AMAX vs INKM: Grades, Fees and Holdings Compared

Adaptive Hedged Multi-Asset Income ETF

AMAXFNYSE Arca

State Street Income Allocation ETF

INKMANYSE Arca

Overlap

0.0%by weight

Expense ratio

INKM −0.87pt a year

AMAX1.37%INKM0.50%

Avg volume · 30D

AMAX 4.5×the volume

AMAX60.2KINKM13.3K

3Y return · a year

INKM +1.5pt

AMAX+10.3%INKM+11.8%

AMAX vs INKM Performance

Oct 31, 2025 – Oct 30, 2026

−0.2%AMAX+7.6%INKM

Expense ratio: AMAX 1.37%; INKM 0.50%, better
Fund size: AMAX $73M; INKM $70M
1Y total return: AMAX −0.2%; INKM +7.6%, better
Yield (12M): AMAX 12.53%, better; INKM 4.69%
Holdings: AMAX 13; INKM 18
Avg volume (30D): AMAX 60.2K sh, better; INKM 13.3K sh
NAV per share: AMAX $7.15; INKM $34.00
52W range

ETF.net Grade

Pillar letters and Scores for AMAX, INKM, with each pillar’s weight
Pillar	AMAX	INKM
Cost30% weight	F0	A79Higher
Mission25% weight	C41	A71Higher
Risk15% weight	F21	A75Higher
Tradability15% weight	D39	A76Higher
Holdings10% weight	F23	C47Higher
Durability5% weight	C51	A70Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. AMAX and INKM 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 ›

INKM ranks 3rd 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 3AINKMState Street Income Allocation ETFScore 72
Rank 4BMDIVMulti-Asset Diversified Income Index FundScore 66
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

INKMAState Street Income Allocation 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.

INKM One ticker, one active manager, and a shopping list that runs from bonds and preferreds to convertibles, global REITs and dividend stocks. INKM has been playing multi-asset income this way since 2012, at half a point of fee.

Stated mandate

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

INKM The fund seeks total return by investing primarily in income- and yield-generating assets. It is actively managed and uses tactical allocations across bonds, convertible and preferred securities, global REITs, and domestic and international dividend-focused equities.

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.

INKM Charges 0.50% a year, under the 0.78% median for allocation funds.
Actively managed with tactical shifts across bonds, convertibles, preferreds, global REITs and dividend equities, rather than fixed index weights.ssga.com
Launched in 2012 and pays quarterly, a long run for a one-ticket income allocation fund.
Lands in the upper half of its allocation peer group on our review.

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

INKM Thinly traded with a modest asset base, so spreads and order handling matter more here than with the category's giants.
Index-based allocation rivals cost far less: AOA at 0.19% and IRTR at 0.08%.
No published index to check it against. What you own depends on the manager's asset-mix calls.

Full AMAX profile⁠

Full INKM profile⁠

AMAX vs INKM Holdings

How AMAX and INKM differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of AMAX and 0.0% of INKM.

Level by level

Holdings0 in both0.0%
Sector11 Sectors44.0%
Countryby domicile87.5%

Sector

Sector weights in AMAX and INKM, widest gap first
Sector	More in AMAXMore in INKM	AMAX	INKM
Technology	AMAX +45.0 points	59.0%	14.0%
Utilities	INKM +12.4 points	0.8%	13.2%
Real Estate	INKM +11.2 points	0.7%	11.9%
Industrials	INKM +11.1 points	3.7%	14.8%
Materials	AMAX +10.6 points	12.0%	1.4%
Energy	INKM +8.8 points	1.3%	10.1%
Consumer Staples	INKM +5.9 points	1.8%	7.7%
Financials	INKM +3.2 points	5.6%	8.8%
Health Care	INKM +2.4 points	4.5%	6.9%
Consumer Discretionary	INKM +1.1 points	4.5%	5.6%
Communication	AMAX +0.5 points	6.2%	5.7%

Country, concentration and asset class

Country by domicile

Country weights in AMAX and INKM, widest gap first
Country	More in AMAXMore in INKM	AMAX	INKM
United States	AMAX +10.6 points	94.7%	84.1%
Canada	AMAX +1.9 points	3.3%	1.4%
Japan	INKM +1.8 points	0.0%	1.8%
Mexico	INKM +1.2 points	0.1%	1.3%
China	INKM +1.1 points	0.0%	1.1%
Switzerland	INKM +1.0 points	0.1%	1.1%
Brazil	INKM +0.8 points	0.0%	0.8%
South Korea	INKM +0.7 points	0.0%	0.7%
Other countries (23)	INKM +6.0 points	1.7%	7.7%

Concentration

Weight in the 10 largest Holdings

AMAX99.7%
INKM82.6%

Securities held

AMAX13
INKM16

Asset class

AMAX: Multi-Asset
INKM: Multi-Asset

Holdings

Only in AMAX13
In both0
Only in INKM16

Only in AMAX

13 securities, 100% of AMAX by weight

Cash / Cash Equivalents33.27%
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 INKM

16 securities, 99.6% of INKM by weight

State Street Spdr Portfolio Lo16.14%
State Street Spdr S+p Global I10.78%
State Street Us Equity Premium9.58%
State Street Spdr Bloomberg Em8.87%
Schwab Us Dividend Equity Etf7.40%
State Street Spdr Portfolio S+7.34%
State Street Spdr Bloomberg Hi5.83%
State Street Spdr Ice Preferre5.80%
State Street Blackstone Senior5.79%
State Street Spdr S+p Internat5.05%
State Street Spdr Bloomberg Em4.85%
State Street Spdr Bloomberg Co3.70%
State Street Spdr Dow Jones Re2.51%
State Street Spdr Portfolio In2.49%
State Street Spdr Portfolio Lo2.01%
State Street Spdr Portfolio In1.49%

Weight gaps

AMAX and INKM share no securities.

All 14 AMAX holdings⁠All 16 INKM 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 INKM Cost

Overpaying AMAX vs INKM

$14,428

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

AMAX 1.37%
$24,407
INKM 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

AMAX 1.37%
INKM 0.50%
Overpaying

Year by year

Year	AMAX	INKM	Overpaying
10	$2,378	$900	$1,478
20	$8,792	$3,460	$5,332
30	$24,407	$9,979	$14,428

Expense ratio

1.37%AMAX
0.50%INKM, cheaper

INKM0.50%AMAX1.37%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

INKM 3rd cheapest of 15 funds

AMAX 15th cheapest of 15 funds

AMAX vs INKM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AMAX 12.53%, better; INKM 4.69%
Payout (12M): AMAX $0.91; INKM $1.59
Last payment: AMAX $0.07; INKM $0.34
Ex-dividend: AMAX Oct 29, 2026; INKM Sep 25, 2026
Paid on: AMAX Oct 30, 2026; INKM Sep 29, 2026
Frequency: AMAX Monthly; INKM Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

AMAXMonthly · 46 paymentsAll AMAX payments⁠

INKMQuarterly · 15 paymentsAll INKM payments⁠

AMAX vs INKM 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%INKM 7.8%, better
Return per unit of riskSharpe ratio, 3 years: AMAX 0.65INKM 0.92, better
Worst fallMax drawdown, 5 years: AMAX −16.2%since Nov 2021INKM −19.2%
Market sensitivityBeta, 5 years: AMAX 0.89INKM 0.82; Market = 1

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