At a glance
AOR charges 0.15% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $3.64B in assets, the 2nd largest of that group; it paid 2.64% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +7.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.9% a year. At its worst it fell 22.7% in the 2020 crash (S&P 500: 33.7%) and 21.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 17 months after the lows.
The short version
iShares Core 60/40 Balanced Allocation ETF (AOR) is a fund of funds. It owns seven iShares ETFs and tracks the S&P Target Risk Balanced Index, which splits money about 60% to stocks and 40% to bonds. One ticker covers U.S., international and emerging-market stocks plus U.S. and foreign bonds. Its expense ratio is 0.15%. The buffer ETFs it was compared with average 0.86%.
Price history
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AOR +7.5% 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 | |
|---|---|---|---|---|---|---|
| AOR official prospectus, to Dec 31, 2024 | — | +10.61% | — | +6.01% | +6.25% | — |
| 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% | — |
| AOR price data to Oct 27, 2026 | +7.4% | +7.5% | +15.9% | +6.5% | +8.2% | +8.6% |
- Over the year to Oct 27, 2026, AOR returned +7.5%, 8th of 8 among similar funds.
- Its 5-year annualized return was +6.5% and its 10-year +8.2%.
- In the 2020 COVID crash it fell 22.7% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-15.7%); its best was 2009 (+18.9%).
- The deepest fall in its price history was 24.4% (Nov 28, 2008 to Mar 9, 2009), recovered by Aug 13, 2009.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.4% | — |
| 2025 | +16.4% | — |
| 2024 | +10.7% | +10.61% |
| 2023 | +15.8% | +15.24% |
| 2022 | -15.7% | -15.30% |
| 2021 | +11.3% | +11.14% |
| 2020 | +11.5% | +11.60% |
| 2019 | +18.9% | +18.96% |
| 2018 | -5.8% | -5.84% |
| 2017 | +15.8% | +15.88% |
| 2016 | +6.7% | +6.67% |
| 2015 | -1.1% | -1.08% |
| 2014 | +7.0% | — |
| 2013 | +15.7% | — |
| 2012 | +11.4% | — |
| 2011 | +1.1% | — |
| 2010 | +11.2% | — |
| 2009 | +18.9% | — |
| 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 22.7% over that stretch · deepest drop along the way 22.7%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.2% over that stretch · deepest drop along the way 21.2%, back to its old high 16.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1400 | |
| 2025 | $1.6600 | +9.2% |
| 2024 | $1.5200 | +14.3% |
| 2023 | $1.3300 | +33.0% |
| 2022 | $1.0000 | +1.8% |
| 2021 | $0.9824 | -5.5% |
| 2020 | $1.0391 | -14.8% |
| 2019 | $1.2200 | +18.4% |
| 2018 | $1.0300 | -49.0% |
| 2017 | $2.0200 | +132.2% |
| 2016 | $0.8700 | +6.1% |
| 2015 | $0.8200 | -24.1% |
| 2014 | $1.0800 | +45.9% |
| 2013 | $0.7400 | +4.2% |
| 2012 | $0.7100 | -5.3% |
| 2011 | $0.7500 | +27.1% |
| 2010 | $0.5900 | 0.0% |
| 2009 | $0.5900 |
What's inside
As of Jul 31, 2026, the fund held 7 securities; the ten largest made up 99.91% of assets, and 2.31% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| ISHARES CORE S P 500 ETF Other | 34.70% | |
| ISHARES CORE UNIVERSAL USD BON Other | 32.68% | |
| ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS Other | 17.31% | |
| ISHARES CORE MSCI EMERGING MARKETS ETF Other | 6.47% | |
| ISHARES CORE INTERNATIONAL AGGREGATE BOND ETF Other | 5.85% | |
| ISHARES CORE S P MID CAP ETF Other | 1.95% | |
| ISHARES CORE S P SMALL CAP ETF Other | 0.96% |
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 $123.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.79%, -0.17%, -0.59%.
How it works
AOR tracks the S&P Target Risk Balanced Index, which is built by S&P Dow Jones Indices. The index is a model portfolio made of other funds. As of July 31, 2025, it held a fixed 60% in stock funds and 40% in bond funds. The index provider, not BlackRock, sets the mix and the weights. The split stays fixed, so it does not get more conservative over time.
Because AOR is a fund of funds, what it owns is other ETFs. As of July 31, 2026, the largest were iShares Core S&P 500 ETF (34.7%), iShares Core Universal USD Bond ETF (32.7%), iShares Core MSCI International Developed Markets ETF (17.3%), iShares Core MSCI Emerging Markets ETF (6.5%) and iShares Core International Aggregate Bond ETF (5.9%). Smaller amounts went to iShares mid-cap and small-cap funds. BlackRock's adviser, BFA, can add or swap these funds at any time. BFA also earns fees from some of them, which the prospectus flags as a possible conflict of interest.
The fund doesn't try to beat its index, and it doesn't move to safer assets when markets fall. It uses representative sampling, meaning it holds a mix that resembles the index rather than every piece of it. At least 80% of assets go into index components. Up to 20% can go into futures, options, swaps or cash. The fund may also lend out securities worth up to one-third of its assets. Portfolio turnover was 5%.
What it really costs
- AOR 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 |
|---|---|---|---|---|
| AOR | $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
It puts a diversified global 60/40 stock-and-bond mix into one low-cost fund that can anchor a long-term portfolio.
The bond half has made AOR's losses smaller than an all-stock fund's, but it has not prevented them. In the 2020 COVID crash, AOR fell 22.7% and recovered in about 4.4 months. In the 2022 bear market, stocks and bonds fell together. AOR lost 21.2% and needed 16.6 months to recover, finally getting back to its old high on March 1, 2024. Its worst calendar year was 2022, at −15.3%. AOR launched in November 2008, after most of the 2008 crisis. Even so, its deepest drop of 24.4% ended March 9, 2009. Anyone forced to sell shares during a stretch like that would lock in losses.
The fund yielded 2.64% over the 12 months to October 27, 2026, and pays quarterly. Under the SEC's standard example, $10,000 invested would cost $250 over 10 years. Past results don't predict future returns. 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 U.S. and foreign bonds in one fund for 0.15% a year.
- Long-term savers comfortable with a fixed 60/40 index mix who would rather not pick and rebalance seven separate ETFs themselves.
- Holders who want quarterly income alongside stock growth. The trailing yield was 2.64% as of October 27, 2026.
Look elsewhere if
- People who couldn't hold through drops like the 21.2% fall in 2022, which took 16.6 months to recover.
- Investors who want a mix that grows more conservative with age. AOR's index keeps a fixed split of roughly 60/40.
- Those seeking a set limit on losses. AOR has no options overlay, unlike buffer ETFs such as BUFR.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AOR this fund | 0.15% | $3.64B | +7.5% | +15.9% |
| 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 AOR good for retirement?
It can work as a one-fund core for some retirees, but it is not low-risk. AOR holds about 60% stocks and 40% bonds through seven iShares ETFs, and its expense ratio is 0.15%. Its bond half did not stop large losses: it fell 21.2% in the 2022 bear market and took 16.6 months to recover. Its trailing 12-month yield was 2.64% as of October 27, 2026, paid quarterly.
What does AOR hold?
AOR holds other iShares ETFs, not individual stocks or bonds. As of July 31, 2026, iShares Core S&P 500 ETF made up 34.7% and iShares Core Universal USD Bond ETF 32.7%. iShares Core MSCI International Developed Markets ETF was 17.3%, Core MSCI Emerging Markets ETF 6.5% and Core International Aggregate Bond ETF 5.9%. Small amounts went to iShares mid-cap and small-cap funds. Total net assets were about $3.64 billion.
Does AOR pay monthly dividends?
No. AOR pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $1.81 per share, a trailing yield of 2.64%. The income comes from the dividends and bond interest earned by its underlying iShares stock and bond ETFs. Payouts can change from quarter to quarter, depending on what those funds earn.
How has AOR performed over the long term?
Its prospectus shows average annual returns of 10.61% over one year, 6.01% over five years and 6.25% over ten years, as of December 31, 2024. Over the same ten years, the MSCI All Country World Index (net) returned 9.23% a year and the Bloomberg US Universal Index 1.73%. Based on prices through October 27, 2026, AOR's 10-year annualized return was 8.2%.
AOR vs BUFR: what's the difference?
They follow different strategies. AOR gets its downside cushion from a fixed 40% bond allocation, and its expense ratio is 0.15%. FT Vest Laddered Buffer ETF (BUFR) uses options to absorb part of stock-market losses over set periods. In return, it caps gains. BUFR charges 0.95%. Through October 27, 2026, BUFR returned 11.6% over one year versus AOR's 7.5%. A buffer fund is not a direct substitute for a 60/40 mix.