreciation secondary.
Spreads the income job across roughly 400 positions instead of leaning on a short list of high yielders.
Trades smoothly for a multi-billion-dollar fund, and rates as one of the stronger implementations in its allocation peer group.

Worth knowing

AMAX 1.37% net of a waiver through September 30, 2027 (1.71% gross) is above the category median; INCM charges 0.38% and IYLD 0.50% for multi-asset income.
Monthly payouts can include return of capital, disclosed in the fund's documents, which hands back part of your own principal rather than income earned.
Discretionary hedging means results hinge on the manager's timing, with no index to measure the calls against.bloomberg.com

INCM Actively managed with no declared index, so the asset mix and the payout reflect manager judgment rather than a published rulebook you can check against.
The mandate targets a high level of current income, not a fixed dollar amount, so the monthly distribution moves with markets.
Index-based allocation peers such as AOA and IRTR carry lower expense ratios. Here the fee buys active security selection instead of a set glide path.

Full AMAX profile⁠

Full INCM profile⁠

AMAX vs INCM Holdings

How AMAX and INCM differ

Overlap by weight

0.3%

Shared holdings make up 33.3% of AMAX and 0.3% of INCM.

Level by level

Holdings1 in both0.3%
Sector11 Sectors37.7%
Countryby domicile84.8%

Sector

Sector weights in AMAX and INCM, widest gap first
Sector	More in AMAXMore in INCM	AMAX	INCM
Technology	AMAX +48.8 points	59.0%	10.2%
Consumer Staples	INCM +17.7 points	1.8%	19.5%
Energy	INCM +16.7 points	1.3%	18.0%
Utilities	INCM +13.2 points	0.8%	14.0%
Materials	AMAX +6.7 points	12.0%	5.3%
Communication	AMAX +6.2 points	6.2%	0.0%
Financials	INCM +5.1 points	5.6%	10.7%
Health Care	INCM +4.6 points	4.5%	9.1%
Industrials	INCM +3.5 points	3.7%	7.2%
Consumer Discretionary	INCM +1.5 points	4.5%	6.0%
Real Estate	AMAX +0.7 points	0.7%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in AMAX and INCM, widest gap first
Country	More in AMAXMore in INCM	AMAX	INCM
United States	AMAX +11.0 points	94.7%	83.7%
United Kingdom	INCM +7.1 points	0.2%	7.3%
Canada	AMAX +2.9 points	3.3%	0.4%
Switzerland	INCM +2.5 points	0.1%	2.6%
Netherlands	INCM +1.6 points	0.0%	1.6%
Germany	INCM +1.4 points	0.0%	1.4%
Ireland	INCM +1.1 points	0.4%	1.5%
France	INCM +0.8 points	0.0%	0.8%
Other countries (10)	AMAX +0.6 points	1.2%	0.6%

Concentration

Weight in the 10 largest Holdings

AMAX99.7%
INCM17.0%

Securities held

AMAX13
INCM367

Asset class

AMAX: Multi-Asset
INCM: Multi-Asset

Holdings

Only in AMAX12
In both1
Only in INCM366

Only in AMAX

12 securities, 66.9% of AMAX by weight

SPDR S&P 500 ETF Trust19.85%
Ft Vest Gold Strt Trgt Incm Etf14.60%
Strategy Class A Ord11.44%
iShares Bitcoin Trus7.32%
Yieldmax Magft 7 Fnd Opt Incm Etf4.63%
Ubs AG Etracs Cd Ol Cr Class Etn3.87%
Vaneck Gold Miners Etf3.83%
Mstr 261127P001200000.54%
Ishares 20 Pls Year Treasury Bnd Etf0.33%
Cwalt 2006-28CB A1510/25/2036 6.5%0.26%
Ibit 261127P000400000.12%
Ahm 2004-1 4M104/25/2044 Var0.12%

Only in INCM

366 securities, 95.9% of INCM by weight

Procter & Gamble Co/The2.08%
Exxonmobil Holdings Corp1.73%
JPMorgan Chase 0 1/271.69%
Chevron Corp1.59%
Us Treasury N/ 4.625 8/361.54%
Home Depot Inc1.45%
Morgan Stanley1.42%
Alphabet Inc 5.45 8/361.27%
Shell Plc-Adr1.20%
Duke Energy Corp1.20%
Pepsico Inc1.20%
Us Treasury N/ 5.125 8/561.10%
Roche Holdings Ltd-Spons1.10%
Southern Co/The1.07%
Unilever PLC0.96%
Bnp Paribas Iss Eln 9/270.92%
Air Products & Chemicals0.91%
Mizuho Markets Eln 09/270.89%
Bank of America Corp0.89%
Philip Morris Internation0.82%
Ubs AG 8 4/270.78%
Ubs AG London 8 7/270.78%
Chs/Community 9.75 1/340.76%
Abbv Eln 12/11/20260.75%
Lyondellbasell Indu-Cl A0.71%
Us Treasury N/B 3.5 2/310.70%
Conocophillips0.69%
Oracle Corp0.68%
Citigroup Inc 6.174 5/340.67%
Lockheed Martin Corp0.67%
Target Corp0.67%
Amazon.com Inc 6.1 7/560.66%
Mizuho Mark Eln 9/270.64%
Wells Fargo Bank 8 3/270.63%
Albemarle Corp0.62%
Morgan Stan Fin 0 3/270.62%
Pfizer Inc0.60%
Siemens Ag-Reg0.57%
Toronto-Domini Eln 09/270.57%
Texas Instruments Inc0.56%
Ubs AG 7.5 12/260.56%
Us Bancorp0.54%
Us Treasury N/B 5 5/560.54%
Ares Management Corp0.53%
Skydance Corp 8.25 10/310.53%
Johnson & Johnson0.53%
Astrazeneca PLC0.52%
United Parcel Service-Cl0.52%
Amazon.com Inc 5.3 7/360.52%
Goldman Sachs 5.065 1/370.50%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in AMAX and INCM, widest gap first
Holding	More in AMAXMore in INCM	AMAX	INCM
Cash / Cash Equivalents	AMAX +33.01 points	33.27%	0.26%

All 14 AMAX holdings⁠All 404 INCM 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.

AMAX vs INCM Cost

Overpaying AMAX vs INCM

$16,701

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

AMAX 1.37%
$24,407
INCM 0.38%
$7,706

Amount$10,000

Years30 years

Cost over time

AMAX 1.37%
INCM 0.38%
Overpaying

Year by year

Year	AMAX	INCM	Overpaying
10	$2,378	$688	$1,690
20	$8,792	$2,658	$6,134
30	$24,407	$7,706	$16,701

Expense ratio

1.37%AMAX
0.38%INCM, cheaper

INCM0.38%AMAX1.37%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

INCM 2nd cheapest of 15 funds

AMAX 15th cheapest of 15 funds

AMAX vs INCM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AMAX 12.53%, better; INCM 5.67%
Payout (12M): AMAX $0.91; INCM $1.66
Last payment: AMAX $0.07; INCM $0.13
Ex-dividend: AMAX Oct 29, 2026; INCM Oct 30, 2026
Paid on: AMAX Oct 30, 2026; INCM Pays Nov 4, 2026
Frequency: AMAX Monthly; INCM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

AMAXMonthly · 46 paymentsAll AMAX payments⁠

INCMMonthly · 42 paymentsAll INCM payments⁠

AMAX vs INCM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AMAX 8.9%INCM 7.2%, better
Return per unit of riskSharpe ratio, 3 years: AMAX 0.65INCM 1.19, better
Worst fallMax drawdown, 5 years: AMAX −16.2%since Nov 2021INCM −7.8%since Jun 2023
Market sensitivityBeta, 5 years: AMAX 0.89INCM 0.70; Market = 1

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