At a glance
INKM charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $71.7M in assets, the 8th largest of that group; it paid 4.69% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +5.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.3% a year. At its worst it fell 28.6% in the 2020 crash (S&P 500: 33.7%) and 18.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 21 months after the lows. Its ten largest positions make up 90.0% of the fund, out of 13 in all.
The short version
State Street Income Allocation ETF (INKM) is a fund of funds. It owns about a dozen other exchange-traded funds that hold high-yield bonds, Treasurys, dividend stocks, infrastructure companies, preferred stock, senior loans and REITs. State Street's managers change the mix over time, aiming for income and total return. It charges 0.50% a year. Its trailing 12-month yield was 4.69% as of October 27, 2026, and it pays quarterly.
Price history
The interactive chart needs JavaScript.
INKM +5.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| INKM official prospectus, to Dec 31, 2025 | — | +10.87% | — | +4.19% | +5.45% | — |
| INKM price data to Oct 27, 2026 | +5.9% | +5.9% | +12.3% | +3.9% | +5.5% | +5.1% |
- Over the year to Oct 27, 2026, INKM returned +5.9%, 8th of 8 among similar funds.
- Its 5-year annualized return was +3.9% and its 10-year +5.5%.
- In the 2020 COVID crash it fell 28.6% and regained its old high 8.8 months after the low.
- Its worst full calendar year was 2022 (-12.6%); its best was 2019 (+17.1%).
- The deepest fall in its price history was 28.6% (Feb 20, 2020 to Mar 23, 2020), recovered by Dec 15, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.9% | — |
| 2025 | +11.9% | +10.87% |
| 2024 | +5.7% | +5.77% |
| 2023 | +10.2% | +10.30% |
| 2022 | -12.6% | -12.53% |
| 2021 | +8.5% | +8.53% |
| 2020 | +3.1% | +2.98% |
| 2019 | +17.1% | +17.10% |
| 2018 | -5.3% | -5.26% |
| 2017 | +13.9% | +13.63% |
| 2016 | +6.5% | +6.61% |
| 2015 | -4.8% | — |
| 2014 | +8.8% | — |
| 2013 | +3.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.4% over that stretch · deepest drop along the way 28.6%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.3% over that stretch · deepest drop along the way 18.6%, back to its old high 21.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0400 | |
| 2025 | $1.9200 | +27.2% |
| 2024 | $1.5100 | +7.1% |
| 2023 | $1.4100 | -4.7% |
| 2022 | $1.4800 | +12.1% |
| 2021 | $1.3200 | 0.0% |
| 2020 | $1.3200 | -11.4% |
| 2019 | $1.4900 | +19.2% |
| 2018 | $1.2500 | +20.2% |
| 2017 | $1.0400 | +1.0% |
| 2016 | $1.0300 | +2.0% |
| 2015 | $1.0100 | -9.8% |
| 2014 | $1.1200 | -9.7% |
| 2013 | $1.2400 |
What's inside
As of Jun 30, 2026, the fund held 13 securities; the ten largest made up 90% of assets. It also reported 15.63% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Fund held | Weight | |
|---|---|---|
| State Street SPDR Bloomberg High Yield Bond ETF | 13.08% | |
| State Street SPDR Portfolio Long Term Treasury ETF | 12.07% | |
| State Street SPDR S&P Global Infrastructure ETF | 11.01% | |
| State Street US Equity Premium Income ETF | 10.02% | |
| State Street SPDR Bloomberg Emerging Markets USD Bond ETF | 9.02% | |
| State Street SPDR Portfolio S&P 500 High Dividend ETF | 8.98% | |
| Schwab US Dividend Equity ETF | 8.86% | |
| State Street SPDR ICE Preferred Securities ETF | 6.03% | |
| State Street Blackstone Senior Loan ETF | 5.95% | |
| State Street SPDR Bloomberg Emerging Markets Local Bond ETF | 4.98% | |
| State Street SPDR Bloomberg Convertible Securities ETF | 3.98% | |
| State Street SPDR Dow Jones REIT ETF | 3.50% | |
| State Street SPDR S&P International Dividend ETF | 2.50% |
By country
United States 99.98%By asset type
Stocks 99.98%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.86%, +0.72%, +0.21%.
How it works
INKM does not track an index. Its adviser, SSGA Funds Management, splits the money among exchange-traded products covering five asset classes: US and international stocks; investment-grade and high-yield ("junk") bonds; hybrids such as preferred stock and convertible bonds; senior loans, which are floating-rate bank loans first in line for repayment; and REITs (real estate investment trusts). The weights depend on the adviser's view of each class's expected return and risk. That view comes from proprietary computer models plus the managers' own judgment. The mix shifts as those views change.
As of June 30, 2026, the fund held 13 funds, and the top 10 made up 90% of assets. The largest were SPDR Bloomberg High Yield Bond ETF (13.1%), SPDR Portfolio Long Term Treasury ETF (12.1%), SPDR S&P Global Infrastructure ETF (11.0%) and State Street US Equity Premium Income ETF (10.0%). Most holdings are State Street's own funds. Schwab US Dividend Equity ETF (8.9%) is the main exception. Portfolio turnover was 57%.
Because it is a fund of funds, you take on the risks of everything inside it, including junk bonds and emerging-market debt. The adviser may also earn fees from the State Street funds it buys, and the prospectus flags this as a conflict of interest. The fund reported no derivatives as of June 30, 2026.
What it really costs
- INKM charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| INKM | $51 | $160 | $280 | $628 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It combines bond, dividend-stock, preferred, loan and REIT funds into one holding that pays out quarterly, with a trailing yield of 4.69% as of October 27, 2026.
INKM's main appeal is income. Its trailing 12-month yield was 4.69% as of October 27, 2026, paid quarterly. It costs 0.50% a year. In the SEC's standard example, that comes to about $51 in the first year on a $10,000 investment.
Its value can still drop sharply. In the 2020 COVID crash it fell 28.6% in about a month and recovered by December 15, 2020, roughly nine months later. In 2022 it dropped 18.6% and took about 21 months to recover, by July 16, 2024. Its worst calendar year was 2022, down 12.5%. It launched in 2012, so it has no 2008 record. Retirees who must sell shares during a slump could lock in losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund holding high-yield bonds, long-term Treasurys, dividend stocks, infrastructure, preferred stock, senior loans and REITs, with quarterly payouts.
- Income seekers comfortable with a 4.69% trailing yield (as of October 27, 2026) that comes partly from junk bonds and emerging-market debt.
- People who would rather have a manager adjust the mix over time, for 0.50% a year, than rebalance several income funds themselves.
Look elsewhere if
- Investors who need monthly income, because INKM pays quarterly.
- Anyone who needs stable value: it fell 28.6% in early 2020 and took about 21 months to recover from its 2022 drop.
- Those wary of a small fund (about $71.7 million as of June 30, 2026) that mostly holds its own sponsor's ETFs.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| INKM this fund | 0.5% | $71.7M | +5.9% | +12.3% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is INKM good for retirement income?
It may suit retirees who want income from a broad mix of assets in one fund. INKM's trailing 12-month yield was 4.69% as of October 27, 2026. It pays quarterly and charges 0.50% a year. The tradeoff is risk. It fell 28.6% in early 2020 and 18.6% in 2022, and its worst calendar year was 2022, down 12.5%. Selling shares after drops like those can lock in losses.
Does INKM pay monthly dividends?
No. INKM pays quarterly, not monthly. Over the 12 months to October 27, 2026, it paid about $1.59 per share, a trailing yield of 4.69%. The payouts come from the funds it holds, such as high-yield bond, Treasury, dividend-stock and preferred-stock ETFs. So the amount can rise or fall from one quarter to the next as their income changes.
What does INKM invest in?
INKM owns other ETFs rather than individual stocks and bonds. As of June 30, 2026, it held 13 funds, and the top 10 made up 90% of assets. The largest were SPDR Bloomberg High Yield Bond ETF (13.1%), SPDR Portfolio Long Term Treasury ETF (12.1%), SPDR S&P Global Infrastructure ETF (11.0%) and State Street US Equity Premium Income ETF (10.0%). It also held Schwab US Dividend Equity ETF (8.9%).
What is INKM's expense ratio?
INKM's expense ratio is 0.50% a year, all of it a management fee, according to its prospectus filed October 27, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return would cost about $51 over one year, $160 over three, $280 over five and $628 over ten. The adviser may also earn fees from the State Street funds INKM holds, a conflict the prospectus discloses.
INKM vs BUFR: what's the difference?
They follow different strategies, so BUFR is not a close substitute. INKM is a fund of funds that spreads money across income-producing bonds, stocks, REITs and loans. BUFR, the FT Vest Laddered Buffer ETF, uses options-based buffer funds to soften some US stock losses in exchange for a cap on gains. BUFR charges 0.95% a year; INKM charges 0.50%. As of October 27, 2026, BUFR returned 11.6% over one year, compared with 5.9% for INKM.