AOA vs INCE: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

Franklin Income Equity Focus ETF

INCEANYSE Arca

Overlap

7.6%by weight

Expense ratio

AOA −0.14pt a year

AOA0.15%INCE0.29%

Avg volume · 30D

AOA 2.8×the volume

AOA135KINCE47.3K

10Y return · a year

INCE +3.5pt

AOA+10.2%INCE+13.7%

AOA vs INCE Performance

Oct 29, 2021 – Oct 30, 2026

+48.2%AOA+65.8%INCE

Expense ratio: AOA 0.15%, better; INCE 0.29%
Fund size: AOA $3.32B; INCE $368M
1Y total return: AOA +10.1%; INCE +22.6%, better
Yield (12M): AOA 2.19%; INCE 5.28%, better
Holdings: AOA 34240; INCE 112
Avg volume (30D): AOA 135K sh, better; INCE 47.3K sh
NAV per share: AOA $96.21; INCE $68.80
52W range

ETF.net Grade

Pillar letters and Scores for AOA, INCE, with each pillar’s weight
Pillar	AOA	INCE
Cost30% weight	A93Higher	A82
Mission25% weight	A100	Not scored
Risk15% weight	B55	B64Higher
Tradability15% weight	A96Higher	B65
Holdings10% weight	A81Higher	A74
Durability5% weight	A98Higher	A85

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and INCE are both graded against the same 37 Multi-Asset Allocation funds, so their Grades compare head to head.

Multi-Asset Allocation⁠

Category · 37 funds

See all 37 ›

AOA ranks 2nd and INCE 4th of 37 funds in the Multi-Asset Allocation Category.

Rank 1AUCBGState Street SPDR UC Investments 90/10 Endowment Strategy Index ETFScore 95
Rank 2AAOAiShares Core 80/20 Aggressive Allocation ETFScore 88
Rank 3AIRTRiShares LifePath Retirement ETFScore 86
Rank 4AINCEFranklin Income Equity Focus ETFScore 74
Rank 5AGAACambria Global Asset Allocation ETFScore 71

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

INCEAFranklin Income Equity Focus ETF

In short

AOA A whole portfolio in one ticker. Since 2008, AOA has held a fixed 80/20 mix of global stock and bond index funds, with its index rebalancing the split back to target twice a year. No spreadsheet required.

INCE Franklin's income playbook run through stocks instead of bonds: roughly 100 equity-focused positions, monthly payouts, and an objective that targets lower volatility than the S&P 500, at a fee well under the typical allocation fund.

Stated mandate

AOA The Fund seeks to follow an index of equity and fixed-income ETFs designed for an aggressive target-risk allocation. It offers a diversified portfolio emphasizing growth and relatively higher equity exposure.

INCE The Fund seeks income from equity securities and related instruments while also pursuing capital appreciation and lower volatility than the S&P 500 Index.

Why people hold it

AOA One trade buys a handful of underlying iShares index funds spanning global stocks and bonds, with the 80/20 split set by index rule rather than a manager's judgment call.ishares.com spglobal.com
Costs 0.15% net of a waiver through November 30, 2026 (0.19% gross), below the median fee in its allocation category.
Live since November 2008 and now a multi-billion-dollar fund, it has run the same target-risk mandate through the financial crisis and everything after.ishares.com
Among the strongest implementations in a crowded field of allocation funds, and it pays out quarterly.

INCE 0.29% a year, less than half what the typical allocation fund charges.
Income is the job, and it shows up monthly. The mandate also lets managers move across debt and equity markets rather than sit in one lane.
The stated goal is not yield alone: income, capital appreciation, and lower volatility than the S&P 500 are all written into the objective.
Undercuts its multi-asset sibling INCM (0.38%) on fee, and sits among the stronger names in a crowded allocation field.

Worth knowing

AOA Eighty percent equity means it rides global stock swings closely. The 20% bond sleeve softens drawdowns rather than stopping them.spglobal.com
That 0.15% is net of a contractual waiver through November 30, 2026. The gross 0.19% is the figure that applies if the waiver is not renewed.
Cheaper one-ticket rivals now exist: UCBG at 0.06% and IRTR at 0.08%. IRTR also glides its risk down over time, while AOA's 80/20 stays put.

INCE Small and lightly traded next to the giants of its category, so spreads can widen. Limit orders are the norm here.
Distributions may include return of capital, so part of a monthly payout can be your own money coming back.
Equity-forward by design. The aim is a smoother ride than the S&P 500, not bond-like steadiness.

Full AOA profile⁠

Full INCE profile⁠

AOA vs INCE Holdings

How AOA and INCE differ

Overlap by weight

7.6%

Shared holdings make up 57.6% of INCE and 10.0% of AOA.

Level by level

Holdings45 in both7.6%
Sector11 Sectors63.9%
Countryby domicile74.9%

Sector

Sector weights in AOA and INCE, widest gap first
Sector	More in AOAMore in INCE	AOA	INCE
Technology	AOA +24.6 points	31.6%	7.0%
Utilities	INCE +11.1 points	2.3%	13.4%
Consumer Staples	INCE +10.2 points	4.5%	14.7%
Energy	INCE +7.9 points	4.1%	12.0%
Health Care	INCE +4.9 points	8.5%	13.4%
Consumer Discretionary	AOA +4.1 points	8.3%	4.3%
Communication	AOA +3.8 points	7.5%	3.7%
Real Estate	AOA +2.2 points	2.1%	0.0%
Materials	INCE +1.6 points	3.9%	5.5%
Financials	AOA +1.5 points	16.1%	14.6%
Industrials	INCE +0.5 points	11.0%	11.5%

Country, concentration and asset class

Country by domicile

Country weights in AOA and INCE, widest gap first
Country	More in AOAMore in INCE	AOA	INCE
United States	INCE +24.7 points	69.4%	94.1%
Japan	AOA +6.0 points	6.0%	0.0%
Canada	AOA +3.4 points	3.4%	0.0%
Taiwan	AOA +2.6 points	2.6%	0.0%
China	AOA +2.4 points	2.4%	0.0%
Germany	AOA +2.1 points	2.1%	0.0%
South Korea	AOA +1.9 points	1.9%	0.0%
Australia	AOA +1.8 points	1.8%	0.0%
Other countries (5)	AOA +4.4 points	10.3%	5.9%

Outside the US: AOA 73% developed, 27% emerging.

Concentration

Weight in the 10 largest Holdings

AOA17.3%
INCE26.1%

Securities held

AOA34,149
INCE104

Asset class

AOA: Multi-Asset
INCE: Equity

Holdings

Only in AOA34,104
In both45
Only in INCE59

Only in AOA

34,104 securities, 89.6% of AOA by weight

Apple3.50%
NVIDIA3.44%
Amazon.com Inc1.64%
Taiwan Semiconductor Manufacturing1.17%
Alphabet Class A1.14%
Broadcom Inc1.08%
Meta Platforms Class A0.94%
Alphabet Class C0.92%
Eli Lilly0.79%
Tesla Inc0.78%
Berkshire Hathaway Inc Class B0.70%
Micron Technology0.69%
Advanced Micro Devices0.57%
Samsung Electronics Ltd0.52%
Visa Class A0.49%
Asml Holding0.48%
Sk Hynix0.38%
Walmart0.38%
AbbVie0.36%
Mastercard Class A0.36%
Costco Wholesale Corp0.31%
Palantir Technologies Class A0.29%
Roche Ps Par AG0.27%
Shell0.24%
Novartis AG0.23%
Hsbc Holdings PLC0.23%
Royal Bank of Canada0.22%
Ge Aerospace0.22%
Applied Material Inc0.22%
Lam Research0.21%
Nestle SA0.21%
Caterpillar Inc0.20%
Tencent Holdings0.20%
Sap0.19%
Mitsubishi Ufj Financial Group0.18%
Goldman Sachs Group0.18%
Netflix0.18%
Thermo Fisher Scientific0.18%
Crowdstrike Holdings Class A0.18%
Wells Fargo0.18%
Amgen Inc0.18%
International Business Machines Co0.17%
Siemens N AG0.17%
Linde PLC0.16%
Toronto Dominion0.16%
Bhp Group Ltd0.16%
Ge Vernova0.16%
Oracle0.16%
Commonwealth Bank of Australia0.15%
Shopify Subordinate Voting Class A0.15%

Only in INCE

59 securities, 41.2% of INCE by weight

Mizuho Markets Eln 10/272.44%
Citigroup Glob Eln 10/272.43%
Medtronic PLC2.05%
Wells Fargo Eln 10/271.82%
Toronto-Dom Eln 10/271.66%
Hp Enterprise Co1.24%
Nextera Energy Inc1.23%
Merrill Lynch Eln 10/271.16%
Nestle Sa-Spons Adr1.05%
Mizuho Mark Eln 9/271.02%
Bnp Paribas Eln 10/271.02%
Albemarle Corp0.99%
Barclays Bank P Eln 04/270.97%
Bnp Paribas Iss Eln 10/270.92%
Royal Bk Canada Eln 10/270.92%
Boeing Co/The0.89%
Oracle Corp0.86%
Johnson Controls Internat0.78%
Jp Morgan Chase 0 11/270.77%
Bnp Paribas Iss Eln 9/270.74%
Royal Bank of C Eln 08/270.73%
Ppl Corporation0.71%
Toronto Dom Bank 9 1/270.70%
Adi 10 Eln Rbc 11/16/260.57%
Merrill Lynch Bv Eln 8/270.55%
Duke Energy Corp0.55%
Citigroup Global 12 6/270.55%
Ares Management Corp0.55%
Rio Tinto Plc-Spon Adr0.53%
Toronto-Domin ELN 08/270.53%
Snowflake Inc0.52%
Toronto-Dominio Eln 09/270.49%
Alphabet Inc0.47%
Bnp Paribas Sec Eln 11/270.47%
Alphabet Inc0.47%
Nee Eln 8.0% 2/100.46%
Toronto-Domi Eln 07/270.46%
Citigroup Globa Eln 02/280.45%
Southern Co0.45%
Merrill Lynch Bv 0 12/260.44%
Wells Fargo Bank 7.5 1/270.42%
Bnp Paribas Iss Eln 08/270.39%
Barclays Bk PLC 9 1/270.37%
Mizuho Markets ELN 08/270.37%
Morgan Stan Fin 0 12/260.36%
Meta Platforms Inc0.35%
Abbv Eln 12/11/20260.34%
Morgan Stan Fin 0 7/270.34%
Wells Fargo Bank 11 1/270.31%
Mizuho Markets 7.25 1/270.31%

Weight gaps

All 45 Holdings in both funds, largest gap first.

Holding weights in AOA and INCE, widest gap first
Holding	More in AOAMore in INCE	AOA	INCE
ChevronCVX	INCE +3.54 points	0.32%	3.86%
Morgan StanleyMS	INCE +2.72 points	0.15%	2.87%
Verizon Communications IncVZ	INCE +2.68 points	0.13%	2.81%
Lockheed MartinLMT	INCE +2.54 points	0.09%	2.63%
Procter & GamblePG	INCE +2.48 points	0.26%	2.74%
SouthernSO	INCE +2.43 points	0.07%	2.50%
MicrosoftMSFT	AOA +2.41 points	2.69%	0.28%
PepsicoPEP	INCE +2.39 points	0.13%	2.52%
JPMorgan Chase & CoJPM	INCE +2.33 points	0.62%	2.95%
Duke Energy CorpDUK	INCE +2.05 points	0.07%	2.12%
Us BancorpUSB	INCE +1.89 points	0.06%	1.95%
Air Products and ChemicalsAPD	INCE +1.60 points	0.05%	1.65%
Philip Morris InternationalPM	INCE +1.54 points	0.23%	1.77%
Coca-ColaKO	INCE +1.42 points	0.25%	1.67%
Abbott LaboratoriesABT	INCE +1.40 points	0.13%	1.53%
Totalenergies	INCE +1.36 points	0.15%	1.51%
ConocophillipsCOP	INCE +1.21 points	0.13%	1.34%
Johnson & JohnsonJNJ	INCE +1.14 points	0.46%	1.60%
PfizerPFE	INCE +1.04 points	0.12%	1.16%
Mcdonalds CorpMCD	INCE +1.00 points	0.13%	1.13%
Home DepotHD	INCE +0.96 points	0.23%	1.19%
United Parcel Service Inc Class BUPS	INCE +0.94 points	0.06%	1.00%
Bank of AmericaBAC	INCE +0.90 points	0.23%	1.13%
Nextera EnergyNEE	INCE +0.87 points	0.12%	0.99%
SempraSRE	INCE +0.82 points	0.04%	0.86%
Cvs HealthCVS	INCE +0.76 points	0.08%	0.84%
RtxRTX	INCE +0.68 points	0.19%	0.87%
Union PacificUNP	INCE +0.66 points	0.13%	0.79%
Texas InstrumentTXN	INCE +0.64 points	0.19%	0.83%
Exxonmobil Holdings CorpXOM	INCE +0.57 points	0.54%	1.10%
Charles SchwabSCHW	INCE +0.56 points	0.10%	0.66%
Fifth Third BancorpFITB	INCE +0.54 points	0.03%	0.57%
Dominion EnergyD	INCE +0.51 points	0.04%	0.55%
UnitedHealth GroupUNH	INCE +0.48 points	0.25%	0.73%
Northrop Grumman CorpNOC	INCE +0.47 points	0.05%	0.52%
Truist FinancialTFC	INCE +0.42 points	0.04%	0.46%
Pnc Financial Services GroupPNC	INCE +0.42 points	0.06%	0.48%
Astrazeneca PLCAZN.L	INCE +0.39 points	0.22%	0.61%
Honeywell International IncHON	INCE +0.38 points	0.05%	0.43%
Palo Alto NetworksPANW	INCE +0.32 points	0.21%	0.53%
Honeywell Aerospace IncHONA	INCE +0.28 points	0.03%	0.31%
Merck & Co IncMRK	INCE +0.22 points	0.26%	0.48%
Dell Technologies Inc Class CDELL	INCE +0.18 points	0.09%	0.27%
Cisco Systems IncCSCO	INCE +0.18 points	0.29%	0.47%
Intel CorporationINTC	INCE +0.06 points	0.23%	0.29%

All AOA holdings⁠All 113 INCE 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.

AOA vs INCE Cost

Overpaying INCE vs AOA

$2,815

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

AOA 0.15%
$3,137
INCE 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
INCE 0.29%
Overpaying

Year by year

Year	AOA	INCE	Overpaying
10	$274	$527	$253
20	$1,071	$2,044	$973
30	$3,137	$5,952	$2,815

Expense ratio

0.15%AOA, cheaper
0.29%INCE

AOA0.15%INCE0.29%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

AOA 3rd cheapest of 37 funds

INCE 7th cheapest of 37 funds

AOA vs INCE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AOA 2.19%; INCE 5.28%, better
Payout (12M): AOA $2.11; INCE $3.64
Last payment: AOA $0.30; INCE $0.30
Ex-dividend: AOA Oct 2, 2026; INCE Oct 30, 2026
Paid on: AOA Oct 7, 2026; INCE Pays Nov 4, 2026
Frequency: AOA Quarterly; INCE Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

AOAQuarterly · 15 paymentsAll AOA payments⁠

INCEMonthly · 34 paymentsAll INCE payments⁠

AOA vs INCE Risk

Fall from peak · 5 years

AOA
INCE

Risk facts

VolatilityStd dev, 3 years: AOA 9.6%, betterINCE 10.8%
Return per unit of riskSharpe ratio, 3 years: AOA 1.37, betterINCE 1.28
Worst fallMax drawdown, 5 years: AOA −23.6%INCE −18.4%, better
Market sensitivityBeta, 5 years: AOA 1.06INCE 0.60; Market = 1

AOA and INCE in the news

All news⁠

Category Review
The fund built to limit losses had the category's worst return
Sep 25, 2026AOA

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AOA vs INCE

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and INCE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in INCE

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The fund built to limit losses had the category's worst return

How AOA and INCE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in INCE

Weight gaps