IRTR vs SPLS: Grades, Fees and Holdings Compared

iShares LifePath Retirement ETF

IRTRANYSE Arca

PIMCO US Stocks PLUS Active Bond ETF

SPLSCCboe

Overlap

0.0%by weight

Expense ratio

IRTR −0.30pt a year

IRTR0.08%SPLS0.38%

Avg volume · 30D

SPLS 1.1×the volume

IRTR12.7KSPLS14.4K

IRTR vs SPLS Performance

Jul 31, 2026 – Oct 30, 2026

0.0%IRTR+0.3%SPLS

Expense ratio: IRTR 0.08%, better; SPLS 0.38%
Fund size: IRTR $60M; SPLS $80M
1Y total return: IRTR +5.1%; SPLS No data
Yield (12M): IRTR 3.17%; SPLS No data
Holdings: IRTR 29140; SPLS 15
Avg volume (30D): IRTR 12.7K sh; SPLS 14.4K sh, better
NAV per share: IRTR $31.52; SPLS $55.53
52W range

ETF.net Grade

Pillar letters and Scores for IRTR, SPLS, with each pillar’s weight
Pillar	IRTR	SPLS
Cost30% weight	A97Higher	B69
Mission25% weight	A100Higher	F10
Risk15% weight	A82Higher	A76
Tradability15% weight	B62Higher	C48
Holdings10% weight	A80Higher	D38
Durability5% weight	B56Higher	C54

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. IRTR 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 ›

IRTR ranks 3rd 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 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

IRTRAiShares LifePath Retirement ETF

SPLSCPIMCO US Stocks PLUS Active Bond ETF

In short

IRTR A whole retirement portfolio in one ticker: global stock and bond ETFs blended at the conservative end, for 0.08% a year. That is index-fund pricing on a job most allocation funds charge roughly ten times more to do.

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

IRTR The fund seeks conservative exposure through a broad portfolio of stock and bond ETFs spanning global asset classes.

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

IRTR Costs 0.08% a year against a 0.78% median for allocation funds. Roughly a tenth of the going rate for a portfolio-in-a-box.
One line item, global coverage. The fund holds a spread of stock and bond ETFs across asset classes, so the mixing happens inside the wrapper.ishares.com
Distributions come monthly rather than quarterly.
One of the strongest all-in-one allocation funds in its peer group, and the cheapest of that top tier: iShares' own AOA runs 0.19%.

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

IRTR Thinly traded. Spreads can run wider than on household-name ETFs, so limit orders matter more here.
Launched in 2023, so the track record is short and the fund is still building scale.
Conservative by construction: it is built to move less than an all-stock portfolio, and that cuts in both directions.ishares.com

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 IRTR profile⁠

Full SPLS profile⁠

IRTR vs SPLS Holdings

How IRTR and SPLS differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile92.8%

Sector

No Sector split for SPLS.

Country, concentration and asset class

Country by domicile

Country weights in IRTR and SPLS, widest gap first
Country	More in IRTRMore in SPLS	IRTR	SPLS
United States	SPLS +6.9 points	92.7%	99.5%
Japan	IRTR +2.6 points	2.6%	0.0%
United Kingdom	IRTR +1.7 points	1.7%	0.0%
Canada	IRTR +1.6 points	1.6%	0.0%
Taiwan	IRTR +1.4 points	1.4%	0.0%
Other countries (4)	SPLS +0.4 points	0.0%	0.4%

Concentration

Weight in the 10 largest Holdings

IRTR10.0%
SPLS100.4%

Securities held

IRTR29,043
SPLS12

Asset class

IRTR: Multi-Asset
SPLS: Equity

Holdings

Only in IRTR29,043
In both0
Only in SPLS12

Only in IRTR

29,043 securities, 99.5% of IRTR by weight

Apple1.69%
NVIDIA1.62%
Microsoft1.31%
Treasury Note 1.38% 11/15/2031 (Tnote)1.28%
Amazon.com Inc0.79%
Treasury Note 2.63% 02/15/2029 (Tnote)0.76%
Alphabet Class A0.55%
Treasury Note 3.13% 11/15/2028 (Tnote)0.54%
Treasury (Cpi) Note 1.13% 10/15/2030 (Tips)0.54%
Treasury (Cpi) Note 1.25% 04/15/2031 (Tips)0.54%
Taiwan Semiconductor Manufacturing0.53%
Treasury (Cpi) Note 1.63% 04/15/2030 (Tips)0.52%
Broadcom Inc0.51%
Treasury (Cpi) Note 1.63% 10/15/2029 (Tips)0.51%
Treasury Note 2.75% 02/15/2028 (Tnote)0.50%
Treasury (Cpi) Note 2.13% 04/15/2029 (Tips)0.49%
Treasury (Cpi) Note 2.38% 10/15/2028 (Tips)0.49%
Treasury (Cpi) Note 1.63% 10/15/2027 (Tips)0.48%
Treasury (Cpi) Note 1.25% 04/15/2028 (Tips)0.47%
Treasury (Cpi) Note 0.13% 04/15/2027 (Tips)0.47%
Treasury (Cpi) Note 0.13% 01/15/2031 (Tips)0.46%
Treasury (Cpi) Note 0.13% 07/15/2031 (Tips)0.46%
Meta Platforms Class A0.46%
Alphabet Class C0.45%
Treasury (Cpi) Note 0.13% 07/15/2030 (Tips)0.44%
Treasury (Cpi) Note 0.38% 07/15/2027 (Tips)0.43%
Treasury (Cpi) Note 0.50% 01/15/2028 (Tips)0.43%
Treasury Bond 2.50% 05/15/2046 (Tbond)0.42%
Treasury Note 2.88% 05/15/2028 (Tnote)0.42%
Treasury Bond 3.75% 11/15/2043 (Tbond)0.41%
Treasury (Cpi) Note 0.13% 01/15/2030 (Tips)0.40%
Treasury Bond 2.75% 11/15/2042 (Tbond)0.40%
Tesla Inc0.40%
Eli Lilly0.38%
Treasury (Cpi) Note 0.38% 01/15/2027 (Tips)0.37%
Treasury (Cpi) Note 0.75% 07/15/2028 (Tips)0.36%
Treasury Bond 6.13% 11/15/2027 (Tbond)0.36%
Treasury (Cpi) Note 0.25% 07/15/2029 (Tips)0.36%
Berkshire Hathaway Inc Class B0.34%
Treasury Bond 1.88% 02/15/2051 (Tbond)0.34%
Micron Technology0.34%
Treasury (Cpi) Note 0.88% 01/15/2029 (Tips)0.31%
Treasury Note 4.00% 05/31/2028 (Tnote)0.31%
JPMorgan Chase & Co0.30%
Treasury Note (Old) 4.38% 05/15/2036 (Tnote)0.28%
Treasury Note 2.38% 05/15/2029 (Tnote)0.28%
Advanced Micro Devices0.28%
Treasury Note 4.00% 05/31/2030 (Tnote)0.26%
Exxonmobil Holdings Corp0.26%
Treasury Note 4.00% 02/29/2028 (Tnote)0.25%

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

IRTR and SPLS share no securities.

All IRTR 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.

IRTR vs SPLS Cost

Overpaying SPLS vs IRTR

$6,017

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

IRTR 0.08%
$1,689
SPLS 0.38%
$7,706

Amount$10,000

Years30 years

Cost over time

IRTR 0.08%
SPLS 0.38%
Overpaying

Year by year

Year	IRTR	SPLS	Overpaying
10	$147	$688	$541
20	$575	$2,658	$2,083
30	$1,689	$7,706	$6,017

Expense ratio

0.08%IRTR, cheaper
0.38%SPLS

IRTR0.08%SPLS0.38%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

IRTR 2nd cheapest of 37 funds

SPLS 12th cheapest of 37 funds

IRTR vs SPLS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IRTR 3.17%; SPLS No data
Payout (12M): IRTR $1.00; SPLS No data
Last payment: IRTR $0.08; SPLS $0.07
Ex-dividend: IRTR Oct 2, 2026; SPLS Oct 1, 2026
Paid on: IRTR Oct 7, 2026; SPLS Oct 5, 2026
Frequency: IRTR Monthly; SPLS Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

IRTRMonthly · 35 paymentsAll IRTR payments⁠

SPLSQuarterly · 3 paymentsAll SPLS payments⁠

IRTR vs SPLS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IRTR 7.3%SPLS No data
Return per unit of riskSharpe ratio, 3 years: IRTR 1.14SPLS No data
Worst fallMax drawdown, 5 years: IRTR −6.3%since Oct 2023SPLS No data
Market sensitivityBeta, 5 years: IRTR 0.47SPLS 1.01; Market = 1

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