CVY vs INCM

CVYCInvesco Zacks Multi-Asset Income ETF

INCMAFranklin Income Focus ETF

In short

CVY One of the original multi-asset income ETFs, listed back in 2006: a single ticker that pulls income from dividend stocks, ADRs, REITs, MLPs, closed-end funds and preferreds, assembled by a Zacks model.

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

CVY The Fund is based on the Zacks Multi-Asset Income Index and invests at least 90% of its assets in securities and depositary receipts included in that Index.

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

Why people hold it

• CVY Six income sleeves in one ticker: US dividend payers, dividend-paying ADRs, REITs, MLPs, closed-end funds and traditional preferreds, spread across roughly 150 positions.invesco.com
• Listed in September 2006, which makes it one of the longest-running funds in a small multi-asset income category that most issuers only got around to later.
• Sticks to its label: at least 90% of assets sit in securities and depositary receipts from the Zacks Multi-Asset Income Index, with no quiet drift into something else.invesco.com
• Pays income quarterly, and the portfolio build is one of the stronger ones in its peer group: income spread across many names, not stacked on a handful.

• 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

• CVY At 1.15% a year, with no fee waiver in place, it sits above the category median and well above the cheapest peers here (INCM at 0.38%, IYLD at 0.50%).
• Thinly traded and modest in assets, so wider spreads are more likely than with household-name income funds. Order type and timing matter more.
• Multi-asset does not mean mellow: REITs, MLPs and closed-end funds carry rate and leverage sensitivity, and the mix has moved more like equities than like a bond fund.invesco.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 CVY profile⁠

Full INCM profile⁠