INCE vs SPLS: Grades, Fees and Holdings Compared

Franklin Income Equity Focus ETF

INCEANYSE Arca

PIMCO US Stocks PLUS Active Bond ETF

SPLSCCboe

Overlap

0.0%by weight

Expense ratio

INCE −0.09pt a year

INCE0.29%SPLS0.38%

Avg volume · 30D

INCE 3.3×the volume

INCE47.3KSPLS14.4K

INCE vs SPLS Performance

Jul 31, 2026 – Oct 30, 2026

+2.6%INCE+0.3%SPLS

Expense ratio: INCE 0.29%, better; SPLS 0.38%
Fund size: INCE $368M; SPLS $80M
1Y total return: INCE +22.6%; SPLS No data
Yield (12M): INCE 5.28%; SPLS No data
Holdings: INCE 112; SPLS 15
Avg volume (30D): INCE 47.3K sh, better; SPLS 14.4K sh
NAV per share: INCE $68.80; SPLS $55.53
52W range

ETF.net Grade

Pillar letters and Scores for INCE, SPLS, with each pillar’s weight
Pillar	INCE	SPLS
Cost30% weight	A82Higher	B69
Mission25% weight	Not scored	F10
Risk15% weight	B64	A76Higher
Tradability15% weight	B65Higher	C48
Holdings10% weight	A74Higher	D38
Durability5% weight	A85Higher	C54

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. INCE and SPLS 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 SPLS 24th 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 23CPPIAstoria Real Assets ETFScore 49
Rank 24CSPLSPIMCO US Stocks PLUS Active Bond ETFScore 48
Rank 25CHECAHedgeye Capital Allocation ETFScore 41

Our read on each fund

ETF.net Research

INCEAFranklin Income Equity Focus ETF

SPLSCPIMCO US Stocks PLUS Active Bond 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.

SPLS PIMCO's StocksPLUS idea, pioneered in 1986, finally in a US ETF: exposure to the 500 largest US companies out front, an actively managed PIMCO bond portfolio working underneath.

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.

SPLS The Fund seeks two sources of exposure: U.S.-listed equities mainly representing the 500 largest companies by market capitalization, and fixed-income instruments of varying maturities, primarily through actively managed PIMCO fixed-income ETFs.

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.

SPLS Two engines, one ticker: US large-cap equity exposure plus fixed income of varying maturities, run mainly through PIMCO's own actively managed bond ETFs.pimco.com
Charges 0.43% a year, roughly half the typical allocation fund's fee, for two sleeves that would otherwise mean buying a stock fund and a bond manager separately.
PIMCO pioneered the StocksPLUS approach in 1986 and lists SPLS as the ETF version of it, run by a team from its fixed income desk.pimco.com

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.

SPLS Bonds cut both ways here. The fixed income sleeve can subtract from S&P 500 returns as easily as add, and stocks and bonds can fall in the same week.
Launched January 2026 and started small and thinly traded, so spreads can run wider than in established allocation funds.
Capital-efficient rivals go cheaper: NTSX and GDE both charge 0.20%. You are paying up for the active bond sleeve.

Full INCE profile⁠

Full SPLS profile⁠

INCE vs SPLS Holdings

How INCE and SPLS differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile94.4%
Asset classEquity100%

Sector

No Sector split for SPLS.

Country, concentration and asset class

Country by domicile

Country weights in INCE and SPLS, widest gap first
Country	More in INCEMore in SPLS	INCE	SPLS
United States	SPLS +5.5 points	94.1%	99.5%
France	INCE +2.4 points	2.4%	0.0%
United Kingdom	INCE +1.8 points	1.8%	0.0%
Switzerland	INCE +1.4 points	1.7%	0.3%
Other countries (3)	SPLS +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

INCE26.1%
SPLS100.4%

Securities held

INCE104
SPLS12

Asset class

INCE: Equity
SPLS: Equity

Holdings

Only in INCE104
In both0
Only in SPLS12

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 SPLS

12 securities, 100% of SPLS by weight

Ishares Core S+p 500 Etf Ishares Core S+p 500 Etf97.40%
CCSOCXUS0 Mgcc Newedge 12/30 Vari 1 2.72% 12/31/20300.86%
Treasury Bill 12/26 0.00000 0.01% 12/22/20260.54%
Ldur Us Trs Equity Sofr 11/02/20260.44%
Treasury Bill 01/27 0.00000 0.01% 01/19/20270.32%
Pmbs Us Trs Equity Sofr 11/02/20260.26%
Ssc Government Mm Gvmxx 3.87% 12/31/20300.17%
Pyld Us Trs Equity Sofr 11/02/20260.14%
Mint Us Trs Equity Sofr 11/02/20260.12%
Fed Home Ln Discount Nt Discount Not 01/27 0.00000 4.09% 01/20/20270.11%
Treasury Bill 02/27 0.00000 0.01% 02/02/20270.11%
Fed Home Ln Discount Nt Discount Not 02/27 0.00000 4.07% 02/17/20270.11%

Weight gaps

INCE and SPLS share no securities.

All 113 INCE holdings⁠All SPLS 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 SPLS Cost

Overpaying SPLS vs INCE

$1,754

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

INCE 0.29%
$5,952
SPLS 0.38%
$7,706

Amount$10,000

Years30 years

Cost over time

INCE 0.29%
SPLS 0.38%
Overpaying

Year by year

Year	INCE	SPLS	Overpaying
10	$527	$688	$161
20	$2,044	$2,658	$614
30	$5,952	$7,706	$1,754

Expense ratio

0.29%INCE, cheaper
0.38%SPLS

INCE0.29%SPLS0.38%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

INCE 7th cheapest of 37 funds

SPLS 12th cheapest of 37 funds

INCE vs SPLS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): INCE 5.28%; SPLS No data
Payout (12M): INCE $3.64; SPLS No data
Last payment: INCE $0.30; SPLS $0.07
Ex-dividend: INCE Oct 30, 2026; SPLS Oct 1, 2026
Paid on: INCE Pays Nov 4, 2026; SPLS Oct 5, 2026
Frequency: INCE Monthly; SPLS Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

INCEMonthly · 34 paymentsAll INCE payments⁠

SPLSQuarterly · 3 paymentsAll SPLS payments⁠

INCE vs SPLS 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%SPLS No data
Return per unit of riskSharpe ratio, 3 years: INCE 1.28SPLS No data
Worst fallMax drawdown, 5 years: INCE −18.4%SPLS No data
Market sensitivityBeta, 5 years: INCE 0.60SPLS 1.01; Market = 1

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