FTBI vs INKM: Grades, Fees and Holdings Compared

First Trust Balanced Income ETF

FTBICNYSE Arca

State Street Income Allocation ETF

INKMANYSE Arca

Overlap

0.0%by weight

Expense ratio

INKM −0.48pt a year

FTBI0.98%INKM0.50%

Avg volume · 30D

INKM 1.8×the volume

FTBI7.55KINKM13.3K

FTBI vs INKM Performance

Oct 31, 2025 – Oct 30, 2026

+7.5%FTBI+7.6%INKM

Expense ratio: FTBI 0.98%; INKM 0.50%, better
Fund size: FTBI $30M; INKM $70M
1Y total return: FTBI +7.5%; INKM +7.6%, better
Yield (12M): FTBI 7.92%, better; INKM 4.69%
Holdings: FTBI 16; INKM 18
Avg volume (30D): FTBI 7.55K sh; INKM 13.3K sh, better
NAV per share: FTBI $21.20; INKM $34.00
52W range

ETF.net Grade

Pillar letters and Scores for FTBI, INKM, with each pillar’s weight
Pillar	FTBI	INKM
Cost30% weight	D36	A79Higher
Mission25% weight	B68	A71Higher
Risk15% weight	D36	A75Higher
Tradability15% weight	C41	A76Higher
Holdings10% weight	B55Higher	C47
Durability5% weight	C45	A70Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. FTBI 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 FTBI 11th 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 10CFTHBFIS Faith Income ETFScore 48
Rank 11CFTBIFirst Trust Balanced Income ETFScore 47
Rank 12CDINESimplify Tax Aware Diversified Income Strategy ETFScore 40

Our read on each fund

ETF.net Research

FTBICFirst Trust Balanced Income ETF

INKMAState Street Income Allocation ETF

In short

FTBI A one-ticker income recipe from a single kitchen: 60% option-income equity ETFs, 35% investment-grade bonds, 5% gold-linked income, all First Trust funds, reset semi-annually. Pays monthly, costs 0.98%.

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

FTBI The Fund seeks to match the price and yield, before fees and expenses, of the Bloomberg Moderate Allocation Income Focus Index. It normally invests at least 80% of net assets in the ETFs comprising that Index.

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

FTBI Three asset classes in one fixed recipe: 60% equity-linked income ETFs, 35% investment-grade bond ETFs, 5% commodity-linked income, reconstituted and rebalanced semi-annually.sec.gov ftportfolios.com
Income leans on sold options, not only dividends and coupons: the equity sleeve holds buywrite and target income ETFs that collect option premiums. Distributions are monthly.ftportfolios.com
The gold sleeve is an unusual touch for multi-asset income: FLEX options referencing a gold-holding ETP, with income targeted off one-month Treasury yields.ftportfolios.com
The equity allocation splits evenly across core, growth and value styles, then equally weights the funds inside each style, so no single sleeve runs the portfolio.ftportfolios.com

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

FTBI At 0.98% the fee sits above the category median. Most of it is the underlying First Trust funds' own fees, stacked beneath a 0.25% management fee.sec.gov
Higher-ranked peers charge less: INCM at 0.38%, IYLD and INKM at 0.50%, MDIV at 0.71% net of a waiver through January 31, 2027.
Every holding comes from one house, since the index universe is limited to First Trust's own income ETFs. The fund also launched in 2025 and trades thinly.sec.gov

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 FTBI profile⁠

Full INKM profile⁠

FTBI vs INKM Holdings

How FTBI and INKM differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile88.1%

Sector

No Sector split for FTBI.

Country, concentration and asset class

Country by domicile

Country weights in FTBI and INKM, widest gap first
Country	More in FTBIMore in INKM	FTBI	INKM
United States	FTBI +10.0 points	94.1%	84.1%
Japan	INKM +1.8 points	0.0%	1.8%
Mexico	INKM +1.2 points	0.1%	1.3%
Australia	INKM +1.2 points	0.0%	1.2%
China	INKM +1.0 points	0.1%	1.1%
Netherlands	FTBI +0.8 points	1.0%	0.2%
Puerto Rico	INKM +0.7 points	0.2%	0.9%
Brazil	INKM +0.7 points	0.1%	0.8%
Other countries (30)	INKM +4.1 points	4.5%	8.6%

Concentration

Weight in the 10 largest Holdings

FTBI79.1%
INKM82.6%

Securities held

FTBI15
INKM16

Asset class

FTBI: Multi-Asset
INKM: Multi-Asset

Holdings

Only in FTBI15
In both0
Only in INKM16

Only in FTBI

15 securities, 99.9% of FTBI by weight

First Trust BuyWrite Income ETF20.08%
FT Vest Technology Dividend Target Income ETF10.24%
First Trust Nasdaq BuyWrite Income ETF10.07%
First Trust Core Investment Grade ETF6.92%
First Trust Smith Opportunistic Fixed Income ETF6.89%
FT Vest DJIA® Dogs 10 Target Income ETF5.32%
FT Vest S&P 500® Dividend Aristocrats Target Income ETF®5.12%
FT Vest Rising Dividend Achievers Target Income ETF4.93%
FT Vest SMID Rising Dividend Achievers Target Income ETF4.90%
FT Vest Gold Strategy Target Income ETF®4.58%
First Trust Limited Duration Investment Grade Corporate ETF4.40%
First Trust Intermediate Duration Investment Grade Corporate ETF4.32%
First Trust Low Duration Opportunities ETF4.11%
First Trust Intermediate Government Opportunities ETF4.04%
First Trust Long Duration Opportunities ETF4.01%

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

FTBI and INKM share no securities.

All 15 FTBI 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.

FTBI vs INKM Cost

Overpaying FTBI vs INKM

$8,383

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

FTBI 0.98%
$18,362
INKM 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

FTBI 0.98%
INKM 0.50%
Overpaying

Year by year

Year	FTBI	INKM	Overpaying
10	$1,729	$900	$829
20	$6,504	$3,460	$3,044
30	$18,362	$9,979	$8,383

Expense ratio

0.98%FTBI
0.50%INKM, cheaper

INKM0.50%FTBI0.98%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

INKM 3rd cheapest of 15 funds

FTBI 10th cheapest of 15 funds

FTBI vs INKM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FTBI 7.92%, better; INKM 4.69%
Payout (12M): FTBI $1.68; INKM $1.59
Last payment: FTBI $0.13; INKM $0.34
Ex-dividend: FTBI Oct 21, 2026; INKM Sep 25, 2026
Paid on: FTBI Oct 30, 2026; INKM Sep 29, 2026
Frequency: FTBI Monthly; INKM Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

FTBIMonthly · 17 paymentsAll FTBI payments⁠

INKMQuarterly · 15 paymentsAll INKM payments⁠

FTBI vs INKM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FTBI 6.4%since Jun 2025INKM 7.8%
Return per unit of riskSharpe ratio, 3 years: FTBI 1.24since Jun 2025INKM 0.92
Worst fallMax drawdown, 5 years: FTBI −5.3%since May 2025INKM −19.2%
Market sensitivityBeta, 5 years: FTBI 0.47INKM 0.82; Market = 1

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