At a glance
AOA charges 0.15% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $3.19B in assets, the 2nd largest of that group; it paid 2.18% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +10.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +19.5% a year. At its worst it fell 28.2% in the 2020 crash (S&P 500: 33.7%) and 23.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 16 months after the lows.
The short version
iShares Core 80/20 Aggressive Allocation ETF (AOA) is a fund of funds. It holds seven iShares index ETFs to track the S&P Target Risk Aggressive Index, which keeps about 80% in stocks and 20% in bonds. Its stock side covers large, mid-size and small U.S. companies plus developed and emerging markets abroad. It costs 0.15% a year, according to the prospectus filed November 21, 2025.
Price history
The interactive chart needs JavaScript.
AOA +10.5% 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 | |
|---|---|---|---|---|---|---|
| AOA official prospectus, to Dec 31, 2024 | — | +13.39% | — | +7.92% | +7.78% | — |
| MSCI All Country World Index Net index, same period | — | +17.49% | — | +10.06% | +9.23% | — |
| Bloomberg US Universal Index index, same period | — | +2.04% | — | +0.06% | +1.73% | — |
| AOA price data to Oct 27, 2026 | +10.1% | +10.5% | +19.5% | +8.6% | +10.3% | +10.4% |
- Over the year to Oct 27, 2026, AOA returned +10.5%, 6th of 8 among similar funds.
- Its 5-year annualized return was +8.6% and its 10-year +10.3%.
- In the 2020 COVID crash it fell 28.2% and regained its old high 4.7 months after the low.
- Its worst full calendar year was 2022 (-16.2%); its best was 2009 (+25.8%).
- The deepest fall in its price history was 28.4% (Feb 12, 2020 to Mar 23, 2020), recovered by Aug 24, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.1% | — |
| 2025 | +19.6% | — |
| 2024 | +13.6% | +13.39% |
| 2023 | +18.3% | +18.28% |
| 2022 | -16.2% | -16.21% |
| 2021 | +15.5% | +15.43% |
| 2020 | +12.9% | +12.85% |
| 2019 | +22.6% | +22.52% |
| 2018 | -7.9% | -7.76% |
| 2017 | +20.1% | +20.04% |
| 2016 | +7.8% | +7.63% |
| 2015 | -1.1% | -0.99% |
| 2014 | +6.0% | — |
| 2013 | +22.4% | — |
| 2012 | +15.0% | — |
| 2011 | -1.7% | — |
| 2010 | +16.8% | — |
| 2009 | +25.8% | — |
| 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 28.2% over that stretch · deepest drop along the way 28.2%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.5% over that stretch · deepest drop along the way 23.6%, back to its old high 15.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2600 | |
| 2025 | $1.9500 | +10.2% |
| 2024 | $1.7700 | +15.7% |
| 2023 | $1.5300 | +21.4% |
| 2022 | $1.2600 | +0.6% |
| 2021 | $1.2524 | +8.0% |
| 2020 | $1.1591 | -20.1% |
| 2019 | $1.4500 | +26.1% |
| 2018 | $1.1500 | -58.2% |
| 2017 | $2.7500 | +159.4% |
| 2016 | $1.0600 | +10.4% |
| 2015 | $0.9600 | -5.9% |
| 2014 | $1.0200 | +22.9% |
| 2013 | $0.8300 | +2.5% |
| 2012 | $0.8100 | +11.0% |
| 2011 | $0.7300 | +28.1% |
| 2010 | $0.5700 | -6.6% |
| 2009 | $0.6100 |
What's inside
As of Jul 31, 2026, the fund held 7 securities; the ten largest made up 99.91% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES CORE S P 500 ETF Other | 45.72% | |
| ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS Other | 22.80% | |
| ISHARES CORE UNIVERSAL USD BON Other | 16.14% | |
| ISHARES CORE MSCI EMERGING MARKETS ETF Other | 8.52% | |
| ISHARES CORE INTERNATIONAL AGGREGATE BOND ETF Other | 2.89% | |
| ISHARES CORE S P MID CAP ETF Other | 2.57% | |
| ISHARES CORE S P SMALL CAP ETF Other | 1.27% |
By country
United States 99.91%By asset type
Other 99.91%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $77.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.60%, -0.34%, -0.42%.
How it works
AOA tracks the S&P Target Risk Aggressive Index, built by S&P Dow Jones Indices. The index doesn't hold stocks and bonds directly. It holds other funds, called underlying funds, and each one covers a single asset class. The index provider's model picks the funds and sets their weights. As of July 31, 2025, that model used a fixed split of 80% stock funds and 20% bond funds. BlackRock Fund Advisors (BFA), the manager, copies the index. It doesn't try to beat the index or move into cash when markets fall.
As of July 31, 2026, the iShares Core S&P 500 ETF made up 45.7% of the fund. The rest was the iShares Core MSCI International Developed Markets ETF (22.8%), Core Universal USD Bond ETF (16.1%), Core MSCI Emerging Markets ETF (8.5%), Core International Aggregate Bond ETF (2.9%), Core S&P Mid-Cap ETF (2.6%) and Core S&P Small-Cap ETF (1.3%). BFA can add, drop or replace underlying funds. Because they are BlackRock's own funds, the prospectus warns of possible conflicts of interest.
The fund must keep at least 80% of its assets in the index's components. It may put up to 20% in futures, options, swaps and cash. As of July 31, 2026, it held a tiny S&P 500 futures position, close to 0% of assets. It may also lend out securities worth up to one-third of its assets. Portfolio turnover was 5%.
What it really costs
- AOA charges 0.15% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- The fee includes a 0.04% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $239 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AOA | $15 | $57 | $103 | $239 |
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 packs a global, stock-heavy mix with a bond slice into one low-cost fund that could anchor a long-term portfolio.
AOA puts U.S. and international stocks and bonds in a single fund for 0.15% a year. In the SEC's standard example, $10,000 would cost about $239 over 10 years. The 20% bond slice softens drops only a little. The fund fell 28.2% in the 2020 COVID crash and regained its peak by August 12, 2020. In 2022 it fell 23.6%. It didn't get back to its peak until February 7, 2024, about 16 months after the low. Its worst calendar year was 2022, at -16.21%. The fund started in November 2008, so its record doesn't cover the whole 2008 crisis. Anyone selling shares to cover spending in a slump like these would be selling at low prices.
Over the 12 months to October 27, 2026, the yield was 2.18%, paid quarterly. That is modest income. Past results don't predict future returns, 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 U.S., international and emerging-market stocks plus bonds in one fund for 0.15% a year.
- Long-term savers who could sit through drops like the 28.4% fall in early 2020 and the 23.6% slide in 2022.
- People who would rather let S&P keep a fixed 80/20 mix than manage seven separate iShares ETFs themselves.
Look elsewhere if
- Retirees who need steady value for withdrawals. The 20% bond slice didn't stop a 16.21% loss in 2022.
- Income seekers. The trailing yield was 2.18% as of October 27, 2026, paid quarterly.
- Investors who want a built-in cushion against losses. AOA has no options buffer, unlike defined-outcome funds such as FT Vest Laddered Buffer ETF (BUFR).
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AOA this fund | 0.15% | $3.19B | +10.5% | +19.5% |
| 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 AOA good for retirement?
AOA can work as a core holding for people comfortable with mostly stocks. It isn't a conservative fund. About 80% sits in stock funds, and it fell 28.2% in early 2020 and 23.6% in 2022. After the 2022 low, it took until February 7, 2024 to get back to its peak. It costs 0.15% a year. Retirees who may need to sell shares in a downturn may want to compare it with more conservative mixes.
What does AOA hold?
AOA holds seven iShares ETFs rather than individual stocks and bonds. As of July 31, 2026, the iShares Core S&P 500 ETF made up 45.7% of the fund and the Core MSCI International Developed Markets ETF 22.8%. Next came the Core Universal USD Bond ETF (16.1%) and the Core MSCI Emerging Markets ETF (8.5%). Smaller positions covered international bonds, U.S. mid-size companies and U.S. small companies. Net assets were about $3.19 billion.
Does AOA pay dividends?
Yes. AOA pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $2.12 per share, a trailing yield of 2.18%. The money comes from the dividends and interest of the underlying stock and bond funds. Because the fund is mostly stocks, its income is modest. It is built mainly for long-term growth, not to produce a large, steady payout.
How has AOA performed over 10 years?
AOA returned 7.78% a year on average over the 10 years ending December 31, 2024, according to its prospectus. Over the same period, the all-stock MSCI All Country World Index Net returned 9.23% and the Bloomberg US Universal bond index returned 1.73%. Measured by price, AOA's 10-year annualized return was 10.3% through October 27, 2026. Trailing an all-stock index is expected for a fund that keeps about a fifth of its money in bonds.
AOA vs BUFR: what's the difference?
They work in very different ways. AOA is a fund of index funds with a fixed 80/20 stock-and-bond mix. FT Vest Laddered Buffer ETF (BUFR) is a defined-outcome fund. Funds like it generally use options to absorb part of a market loss, and in exchange they give up gains above a cap. AOA costs 0.15% a year, against 0.95% for BUFR. Through October 27, 2026, AOA's 3-year annualized return was 19.5% and BUFR's was 16.8%.