At a glance
AOK charges 0.15% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $781.6M in assets, the 8th largest of that group; it paid 3.51% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +10.7% a year. At its worst it fell 14.6% in the 2020 crash (S&P 500: 33.7%) and 17.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 21 months after the lows.
The short version
iShares Core 30/70 Conservative Allocation ETF (AOK) is a BlackRock fund of funds. It tracks the S&P Target Risk Conservative Index by owning about 30% stock ETFs and 70% bond ETFs, all from iShares. It puts a full conservative portfolio into one ticker for an expense ratio of 0.15% and pays income monthly. Its price swings have been smaller than an all-stock fund's, but it still fell 18.9% between November 2021 and October 2022.
Price history
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AOK +3.4% 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 | |
|---|---|---|---|---|---|---|
| AOK official prospectus, to Dec 31, 2024 | — | +6.49% | — | +3.06% | +3.88% | — |
| Bloomberg US Universal Index index, same period | — | +2.04% | — | +0.06% | +1.73% | — |
| MSCI All Country World Index Net index, same period | — | +17.49% | — | +10.06% | +9.23% | — |
| AOK price data to Oct 27, 2026 | +3.8% | +3.4% | +10.7% | +3.4% | +5.0% | +5.4% |
- Over the year to Oct 27, 2026, AOK returned +3.4%, 8th of 8 among similar funds.
- Its 5-year annualized return was +3.4% and its 10-year +5.0%.
- In the 2020 COVID crash it fell 14.6% and regained its old high 2.7 months after the low.
- Its worst full calendar year was 2022 (-14.1%); its best was 2019 (+13.8%).
- The deepest fall in its price history was 18.9% (Nov 5, 2021 to Oct 14, 2022), recovered by Jul 16, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.8% | — |
| 2025 | +11.3% | — |
| 2024 | +6.6% | +6.49% |
| 2023 | +10.9% | +10.84% |
| 2022 | -14.1% | -14.03% |
| 2021 | +5.0% | +4.80% |
| 2020 | +9.3% | +9.36% |
| 2019 | +13.8% | +13.76% |
| 2018 | -3.0% | -2.88% |
| 2017 | +9.8% | +9.61% |
| 2016 | +5.1% | +5.14% |
| 2015 | -1.0% | -1.14% |
| 2014 | +4.0% | — |
| 2013 | +6.6% | — |
| 2012 | +6.4% | — |
| 2011 | +4.4% | — |
| 2010 | +7.4% | — |
| 2009 | +8.1% | — |
| 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 13.7% over that stretch · deepest drop along the way 14.6%, back to its old high 2.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.6% over that stretch · deepest drop along the way 17.6%, back to its old high 21 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9600 | |
| 2025 | $1.3300 | +10.8% |
| 2024 | $1.2000 | +13.2% |
| 2023 | $1.0600 | +37.7% |
| 2022 | $0.7700 | +16.2% |
| 2021 | $0.6624 | -18.2% |
| 2020 | $0.8100 | -16.5% |
| 2019 | $0.9700 | +9.0% |
| 2018 | $0.8900 | -12.7% |
| 2017 | $1.0200 | +43.7% |
| 2016 | $0.7100 | +10.9% |
| 2015 | $0.6400 | -7.2% |
| 2014 | $0.6900 | +19.0% |
| 2013 | $0.5800 | -9.4% |
| 2012 | $0.6400 | -7.2% |
| 2011 | $0.6900 | +35.3% |
| 2010 | $0.5100 | -21.5% |
| 2009 | $0.6500 |
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 UNIVERSAL USD BON Other | 58.23% | |
| ISHARES CORE S P 500 ETF Other | 17.67% | |
| ISHARES CORE INTERNATIONAL AGGREGATE BOND ETF Other | 10.43% | |
| ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS Other | 8.81% | |
| ISHARES CORE MSCI EMERGING MARKETS ETF Other | 3.29% | |
| ISHARES CORE S P MID CAP ETF Other | 0.99% | |
| ISHARES CORE S P SMALL CAP ETF Other | 0.49% |
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 $27.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.58%, +0.07%, -0.86%.
How it works
AOK tracks the S&P Target Risk Conservative Index, which S&P Dow Jones Indices builds and maintains. The index is a model portfolio made of funds. It is meant to represent a "conservative" mix as S&P defines it. As of July 31, 2025, it set a fixed 30% in stock funds and 70% in bond funds. The bonds are there for income and steadier returns. The stocks are there to help keep up with inflation over time. S&P, not BlackRock, decides which funds go in the index and how much each one gets.
The fund holds other iShares ETFs, not individual stocks and bonds. As of July 31, 2026, the iShares Core Universal USD Bond ETF made up 58.2% of assets. Next came the Core S&P 500 ETF (17.7%), Core International Aggregate Bond ETF (10.4%), Core MSCI International Developed Markets ETF (8.8%) and Core MSCI Emerging Markets ETF (3.3%). Small slices went to mid-cap and small-cap funds. BlackRock Fund Advisors (BFA) can add or replace underlying funds at any time. The prospectus flags a conflict of interest here, because BFA also earns fees from those funds.
BFA uses "representative sampling": it holds a mix that behaves like the index without having to own every piece of it. At least 80% of assets go into index components. Up to 20% may go into futures, options, swaps or cash. The July 31, 2026 report showed no derivatives. Portfolio turnover was 3%. The fund does not move to cash when markets fall.
What it really costs
- AOK 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 0.05% 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 $250 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AOK | $15 | $59 | $108 | $250 |
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
AOK is a complete, conservative mix of stock and bond funds in one ticker, so it can serve as the base of a portfolio rather than a small add-on.
AOK could add a ready-made conservative mix that pays income every month. Its trailing 12-month yield was 3.51% as of October 27, 2026. It costs 0.15% a year, or $15 in the first year on $10,000 under the SEC's standard example. The fund launched in November 2008, so it missed most of the 2008 crisis. In the 2020 COVID crash it fell 14.6% and recovered in about 2.7 months. The 2022 bear market hurt more. The fund lost 14.1% that calendar year, and its deepest drop, 18.9%, took about 21 months to recover, until July 2024. Anyone selling shares for income during that stretch was selling at lower prices for almost two years. Past results don't predict future ones, 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, at a 0.15% expense ratio, that holds roughly 70% bond funds and 30% global stock funds and is rebalanced to a fixed index mix.
- Retirees looking for monthly income. The trailing 12-month yield was 3.51%, or $1.43 per share, as of October 27, 2026.
- People who prefer smaller price swings. One-year volatility, a measure of how much returns bounce around, was 6.1% as of October 27, 2026.
Look elsewhere if
- Investors seeking growth like a stock fund's. Its 10-year average return was 3.88% through 2024, versus 9.23% for the MSCI All Country World Index.
- Anyone who couldn't sit through a long recovery. It fell 18.9% starting in November 2021 and didn't fully recover until July 2024.
- Those who want to pick their own stock and bond funds, or to avoid international bonds and stocks, whose dollar value can fall when foreign currencies weaken.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AOK this fund | 0.15% | $781.6M | +3.4% | +10.7% |
| 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 AOK good for retirement?
AOK can work as a simple, conservative core holding, but it is not risk-free. It holds about 70% bond funds and 30% stock funds for 0.15% a year. It pays income monthly: the trailing yield was 3.51% as of October 27, 2026. The tradeoff is slower growth: its 10-year average return was 3.88% through 2024. It also fell 18.9% from late 2021 to October 2022, and recovering took about 21 months.
Does AOK pay monthly dividends?
Yes. AOK pays distributions monthly. Over the 12 months to October 27, 2026, it paid $1.43 per share, a trailing yield of 3.51%. Most of that income comes from its bond funds, which make up about 70% of the portfolio. The rest comes from its stock funds. Payments can vary from month to month because they depend on what the underlying iShares funds pay out.
What does AOK hold?
AOK holds seven other iShares ETFs. As of July 31, 2026, the largest were the iShares Core Universal USD Bond ETF (58.2%), Core S&P 500 ETF (17.7%), Core International Aggregate Bond ETF (10.4%) and Core MSCI International Developed Markets ETF (8.8%). Smaller positions were the Core MSCI Emerging Markets ETF (3.3%), Core S&P Mid-Cap ETF (1.0%) and Core S&P Small-Cap ETF (0.5%). Fund assets were about $782 million.
How much did AOK lose in 2022?
AOK lost 14.03% in 2022, according to its prospectus. That was its worst calendar year. From its peak on November 5, 2021, to its low on October 14, 2022, it fell 18.9%. It didn't regain that peak until July 16, 2024, about 21 months later. Its bond-heavy mix made the drop smaller than an all-stock fund's, but it didn't prevent a large loss.
What's the difference between AOK and BUFR?
They follow different strategies, so BUFR isn't a close substitute. AOK is a fixed 30/70 mix of stock and bond index funds. FT Vest Laddered Buffer ETF (BUFR) is a buffer fund. Buffer funds use options to limit some stock-market losses over set periods, and in return they cap gains. BUFR's expense ratio is 0.95%, versus AOK's 0.15%. As of October 27, 2026, BUFR returned 11.6% over one year, versus 3.4% for AOK.