INCE vs IRTR: Grades, Fees and Holdings Compared

Franklin Income Equity Focus ETF

INCEANYSE Arca

iShares LifePath Retirement ETF

IRTRANYSE Arca

Overlap

4.1%by weight

Expense ratio

IRTR −0.21pt a year

INCE0.29%IRTR0.08%

Avg volume · 30D

INCE 3.7×the volume

INCE47.3KIRTR12.7K

3Y return · a year

INCE +6.0pt

INCE+19.1%IRTR+13.1%

INCE vs IRTR Performance

Oct 31, 2025 – Oct 30, 2026

+22.6%INCE+5.1%IRTR

Expense ratio: INCE 0.29%; IRTR 0.08%, better
Fund size: INCE $368M; IRTR $60M
1Y total return: INCE +22.6%, better; IRTR +5.1%
Yield (12M): INCE 5.28%, better; IRTR 3.17%
Holdings: INCE 112; IRTR 29140
Avg volume (30D): INCE 47.3K sh, better; IRTR 12.7K sh
NAV per share: INCE $68.80; IRTR $31.52
52W range

ETF.net Grade

Pillar letters and Scores for INCE, IRTR, with each pillar’s weight
Pillar	INCE	IRTR
Cost30% weight	A82	A97Higher
Mission25% weight	Not scored	A100
Risk15% weight	B64	A82Higher
Tradability15% weight	B65Higher	B62
Holdings10% weight	A74	A80Higher
Durability5% weight	A85Higher	B56

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. INCE and IRTR 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 ›

IRTR ranks 3rd 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

INCEAFranklin Income Equity Focus ETF

IRTRAiShares LifePath Retirement ETF

In short

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.

IRTR A whole retirement portfolio in one ticker: global stock and bond ETFs blended at the conservative end, for 0.08% a year. That is index-fund pricing on a job most allocation funds charge roughly ten times more to do.

Stated mandate

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.

IRTR The fund seeks conservative exposure through a broad portfolio of stock and bond ETFs spanning global asset classes.

Why people hold it

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.

IRTR Costs 0.08% a year against a 0.78% median for allocation funds. Roughly a tenth of the going rate for a portfolio-in-a-box.
One line item, global coverage. The fund holds a spread of stock and bond ETFs across asset classes, so the mixing happens inside the wrapper.ishares.com
Distributions come monthly rather than quarterly.
One of the strongest all-in-one allocation funds in its peer group, and the cheapest of that top tier: iShares' own AOA runs 0.19%.

Worth knowing

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.

IRTR Thinly traded. Spreads can run wider than on household-name ETFs, so limit orders matter more here.
Launched in 2023, so the track record is short and the fund is still building scale.
Conservative by construction: it is built to move less than an all-stock portfolio, and that cuts in both directions.ishares.com

Full INCE profile⁠

Full IRTR profile⁠

INCE vs IRTR Holdings

How INCE and IRTR differ

Overlap by weight

4.1%

Shared holdings make up 58.1% of INCE and 5.1% of IRTR.

Level by level

Holdings46 in both4.1%
Sector11 Sectors65.5%
Countryby domicile94.5%

Sector

Sector weights in INCE and IRTR, widest gap first
Sector	More in INCEMore in IRTR	INCE	IRTR
Technology	IRTR +23.5 points	7.0%	30.5%
Consumer Staples	INCE +10.5 points	14.7%	4.2%
Utilities	INCE +9.5 points	13.4%	3.9%
Energy	INCE +7.4 points	12.0%	4.6%
Health Care	INCE +5.2 points	13.4%	8.2%
Communication	IRTR +3.7 points	3.7%	7.3%
Consumer Discretionary	IRTR +3.6 points	4.3%	7.9%
Real Estate	IRTR +3.2 points	0.0%	3.2%
Materials	INCE +2.0 points	5.5%	3.5%
Industrials	IRTR +0.4 points	11.5%	11.9%
Financials	IRTR +0.1 points	14.6%	14.7%

Country, concentration and asset class

Country by domicile

Country weights in INCE and IRTR, widest gap first
Country	More in INCEMore in IRTR	INCE	IRTR
Japan	IRTR +2.6 points	0.0%	2.6%
France	INCE +2.4 points	2.4%	0.0%
Switzerland	INCE +1.7 points	1.7%	0.0%
Canada	IRTR +1.6 points	0.0%	1.6%
United States	INCE +1.4 points	94.1%	92.7%
Taiwan	IRTR +1.4 points	0.0%	1.4%
United Kingdom	INCE +0.1 points	1.8%	1.7%

Concentration

Weight in the 10 largest Holdings

INCE26.1%
IRTR10.0%

Securities held

INCE104
IRTR29,043

Asset class

INCE: Equity
IRTR: Multi-Asset

Holdings

Only in INCE58
In both46
Only in IRTR28,997

Only in INCE

58 securities, 40.6% 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%
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%
Barclays Bank ELN 06/270.27%

Only in IRTR

28,997 securities, 94.4% of IRTR by weight

Apple1.69%
NVIDIA1.62%
Treasury Note 1.38% 11/15/2031 (Tnote)1.28%
Amazon.com Inc0.79%
Treasury Note 2.63% 02/15/2029 (Tnote)0.76%
Alphabet Class A0.55%
Treasury Note 3.13% 11/15/2028 (Tnote)0.54%
Treasury (Cpi) Note 1.13% 10/15/2030 (Tips)0.54%
Treasury (Cpi) Note 1.25% 04/15/2031 (Tips)0.54%
Taiwan Semiconductor Manufacturing0.53%
Treasury (Cpi) Note 1.63% 04/15/2030 (Tips)0.52%
Broadcom Inc0.51%
Treasury (Cpi) Note 1.63% 10/15/2029 (Tips)0.51%
Treasury Note 2.75% 02/15/2028 (Tnote)0.50%
Treasury (Cpi) Note 2.13% 04/15/2029 (Tips)0.49%
Treasury (Cpi) Note 2.38% 10/15/2028 (Tips)0.49%
Treasury (Cpi) Note 1.63% 10/15/2027 (Tips)0.48%
Treasury (Cpi) Note 1.25% 04/15/2028 (Tips)0.47%
Treasury (Cpi) Note 0.13% 04/15/2027 (Tips)0.47%
Treasury (Cpi) Note 0.13% 01/15/2031 (Tips)0.46%
Treasury (Cpi) Note 0.13% 07/15/2031 (Tips)0.46%
Meta Platforms Class A0.46%
Alphabet Class C0.45%
Treasury (Cpi) Note 0.13% 07/15/2030 (Tips)0.44%
Treasury (Cpi) Note 0.38% 07/15/2027 (Tips)0.43%
Treasury (Cpi) Note 0.50% 01/15/2028 (Tips)0.43%
Treasury Bond 2.50% 05/15/2046 (Tbond)0.42%
Treasury Note 2.88% 05/15/2028 (Tnote)0.42%
Treasury Bond 3.75% 11/15/2043 (Tbond)0.41%
Treasury (Cpi) Note 0.13% 01/15/2030 (Tips)0.40%
Treasury Bond 2.75% 11/15/2042 (Tbond)0.40%
Tesla Inc0.40%
Eli Lilly0.38%
Treasury (Cpi) Note 0.38% 01/15/2027 (Tips)0.37%
Treasury (Cpi) Note 0.75% 07/15/2028 (Tips)0.36%
Treasury Bond 6.13% 11/15/2027 (Tbond)0.36%
Treasury (Cpi) Note 0.25% 07/15/2029 (Tips)0.36%
Berkshire Hathaway Inc Class B0.34%
Treasury Bond 1.88% 02/15/2051 (Tbond)0.34%
Micron Technology0.34%
Treasury (Cpi) Note 0.88% 01/15/2029 (Tips)0.31%
Treasury Note 4.00% 05/31/2028 (Tnote)0.31%
Treasury Note (Old) 4.38% 05/15/2036 (Tnote)0.28%
Treasury Note 2.38% 05/15/2029 (Tnote)0.28%
Advanced Micro Devices0.28%
Treasury Note 4.00% 05/31/2030 (Tnote)0.26%
Treasury Note 4.00% 02/29/2028 (Tnote)0.25%
Treasury Note 4.00% 02/15/2034 (Tnote)0.25%
Treasury Note 3.88% 03/31/2028 (Tnote)0.25%
Treasury Note 1.25% 09/30/2028 (Tnote)0.25%

Weight gaps

All 46 Holdings in both funds, largest gap first.

Holding weights in INCE and IRTR, widest gap first
Holding	More in INCEMore in IRTR	INCE	IRTR
Chevron CorpCVX	INCE +3.71 points	3.86%	0.15%
Morgan Stanley Eln 10/27MS	INCE +2.80 points	2.87%	0.07%
Verizon Communications InVZ	INCE +2.75 points	2.81%	0.06%
JPMorgan Chase & CoJPM	INCE +2.64 points	2.95%	0.30%
Procter & Gamble Co/ThePG	INCE +2.61 points	2.74%	0.13%
Lockheed Martin CorpLMT	INCE +2.59 points	2.63%	0.04%
Pepsico IncPEP	INCE +2.46 points	2.52%	0.06%
Southern Co/TheSO	INCE +2.41 points	2.50%	0.09%
Duke Energy CorpDUK	INCE +2.03 points	2.12%	0.09%
Us BancorpUSB	INCE +1.92 points	1.95%	0.03%
Philip Morris InternationPM	INCE +1.66 points	1.77%	0.11%
Air Products & ChemicalsAPD	INCE +1.63 points	1.65%	0.02%
Coca-Cola Co/TheKO	INCE +1.55 points	1.67%	0.12%
Abbott LaboratoriesABT	INCE +1.47 points	1.53%	0.06%
Totalenergies SE	INCE +1.45 points	1.51%	0.06%
Johnson & JohnsonJNJ	INCE +1.38 points	1.60%	0.22%
ConocophillipsCOP	INCE +1.28 points	1.34%	0.06%
Pfizer IncPFE	INCE +1.10 points	1.16%	0.06%
Home Depot IncHD	INCE +1.08 points	1.19%	0.11%
Mcdonald's CorpMCD	INCE +1.07 points	1.13%	0.06%
Microsoft CorpMSFT	IRTR +1.03 points	0.28%	1.31%
Bank of America CorpBAC	INCE +1.02 points	1.13%	0.11%
United Parcel Service-ClUPS	INCE +0.97 points	1.00%	0.03%
Exxonmobil Holdings CorpXOM	INCE +0.85 points	1.10%	0.26%
Nextera Energy IncNEE	INCE +0.84 points	0.99%	0.15%
SempraSRE	INCE +0.81 points	0.86%	0.05%
Cvs Health CorpCVS	INCE +0.80 points	0.84%	0.04%
Rtx CorpRTX	INCE +0.78 points	0.87%	0.09%
Texas Instruments IncTXN	INCE +0.74 points	0.83%	0.09%
Union Pacific CorpUNP	INCE +0.73 points	0.79%	0.06%
Schwab (Charles) CorpSCHW	INCE +0.61 points	0.66%	0.05%
UnitedHealth Group IncUNH	INCE +0.61 points	0.73%	0.12%
Fifth Third BancorpFITB	INCE +0.55 points	0.57%	0.02%
Astrazeneca PLCAZN.L	INCE +0.52 points	0.61%	0.09%
Dominion Energy IncD	INCE +0.50 points	0.55%	0.05%
Northrop Grumman CorpNOC	INCE +0.49 points	0.52%	0.03%
Snowflake IncSNOW	INCE +0.49 points	0.52%	0.03%
Pnc Financial Services GrPNC	INCE +0.45 points	0.48%	0.03%
Truist Financial CorpTFC	INCE +0.44 points	0.46%	0.02%
Palo Alto Networks IncPANW	INCE +0.43 points	0.53%	0.10%
Honeywell International IHON	INCE +0.41 points	0.43%	0.02%
Merck & Co. Inc.MRK	INCE +0.35 points	0.48%	0.13%
Cisco Systems IncCSCO	INCE +0.33 points	0.47%	0.14%
Honeywell Aerospace IncHONA	INCE +0.29 points	0.31%	0.02%
Dell Technologies -CDELL	INCE +0.23 points	0.27%	0.04%
Intel CorpINTC	INCE +0.19 points	0.29%	0.10%

All 113 INCE holdings⁠All IRTR 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.

INCE vs IRTR Cost

Overpaying INCE vs IRTR

$4,263

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

INCE 0.29%
$5,952
IRTR 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

INCE 0.29%
IRTR 0.08%
Overpaying

Year by year

Year	INCE	IRTR	Overpaying
10	$527	$147	$380
20	$2,044	$575	$1,469
30	$5,952	$1,689	$4,263

Expense ratio

0.29%INCE
0.08%IRTR, cheaper

IRTR0.08%INCE0.29%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

IRTR 2nd cheapest of 37 funds

INCE 7th cheapest of 37 funds

INCE vs IRTR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): INCE 5.28%, better; IRTR 3.17%
Payout (12M): INCE $3.64; IRTR $1.00
Last payment: INCE $0.30; IRTR $0.08
Ex-dividend: INCE Oct 30, 2026; IRTR Oct 2, 2026
Paid on: INCE Pays Nov 4, 2026; IRTR Oct 7, 2026
Frequency: INCE Monthly; IRTR Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

INCEMonthly · 34 paymentsAll INCE payments⁠

IRTRMonthly · 35 paymentsAll IRTR payments⁠

INCE vs IRTR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: INCE 10.8%IRTR 7.3%, better
Return per unit of riskSharpe ratio, 3 years: INCE 1.28, betterIRTR 1.14
Worst fallMax drawdown, 5 years: INCE −18.4%IRTR −6.3%since Oct 2023
Market sensitivityBeta, 5 years: INCE 0.60IRTR 0.47; Market = 1

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