INCE vs NDAA

INCEAFranklin Income Equity Focus ETF

NDAABNed Davis Research 360 Dynamic Allocation 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.

NDAA A research house best known for selling market indicators now runs money with them. NDAA is an actively managed fund of ETFs built on Ned Davis Research's 360 Approach, anchored at 60% global stocks and 40% global bonds but free to move well off that mix.

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.

NDAA The Fund is actively managed and uses Ned Davis Research’s 360° Approach to allocate dynamically among equity, fixed-income and commodity ETFs and money markets. Its stated allocation framework targets 60% global equities and 40% global bonds but can move materially away from that mix.

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.

• NDAA One ticket for a global mix: the fund allocates across equity, fixed-income and commodity ETFs plus money markets, rather than a single asset class.
• The 60/40 baseline is a starting point, not a cage. The manager can shift materially away from it as its indicators change.
• At 0.65%, it undercuts the typical fund in the allocation cohort, where the median runs 0.78%. Cheap for discretionary tactical management.

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.

• NDAA Index-based allocation peers cost far less: AOA charges 0.19% and IRTR 0.08%. You are paying up for the active calls, not the building blocks.
• Small and thinly traded. Spreads can be wide, so limit orders matter more here than in a mega-cap index fund.
• Launched in 2024, so the strategy has not yet been tested across a full market cycle in this wrapper. Distributions come annually or semiannually, not monthly.

Full INCE profile⁠

Full NDAA profile⁠