INCM vs MDIV: Grades, Fees and Holdings Compared

Franklin Income Focus ETF

INCMANYSE Arca

Multi-Asset Diversified Income Index Fund

MDIVBNasdaq

Overlap

1.8%by weight

Expense ratio

INCM −0.33pt a year

INCM0.38%MDIV0.71%

Avg volume · 30D

INCM 7.1×the volume

INCM418KMDIV58.4K

3Y return · a year

INCM +1.8pt

INCM+13.5%MDIV+11.7%

INCM vs MDIV Performance

Oct 31, 2025 – Oct 30, 2026

+11.3%INCM+11.5%MDIV

Expense ratio: INCM 0.38%, better; MDIV 0.71%
Fund size: INCM $2.03B; MDIV $418M
1Y total return: INCM +11.3%; MDIV +11.5%, better
Yield (12M): INCM 5.67%; MDIV 7.48%, better
Holdings: INCM 393; MDIV 124
Avg volume (30D): INCM 418K sh, better; MDIV 58.4K sh
NAV per share: INCM $29.10; MDIV $16.18
52W range

ETF.net Grade

Pillar letters and Scores for INCM, MDIV, with each pillar’s weight
Pillar	INCM	MDIV
Cost30% weight	A93Higher	C50
Mission25% weight	Not scored	A86
Risk15% weight	A80Higher	B55
Tradability15% weight	B64	A74Higher
Holdings10% weight	Not scored	B67
Durability5% weight	A77	A83Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. INCM and MDIV 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 MDIV 4th 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
Rank 4BMDIVMulti-Asset Diversified Income Index FundScore 66
Rank 5BALTYGlobal X Alternative Income ETFScore 57

Our read on each fund

ETF.net Research

INCMAFranklin Income Focus ETF

MDIVBMulti-Asset Diversified Income Index Fund

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.

MDIV Five income sleeves in one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each reset to roughly 20% every quarter. Trading since 2012 and paying monthly, it spreads the yield hunt instead of making one big bet.

Stated mandate

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

MDIV The Fund seeks investment results that generally track the price and yield of the Nasdaq US Multi-Asset Diversified Income Index before fees and expenses.

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.

MDIV Five slices, one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each rebalanced back to about 20% each quarter.sec.gov
Each segment filters out names whose annual volatility runs more than 15 percentage points above its benchmark, so the wildest high-yielders get screened.ftportfolios.com nasdaqomx.com
Trading since 2012 and paying monthly, with about 120 holdings, it ranks as one of the stronger implementations in the multi-asset income group.

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.

MDIV 0.71% net of a waiver through January 31, 2027 (0.83% gross) sits near the category median, but above peers like INCM at 0.38% and IYLD at 0.50%.
The high-yield sleeve is owned through another ETF, which may be a First Trust fund, so a slice of the cost and credit exposure sits one layer down.sec.gov
All five sleeves are income assets: preferreds, high-yield bonds, REITs and MLPs can lean the same way when rates or credit spreads move.nasdaqomx.com

Full INCM profile⁠

Full MDIV profile⁠

INCM vs MDIV Holdings

How INCM and MDIV differ

Overlap by weight

1.8%

Shared holdings make up 4.6% of INCM and 1.9% of MDIV.

Level by level

Holdings4 in both1.8%
Sector11 Sectors45.4%
Countryby domicile84.1%

Sector

Sector weights in INCM and MDIV, widest gap first
Sector	More in INCMMore in MDIV	INCM	MDIV
Real Estate	MDIV +32.7 points	0.0%	32.7%
Energy	MDIV +16.9 points	18.0%	34.9%
Consumer Staples	INCM +14.7 points	19.5%	4.8%
Technology	INCM +10.2 points	10.2%	0.0%
Health Care	INCM +7.3 points	9.1%	1.8%
Industrials	INCM +6.5 points	7.2%	0.7%
Consumer Discretionary	INCM +5.4 points	6.0%	0.6%
Materials	INCM +5.3 points	5.3%	0.0%
Utilities	INCM +5.1 points	14.0%	8.9%
Financials	MDIV +3.3 points	10.7%	13.9%
Communication	MDIV +1.7 points	0.0%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in INCM and MDIV, widest gap first
Country	More in INCMMore in MDIV	INCM	MDIV
United States	MDIV +15.5 points	83.7%	99.2%
United Kingdom	INCM +7.3 points	7.3%	0.0%
Switzerland	INCM +2.6 points	2.6%	0.0%
Netherlands	INCM +1.6 points	1.6%	0.0%
Ireland	INCM +1.5 points	1.5%	0.0%
Germany	INCM +1.4 points	1.4%	0.0%
France	INCM +0.8 points	0.8%	0.0%
Luxembourg	INCM +0.6 points	0.6%	0.0%
Other countries (2)	MDIV +0.4 points	0.4%	0.8%

Concentration

Weight in the 10 largest Holdings

INCM17.0%
MDIV32.1%

Securities held

INCM366
MDIV123

Asset class

INCM: Multi-Asset
MDIV: Multi-Asset

Holdings

Only in INCM362
In both4
Only in MDIV119

Only in INCM

362 securities, 91.3% of INCM by weight

Procter & Gamble Co/The2.08%
Exxonmobil Holdings Corp1.73%
JPMorgan Chase 0 1/271.69%
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%
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%
Citigroup Inc 6.174 5/340.67%
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%
Siemens Ag-Reg0.57%
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%
Citigroup Globa Eln 02/280.49%
Space Explorat 5.875 7/360.48%

Only in MDIV

119 securities, 97.9% of MDIV by weight

First Trust Tactical High Yield ETF20.34%
Kimbell Royalty Partners LP1.38%
Mach Natural Resources LP1.37%
AGNC Investment Corp.1.34%
Annaly Capital Management, Inc.1.32%
Rithm Capital Corp.1.32%
ARMOUR Residential REIT, Inc.1.28%
TXO Partners, L.P.1.27%
Icahn Enterprises, L.P.1.27%
Rithm Capital Corp., Series B, Variable Rate1.23%
Dorchester Minerals, L.P.1.17%
Alliance Resource Partners, L.P.1.12%
Western Midstream Partners LP1.12%
CrossAmerica Partners LP1.10%
Citigroup Capital XIII, Variable Rate, due 10/30/20400.99%
Black Stone Minerals, L.P.0.96%
Apple Hospitality REIT, Inc.0.95%
Gaming and Leisure Properties, Inc.0.92%
VICI Properties Inc.0.91%
AGNC Investment Corp., Series C, 7.000%, Variable Rate0.90%
Delek Logistics Partners LP0.90%
AGNC Investment Corp., Series E, 6.500% Variable Rate0.89%
USA Compression Partners LP0.89%
Rithm Capital Corp., Series D, Variable Rate0.88%
Annaly Capital Management, Inc., Series F, 6.950%, Variable Rate0.88%
Mplx Lp0.87%
AGNC Investment Corp., Series F, 6.125% Variable Rate0.87%
Lincoln National Corporation, Series D, 9.000%0.85%
Annaly Capital Management, Inc., Series G, 6.500% Variable Rate0.82%
Plains All American Pipeline, L.P.0.81%
EPR Properties0.81%
Synchrony Financial, Series B Variable Rate0.80%
Fifth Third Bancorp, Series I, 6.625%, Variable Rate0.79%
Algonquin Power & Utilities Corp., Series 19-A, 6.200%, Variable Rate, Due 07/01/20790.79%
Four Corners Property Trust, Inc.0.78%
Jackson Financial Inc., 8.000%, Variable Rate0.78%
Banc of California, Inc., Series F, 7.75% Variable Rate0.78%
Omega Healthcare Investors, Inc.0.77%
CubeSmart0.77%
Energy Transfer LP0.76%
CHS Inc., Series 1, 7.875%0.75%
American National Group Inc., Series D, 7.375%0.74%
Apollo Global Management, Inc., 7.625%, Variable Rate, Due 09/15/20530.73%
Plains GP Holdings, L.P. (Class A)0.73%
The Allstate Corporation, 5.100%, Variable Rate, Due 01/15/20530.73%
Hess Midstream LP (Class A)0.72%
CHS Inc., Series 4, 7.500%0.71%
Reinsurance Group of America, Incorporated, 7.125%, Variable Rate, Due 10/15/20520.70%
Morgan Stanley, Series E, 7.125%, Variable Rate0.70%
Altria Group, Inc.0.69%

Weight gaps

All 4 Holdings in both funds, largest gap first.

Holding weights in INCM and MDIV, widest gap first
Holding	More in INCMMore in MDIV	INCM	MDIV
Chevron CorpCVX	INCM +1.19 points	1.59%	0.40%
Duke Energy CorpDUK	INCM +0.84 points	1.20%	0.36%
Pepsico IncPEP	INCM +0.80 points	1.20%	0.40%
Pfizer IncPFE	MDIV +0.12 points	0.60%	0.72%

All 404 INCM holdings⁠All 123 MDIV 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 MDIV Cost

Overpaying MDIV vs INCM

$6,076

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

INCM 0.38%
$7,706
MDIV 0.71%
$13,782

Amount$10,000

Years30 years

Cost over time

INCM 0.38%
MDIV 0.71%
Overpaying

Year by year

Year	INCM	MDIV	Overpaying
10	$688	$1,267	$579
20	$2,658	$4,824	$2,166
30	$7,706	$13,782	$6,076

Expense ratio

0.38%INCM, cheaper
0.71%MDIV

INCM0.38%MDIV0.71%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

INCM 2nd cheapest of 15 funds

MDIV 8th cheapest of 15 funds

INCM vs MDIV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): INCM 5.67%; MDIV 7.48%, better
Payout (12M): INCM $1.66; MDIV $1.21
Last payment: INCM $0.13; MDIV $0.08
Ex-dividend: INCM Oct 30, 2026; MDIV Oct 21, 2026
Paid on: INCM Pays Nov 4, 2026; MDIV Oct 30, 2026
Frequency: INCM Monthly; MDIV Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

INCMMonthly · 42 paymentsAll INCM payments⁠

MDIVMonthly · 46 paymentsAll MDIV payments⁠

INCM vs MDIV 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%, betterMDIV 8.5%
Return per unit of riskSharpe ratio, 3 years: INCM 1.19, betterMDIV 0.82
Worst fallMax drawdown, 5 years: INCM −7.8%since Jun 2023MDIV −13.1%
Market sensitivityBeta, 5 years: INCM 0.70MDIV 0.69; Market = 1

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