AMAX vs IYLD: Grades, Fees and Holdings Compared

Adaptive Hedged Multi-Asset Income ETF

AMAXFNYSE Arca

iShares Morningstar Multi-Asset Income ETF

IYLDACboe

Overlap

0.0%by weight

Expense ratio

IYLD −0.87pt a year

AMAX1.37%IYLD0.50%

Avg volume · 30D

AMAX 3.2×the volume

AMAX60.2KIYLD18.7K

3Y return · a year

IYLD +0.4pt

AMAX+10.3%IYLD+10.7%

AMAX vs IYLD Performance

Oct 31, 2025 – Oct 30, 2026

−0.2%AMAX+6.5%IYLD

Expense ratio: AMAX 1.37%; IYLD 0.50%, better
Fund size: AMAX $73M; IYLD $129M
1Y total return: AMAX −0.2%; IYLD +6.5%, better
Yield (12M): AMAX 12.53%, better; IYLD 4.79%
Holdings: AMAX 13; IYLD 19355
Avg volume (30D): AMAX 60.2K sh, better; IYLD 18.7K sh
NAV per share: AMAX $7.15; IYLD $21.64
52W range

ETF.net Grade

Pillar letters and Scores for AMAX, IYLD, with each pillar’s weight
Pillar	AMAX	IYLD
Cost30% weight	F0	A79Higher
Mission25% weight	C41	A100Higher
Risk15% weight	F21	B69Higher
Tradability15% weight	D39	C53Higher
Holdings10% weight	F23	A88Higher
Durability5% weight	C51	A85Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. AMAX and IYLD 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 ›

IYLD ranks 2nd 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 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

IYLDAiShares Morningstar Multi-Asset Income 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.

IYLD One ticker, one income engine. IYLD is a fund of iShares funds, bundling equity, bond and other income funds into a single monthly-paying package that has run on the same playbook since 2012.

Stated mandate

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

IYLD The Fund seeks to track an index of underlying equity, fixed-income, and other income funds designed to provide high current income while offering an opportunity for capital appreciation.

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.

IYLD A single trade buys a whole income lineup: the index it follows is built from underlying equity, fixed-income and other income funds, so the mixing and rebalancing happen inside the wrapper.ishares.com
0.50% a year, comfortably below the typical fee in its allocation peer group. Cheap for a multi-asset income build.
Pays monthly, which lines the cash flow up with how most people actually pay bills.ishares.com
Hews closely to the Morningstar Multi-Asset High Income Index it targets, one of the tighter index implementations in its peer group. No manager guesswork bolted on top.

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

IYLD Small and thinly traded. Expect wider bid-ask spreads than the mega-funds, which matters most on larger orders.
Income comes first here: capital appreciation is the secondary goal in its own objective, so it is built differently from a growth-tilted allocation fund.
Broad allocation rivals cost far less (IRTR at 0.08%, AOA at 0.19%), though neither is built around high current income.

Full AMAX profile⁠

Full IYLD profile⁠

AMAX vs IYLD Holdings

How AMAX and IYLD differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Sector11 Sectors36.4%
Countryby domicile68.2%

Sector

Sector weights in AMAX and IYLD, widest gap first
Sector	More in AMAXMore in IYLD	AMAX	IYLD
Technology	AMAX +54.2 points	59.0%	4.8%
Financials	IYLD +22.5 points	5.6%	28.1%
Real Estate	IYLD +20.2 points	0.7%	20.9%
Materials	AMAX +6.9 points	12.0%	5.1%
Industrials	IYLD +6.1 points	3.7%	9.8%
Utilities	IYLD +5.2 points	0.8%	6.0%
Consumer Staples	IYLD +4.3 points	1.8%	6.1%
Energy	IYLD +3.3 points	1.3%	4.6%
Communication	AMAX +2.5 points	6.2%	3.7%
Health Care	IYLD +1.3 points	4.5%	5.8%
Consumer Discretionary	IYLD +0.8 points	4.5%	5.3%

Country, concentration and asset class

Country by domicile

Country weights in AMAX and IYLD, widest gap first
Country	More in AMAXMore in IYLD	AMAX	IYLD
United States	AMAX +30.3 points	94.7%	64.4%
Japan	IYLD +10.2 points	0.0%	10.2%
United Kingdom	IYLD +5.1 points	0.2%	5.3%
Australia	IYLD +3.7 points	0.5%	4.2%
South Africa	IYLD +3.1 points	0.3%	3.4%
France	IYLD +2.7 points	0.0%	2.7%
Switzerland	IYLD +1.8 points	0.1%	1.9%
Germany	IYLD +1.6 points	0.0%	1.6%
Other countries (11)	IYLD +2.4 points	4.1%	6.5%

Outside the US: IYLD 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

AMAX99.7%
IYLD4.6%

Securities held

AMAX13
IYLD19,284

Asset class

AMAX: Multi-Asset
IYLD: Multi-Asset

Holdings

Only in AMAX13
In both0
Only in IYLD19,284

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 IYLD

19,284 securities, 99.1% of IYLD by weight

Strategy Inc0.52%
Boeing Co0.48%
Welltower0.46%
Mitsubishi Ufj Financial Group0.45%
Shell0.43%
Hsbc Holdings PLC0.41%
Nestle SA0.37%
Toyota Motor0.36%
Prologis Reit0.33%
Super Micro Computer Inc0.32%
Hewlett Packard Enterprise Conv Pr0.32%
Wells Fargo & Company Series L0.32%
Oracle Corporation0.32%
Alphabet Inc0.31%
Roche Ps Par AG0.31%
Alphabet Inc0.31%
Bhp Group Ltd0.30%
Sumitomo Mitsui Financial Group0.29%
Equinix Reit0.27%
Novartis AG0.27%
Nextera Energy Units0.26%
Allianz0.26%
Totalenergies0.26%
Nextera Energy Inc0.26%
Mizuho Financial Group0.22%
Bank of America Corp0.21%
Iberdrola0.21%
Unilever PLC0.20%
Siemens N AG0.19%
Simon Property Group Reit Inc0.19%
Digital Realty Trust Reit0.18%
Bp PLC0.18%
Banco Bilbao Vizcaya Argentaria0.18%
Mitsubishi0.18%
Citigroup Capital Xiii0.18%
National Australia Bank0.18%
Public Storage Reit0.17%
Westpac Banking Corporation0.17%
British American Tobacco0.17%
European Bank For Reconstruction A Mtn 4.27% 02/20/2028 (Ebrd)0.17%
Anz Group Holdings Ltd0.17%
Kkr & Co Inc0.16%
Zurich Insurance Group AG0.16%
Softbank Group Corp0.15%
Unicredit0.15%
Microchip Technology Incorporated0.15%
Southern Company (The)0.15%
International Bank For Reconstruct Mtn 4.37% 08/19/2027 (Ibrd)0.15%
Mitsui0.15%
European Bank For Reconstruction A Mtn 4.14% 02/16/2029 (Ebrd)0.15%

Weight gaps

AMAX and IYLD share no securities.

All 14 AMAX holdings⁠All IYLD 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 IYLD Cost

Overpaying AMAX vs IYLD

$14,428

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

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

Amount$10,000

Years30 years

Cost over time

AMAX 1.37%
IYLD 0.50%
Overpaying

Year by year

Year	AMAX	IYLD	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%IYLD, cheaper

IYLD0.50%AMAX1.37%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

IYLD 3rd cheapest of 15 funds

AMAX 15th cheapest of 15 funds

AMAX vs IYLD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AMAX 12.53%, better; IYLD 4.79%
Payout (12M): AMAX $0.91; IYLD $1.04
Last payment: AMAX $0.07; IYLD $0.08
Ex-dividend: AMAX Oct 29, 2026; IYLD Oct 2, 2026
Paid on: AMAX Oct 30, 2026; IYLD Oct 7, 2026
Frequency: AMAX Monthly; IYLD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

AMAXMonthly · 46 paymentsAll AMAX payments⁠

IYLDMonthly · 45 paymentsAll IYLD payments⁠

AMAX vs IYLD 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%IYLD 6.3%, better
Return per unit of riskSharpe ratio, 3 years: AMAX 0.65IYLD 0.95, better
Worst fallMax drawdown, 5 years: AMAX −16.2%since Nov 2021IYLD −22.4%
Market sensitivityBeta, 5 years: AMAX 0.89IYLD 0.60; Market = 1

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