INCM vs IYLD: Grades, Fees and Holdings Compared

Franklin Income Focus ETF

INCMANYSE Arca

iShares Morningstar Multi-Asset Income ETF

IYLDACboe

Overlap

1.5%by weight

Expense ratio

INCM −0.12pt a year

INCM0.38%IYLD0.50%

Avg volume · 30D

INCM 22.3×the volume

INCM418KIYLD18.7K

3Y return · a year

INCM +2.8pt

INCM+13.5%IYLD+10.7%

INCM vs IYLD Performance

Oct 31, 2025 – Oct 30, 2026

+11.3%INCM+6.5%IYLD

Expense ratio: INCM 0.38%, better; IYLD 0.50%
Fund size: INCM $2.03B; IYLD $129M
1Y total return: INCM +11.3%, better; IYLD +6.5%
Yield (12M): INCM 5.67%, better; IYLD 4.79%
Holdings: INCM 393; IYLD 19355
Avg volume (30D): INCM 418K sh, better; IYLD 18.7K sh
NAV per share: INCM $29.10; IYLD $21.64
52W range

ETF.net Grade

Pillar letters and Scores for INCM, IYLD, with each pillar’s weight
Pillar	INCM	IYLD
Cost30% weight	A93Higher	A79
Mission25% weight	Not scored	A100
Risk15% weight	A80Higher	B69
Tradability15% weight	B64Higher	C53
Holdings10% weight	Not scored	A88
Durability5% weight	A77	A85Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. INCM and IYLD 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 ›

INCM ranks 1st and IYLD 2nd 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

Our read on each fund

ETF.net Research

INCMAFranklin Income Focus ETF

IYLDAiShares Morningstar Multi-Asset Income ETF

In short

INCM A go-anywhere income hunt in ETF form: Franklin's managers roam across asset classes chasing current income, hold roughly 400 positions, charge 0.38%, and pay out monthly.

IYLD One ticker, one income engine. IYLD is a fund of iShares funds, bundling equity, bond and other income funds into a single monthly-paying package that has run on the same playbook since 2012.

Stated mandate

INCM The fund seeks a high level of current income, with long-term capital appreciation as a secondary objective.

IYLD The Fund seeks to track an index of underlying equity, fixed-income, and other income funds designed to provide high current income while offering an opportunity for capital appreciation.

Why people hold it

INCM Charges 0.38%, well under the typical fund in its multi-asset allocation group. More of the income stays with shareholders.
Distributes monthly, matching the rhythm of actual bills. Current income is the stated primary objective, with capital appreciation secondary.
Spreads the income job across roughly 400 positions instead of leaning on a short list of high yielders.
Trades smoothly for a multi-billion-dollar fund, and rates as one of the stronger implementations in its allocation peer group.

IYLD A single trade buys a whole income lineup: the index it follows is built from underlying equity, fixed-income and other income funds, so the mixing and rebalancing happen inside the wrapper.ishares.com
0.50% a year, comfortably below the typical fee in its allocation peer group. Cheap for a multi-asset income build.
Pays monthly, which lines the cash flow up with how most people actually pay bills.ishares.com
Hews closely to the Morningstar Multi-Asset High Income Index it targets, one of the tighter index implementations in its peer group. No manager guesswork bolted on top.

Worth knowing

INCM Actively managed with no declared index, so the asset mix and the payout reflect manager judgment rather than a published rulebook you can check against.
The mandate targets a high level of current income, not a fixed dollar amount, so the monthly distribution moves with markets.
Index-based allocation peers such as AOA and IRTR carry lower expense ratios. Here the fee buys active security selection instead of a set glide path.

IYLD Small and thinly traded. Expect wider bid-ask spreads than the mega-funds, which matters most on larger orders.
Income comes first here: capital appreciation is the secondary goal in its own objective, so it is built differently from a growth-tilted allocation fund.
Broad allocation rivals cost far less (IRTR at 0.08%, AOA at 0.19%), though neither is built around high current income.

Full INCM profile⁠

Full IYLD profile⁠

INCM vs IYLD Holdings

How INCM and IYLD differ

Overlap by weight

1.5%

Shared holdings make up 3.4% of INCM and 1.5% of IYLD.

Level by level

Holdings8 in both1.5%
Sector11 Sectors55.5%
Countryby domicile75.4%

Sector

Sector weights in INCM and IYLD, widest gap first
Sector	More in INCMMore in IYLD	INCM	IYLD
Real Estate	IYLD +20.9 points	0.0%	20.9%
Financials	IYLD +17.4 points	10.7%	28.1%
Consumer Staples	INCM +13.4 points	19.5%	6.1%
Energy	INCM +13.4 points	18.0%	4.6%
Utilities	INCM +8.0 points	14.0%	6.0%
Technology	INCM +5.4 points	10.2%	4.8%
Communication	IYLD +3.7 points	0.0%	3.7%
Health Care	INCM +3.3 points	9.1%	5.8%
Industrials	IYLD +2.6 points	7.2%	9.8%
Consumer Discretionary	INCM +0.7 points	6.0%	5.3%
Materials	INCM +0.2 points	5.3%	5.1%

Country, concentration and asset class

Country by domicile

Country weights in INCM and IYLD, widest gap first
Country	More in INCMMore in IYLD	INCM	IYLD
United States	INCM +19.3 points	83.7%	64.4%
Japan	IYLD +10.2 points	0.0%	10.2%
Australia	IYLD +4.2 points	0.0%	4.2%
Supranational	IYLD +3.4 points	0.0%	3.4%
Canada	IYLD +2.2 points	0.4%	2.6%
United Kingdom	INCM +2.0 points	7.3%	5.3%
France	IYLD +1.9 points	0.8%	2.7%
Ireland	INCM +1.5 points	1.5%	0.0%
Other countries (6)	IYLD +1.1 points	6.2%	7.3%

Outside the US: IYLD 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

INCM17.0%
IYLD4.6%

Securities held

INCM366
IYLD19,284

Asset class

INCM: Multi-Asset
IYLD: Multi-Asset

Holdings

Only in INCM358
In both8
Only in IYLD19,276

Only in INCM

358 securities, 92.4% of INCM by weight

Procter & Gamble Co/The2.08%
Exxonmobil Holdings Corp1.73%
JPMorgan Chase 0 1/271.69%
Chevron Corp1.59%
Us Treasury N/ 4.625 8/361.54%
Home Depot Inc1.45%
Morgan Stanley1.42%
Alphabet Inc 5.45 8/361.27%
Shell Plc-Adr1.20%
Duke Energy Corp1.20%
Pepsico Inc1.20%
Us Treasury N/ 5.125 8/561.10%
Roche Holdings Ltd-Spons1.10%
Southern Co/The1.07%
Unilever PLC0.96%
Bnp Paribas Iss Eln 9/270.92%
Air Products & Chemicals0.91%
Mizuho Markets Eln 09/270.89%
Bank of America Corp0.89%
Philip Morris Internation0.82%
Ubs AG 8 4/270.78%
Ubs AG London 8 7/270.78%
Chs/Community 9.75 1/340.76%
Abbv Eln 12/11/20260.75%
Lyondellbasell Indu-Cl A0.71%
Us Treasury N/B 3.5 2/310.70%
Conocophillips0.69%
Oracle Corp0.68%
Lockheed Martin Corp0.67%
Target Corp0.67%
Amazon.com Inc 6.1 7/560.66%
Mizuho Mark Eln 9/270.64%
Wells Fargo Bank 8 3/270.63%
Albemarle Corp0.62%
Morgan Stan Fin 0 3/270.62%
Pfizer Inc0.60%
Toronto-Domini Eln 09/270.57%
Texas Instruments Inc0.56%
Ubs AG 7.5 12/260.56%
Us Bancorp0.54%
Us Treasury N/B 5 5/560.54%
Ares Management Corp0.53%
Skydance Corp 8.25 10/310.53%
Johnson & Johnson0.53%
Astrazeneca PLC0.52%
United Parcel Service-Cl0.52%
Amazon.com Inc 5.3 7/360.52%
Goldman Sachs 5.065 1/370.50%
Kkr & Co Inc0.50%
Oracle Corp 5.7 2/360.50%

Only in IYLD

19,276 securities, 97.6% of IYLD by weight

Strategy Inc0.52%
Boeing Co0.48%
Welltower0.46%
Mitsubishi Ufj Financial Group0.45%
Shell0.43%
Hsbc Holdings PLC0.41%
Nestle SA0.37%
Toyota Motor0.36%
Prologis Reit0.33%
Super Micro Computer Inc0.32%
Hewlett Packard Enterprise Conv Pr0.32%
Wells Fargo & Company Series L0.32%
Oracle Corporation0.32%
Roche Ps Par AG0.31%
Bhp Group Ltd0.30%
Sumitomo Mitsui Financial Group0.29%
Equinix Reit0.27%
Novartis AG0.27%
Nextera Energy Units0.26%
Allianz0.26%
Totalenergies0.26%
Mizuho Financial Group0.22%
Bank of America Corp0.21%
Iberdrola0.21%
Unilever PLC0.20%
Simon Property Group Reit Inc0.19%
Digital Realty Trust Reit0.18%
Bp PLC0.18%
Banco Bilbao Vizcaya Argentaria0.18%
Mitsubishi0.18%
Citigroup Capital Xiii0.18%
National Australia Bank0.18%
Public Storage Reit0.17%
Westpac Banking Corporation0.17%
British American Tobacco0.17%
European Bank For Reconstruction A Mtn 4.27% 02/20/2028 (Ebrd)0.17%
Anz Group Holdings Ltd0.17%
Kkr & Co Inc0.16%
Zurich Insurance Group AG0.16%
Softbank Group Corp0.15%
Unicredit0.15%
Microchip Technology Incorporated0.15%
International Bank For Reconstruct Mtn 4.37% 08/19/2027 (Ibrd)0.15%
Mitsui0.15%
European Bank For Reconstruction A Mtn 4.14% 02/16/2029 (Ebrd)0.15%
Oversea-Chinese Banking0.15%
Realty Income Reit0.15%
Banco Santander0.15%
Albemarle Corp0.14%
Treasury Note 3.88% 06/15/2028 (Tnote)0.14%

Weight gaps

All 8 Holdings in both funds, largest gap first.

Holding weights in INCM and IYLD, widest gap first
Holding	More in INCMMore in IYLD	INCM	IYLD
Citigroup Inc 6.174 5/34C	INCM +0.61 points	0.67%	0.06%
Siemens Ag-Reg	INCM +0.38 points	0.57%	0.19%
Ppl CorporationPPLC	INCM +0.26 points	0.34%	0.08%
Duke Energy CorpDUKU	INCM +0.27 points	0.41%	0.14%
Southern CoSOMN	INCM +0.23 points	0.38%	0.15%
Alphabet IncGOOGN	INCM +0.11 points	0.42%	0.31%
Alphabet IncGOOGM	INCM +0.11 points	0.42%	0.31%
Nextera Energy IncNEE	IYLD +0.05 points	0.21%	0.26%

All 404 INCM holdings⁠All IYLD 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.

INCM vs IYLD Cost

Overpaying IYLD vs INCM

$2,273

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

INCM 0.38%
$7,706
IYLD 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

INCM 0.38%
IYLD 0.50%
Overpaying

Year by year

Year	INCM	IYLD	Overpaying
10	$688	$900	$212
20	$2,658	$3,460	$802
30	$7,706	$9,979	$2,273

Expense ratio

0.38%INCM, cheaper
0.50%IYLD

INCM0.38%IYLD0.50%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

INCM 2nd cheapest of 15 funds

IYLD 3rd cheapest of 15 funds

INCM vs IYLD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): INCM 5.67%, better; IYLD 4.79%
Payout (12M): INCM $1.66; IYLD $1.04
Last payment: INCM $0.13; IYLD $0.08
Ex-dividend: INCM Oct 30, 2026; IYLD Oct 2, 2026
Paid on: INCM Pays Nov 4, 2026; IYLD Oct 7, 2026
Frequency: INCM Monthly; IYLD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

INCMMonthly · 42 paymentsAll INCM payments⁠

IYLDMonthly · 45 paymentsAll IYLD payments⁠

INCM vs IYLD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: INCM 7.2%IYLD 6.3%, better
Return per unit of riskSharpe ratio, 3 years: INCM 1.19, betterIYLD 0.95
Worst fallMax drawdown, 5 years: INCM −7.8%since Jun 2023IYLD −22.4%
Market sensitivityBeta, 5 years: INCM 0.70IYLD 0.60; Market = 1

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