INCE vs LCR: Grades, Fees and Holdings Compared

Franklin Income Equity Focus ETF

INCEANYSE Arca

Leuthold Core Exchange Traded Fund

LCRCNYSE Arca

Overlap

0.0%by weight

Expense ratio

INCE −0.54pt a year

INCE0.29%LCR0.83%

Avg volume · 30D

INCE 9.6×the volume

INCE47.3KLCR4.95K

5Y return · a year

INCE +4.1pt

INCE+10.6%LCR+6.5%

INCE vs LCR Performance

Oct 29, 2021 – Oct 30, 2026

+65.8%INCE+37.2%LCR

Expense ratio: INCE 0.29%, better; LCR 0.83%
Fund size: INCE $368M; LCR $66M
1Y total return: INCE +22.6%, better; LCR +7.7%
Yield (12M): INCE 5.28%, better; LCR 1.29%
Holdings: INCE 112; LCR 34
Avg volume (30D): INCE 47.3K sh, better; LCR 4.95K sh
NAV per share: INCE $68.80; LCR $40.39
52W range

ETF.net Grade

Pillar letters and Scores for INCE, LCR, with each pillar’s weight
Pillar	INCE	LCR
Cost30% weight	A82Higher	D25
Mission25% weight	Not scored	A77
Risk15% weight	B64Higher	B63
Tradability15% weight	B65Higher	B55
Holdings10% weight	A74Higher	B55
Durability5% weight	A85Higher	B55

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. INCE and LCR 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 ›

INCE ranks 4th and LCR 21st 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
Rank 19CRLYState Street Multi-Asset Real Return ETFScore 53
Rank 21CLCRLeuthold Core Exchange Traded FundScore 52
Rank 22CCSRACohen & Steers Real Assets Active ETFScore 50

Our read on each fund

ETF.net Research

INCEAFranklin Income Equity Focus ETF

LCRCLeuthold Core Exchange Traded Fund

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.

LCR Leuthold has sold tactical asset allocation to institutions since the 1980s. LCR packs that discipline into an ETF of ETFs that slides between stocks, bonds and alternatives on a quantitative read.

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.

LCR The Fund seeks capital appreciation and income, described as total return.

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.

LCR Leuthold was among the first shops offering institutions tactical asset allocation in the 1980s, and LCR has run that discipline in an ETF wrapper since January 2020.leutholdgroup.com
One ticker, roughly 30 underlying funds: US, foreign and emerging-market stocks, bonds, commodities, volatility and managed futures share the same wrapper.leutholdgroup.com
Unconstrained by design: style-box and market-cap agnostic, with equity weight set by the adviser's Major Trend Index read on valuation, macro, sentiment and price action.leutholdgroup.com sec.gov

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.

LCR Costs 0.83% net of a waiver through January 17, 2027 (1.01% gross), above the allocation-fund norm; index peers IRTR (0.08%) and UCBG (0.06%) cost far less.
Trades lightly next to the category's household names, which can show up as wider spreads on the screen.
Tactical means the mix moves with the models, so at any moment the portfolio can look nothing like a static 60/40.leutholdgroup.com

Full INCE profile⁠

Full LCR profile⁠

INCE vs LCR Holdings

How INCE and LCR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of INCE and 0.0% of LCR.

Level by level

Holdings0 in both0.0%
Sector10 Sectors63.9%
Countryby domicile95.0%

Sector

Sector weights in INCE and LCR, widest gap first
Sector	More in INCEMore in LCR	INCE	LCR
Technology	LCR +26.4 points	7.0%	33.4%
Consumer Staples	INCE +14.2 points	14.7%	0.5%
Utilities	INCE +13.4 points	13.4%	0.0%
Health Care	LCR +6.7 points	13.4%	20.1%
Industrials	INCE +6.2 points	11.5%	5.3%
Energy	INCE +2.2 points	12.0%	9.8%
Communication	LCR +1.6 points	3.7%	5.3%
Consumer Discretionary	LCR +1.3 points	4.3%	5.6%
Materials	INCE +0.2 points	5.5%	5.3%
Financials	Same weight	14.6%	14.6%

Country, concentration and asset class

Country by domicile

Country weights in INCE and LCR, widest gap first
Country	More in INCEMore in LCR	INCE	LCR
France	INCE +2.1 points	2.4%	0.3%
United States	INCE +1.1 points	94.1%	93.0%
United Kingdom	INCE +1.0 points	1.8%	0.8%
Switzerland	INCE +0.9 points	1.7%	0.8%
Japan	LCR +0.6 points	0.0%	0.6%
Ireland	LCR +0.5 points	0.0%	0.5%
Other countries (32)	LCR +3.9 points	0.0%	3.9%

Concentration

Weight in the 10 largest Holdings

INCE26.1%
LCR64.9%

Securities held

INCE104
LCR32

Asset class

INCE: Equity
LCR: Multi-Asset

Holdings

Only in INCE104
In both0
Only in LCR32

Only in INCE

104 securities, 98.7% of INCE by weight

Chevron Corp3.86%
JPMorgan Chase & Co2.95%
Morgan Stanley Eln 10/272.87%
Verizon Communications In2.81%
Procter & Gamble Co/The2.74%
Lockheed Martin Corp2.63%
Pepsico Inc2.52%
Southern Co/The2.50%
Mizuho Markets Eln 10/272.44%
Citigroup Glob Eln 10/272.43%
Duke Energy Corp2.12%
Medtronic PLC2.05%
Us Bancorp1.95%
Wells Fargo Eln 10/271.82%
Philip Morris Internation1.77%
Coca-Cola Co/The1.67%
Toronto-Dom Eln 10/271.66%
Air Products & Chemicals1.65%
Johnson & Johnson1.60%
Abbott Laboratories1.53%
Totalenergies SE1.51%
Conocophillips1.34%
Hp Enterprise Co1.24%
Nextera Energy Inc1.23%
Home Depot Inc1.19%
Pfizer Inc1.16%
Merrill Lynch Eln 10/271.16%
Bank of America Corp1.13%
Mcdonald's Corp1.13%
Exxonmobil Holdings Corp1.10%
Nestle Sa-Spons Adr1.05%
Mizuho Mark Eln 9/271.02%
Bnp Paribas Eln 10/271.02%
United Parcel Service-Cl1.00%
Nextera Energy Inc0.99%
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%
Rtx Corp0.87%
Oracle Corp0.86%
Sempra0.86%
Cvs Health Corp0.84%
Texas Instruments Inc0.83%
Union Pacific Corp0.79%
Johnson Controls Internat0.78%
Jp Morgan Chase 0 11/270.77%
Bnp Paribas Iss Eln 9/270.74%
UnitedHealth Group Inc0.73%

Only in LCR

32 securities, 99.0% of LCR by weight

iShares 1-3 Year Treasury Bond ETF14.20%
State Street Technology Select Sector SPDR ETF11.86%
iShares 0-5 Year TIPS Bond ETF9.21%
Direxion Daily S&P 500 Bear 1X ETF4.99%
Us Bank Mmda - Usbgfs 9 09/01/20374.73%
Leuthold Select Industries ETF4.68%
State Street Energy Select Sector SPDR ETF4.06%
iShares U.S. Healthcare Providers ETF3.91%
State Street Health Care Select Sector SPDR ETF3.78%
iShares Biotechnology ETF3.43%
State Street Consumer Staples Select Sector SPDR ETF3.12%
State Street Financial Select Sector SPDR ETF3.08%
iShares Expanded Tech-Software Sector ETF2.76%
Invesco S&P 500 Equal Weight Consumer Discretionary ETF2.70%
iShares U.S. Insurance ETF2.61%
State Street Communication Services Select Sector SPDR ETF2.44%
VanEck Oil Services ETF2.10%
State Street Industrial Select Sector SPDR ETF1.54%
iShares U.S. Transportation ETF1.49%
Spdr Barclays Capital Intl Treasury Bond Etf1.42%
iShares 7-10 Year Treasury Bond ETF1.41%
iShares 5-10 Year Investment Grade Corporate Bond ETF1.36%
iShares MBS ETF1.26%
VanEck Pharmaceutical ETF1.06%
Amplify Digital Payments ETF1.02%
Vanguard Short-Term Inflation-Protected Securities ETF0.94%
State Street SPDR S&P Retail ETF0.92%
Ishares Barclays Tips Bond Fund0.85%
iShares International Treasury Bond ETF0.80%
iShares 1-3 Year International Treasury Bond ETF0.46%
State Street SPDR FTSE International Government Inflation-Protected Bond ETF0.44%
Invesco CurrencyShares Japanese Yen Trust0.40%

Weight gaps

INCE and LCR share no securities.

All 113 INCE holdings⁠All 34 LCR 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 LCR Cost

Overpaying LCR vs INCE

$9,907

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

INCE 0.29%
$5,952
LCR 0.83%
$15,859

Amount$10,000

Years30 years

Cost over time

INCE 0.29%
LCR 0.83%
Overpaying

Year by year

Year	INCE	LCR	Overpaying
10	$527	$1,474	$947
20	$2,044	$5,581	$3,537
30	$5,952	$15,859	$9,907

Expense ratio

0.29%INCE, cheaper
0.83%LCR

INCE0.29%LCR0.83%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

INCE 7th cheapest of 37 funds

LCR 28th cheapest of 37 funds

INCE vs LCR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): INCE 5.28%, better; LCR 1.29%
Payout (12M): INCE $3.64; LCR $0.52
Last payment: INCE $0.30; LCR $0.52
Ex-dividend: INCE Oct 30, 2026; LCR Dec 11, 2025
Paid on: INCE Pays Nov 4, 2026; LCR Dec 12, 2025
Frequency: INCE Monthly; LCR Annual

Distribution history

Per share, 2023 to 2026, same scale for both

INCEMonthly · 34 paymentsAll INCE payments⁠

LCRAnnual · 3 paymentsAll LCR payments⁠

INCE vs LCR Risk

Fall from peak · 5 years

INCE
LCR

Risk facts

VolatilityStd dev, 3 years: INCE 10.8%LCR 7.7%, better
Return per unit of riskSharpe ratio, 3 years: INCE 1.28, betterLCR 0.98
Worst fallMax drawdown, 5 years: INCE −18.4%LCR −13.4%, better
Market sensitivityBeta, 5 years: INCE 0.60LCR 0.77; Market = 1

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