AOA vs DRSK: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

Aptus Defined Risk ETF

DRSKCCboe

Overlap

0.0%by weight

Expense ratio

AOA −0.64pt a year

AOA0.15%DRSK0.79%

Avg volume · 30D

DRSK 1.2×the volume

AOA135KDRSK167K

5Y return · a year

AOA +6.2pt

AOA+8.2%DRSK+2.0%

AOA vs DRSK Performance

Oct 29, 2021 – Oct 30, 2026

+48.2%AOA+10.5%DRSK

Expense ratio: AOA 0.15%, better; DRSK 0.79%
Fund size: AOA $3.32B; DRSK $1.4B
1Y total return: AOA +10.1%, better; DRSK −4.1%
Yield (12M): AOA 2.19%; DRSK 4.02%, better
Holdings: AOA 34240; DRSK 24
Avg volume (30D): AOA 135K sh; DRSK 167K sh, better
NAV per share: AOA $96.21; DRSK $27.23
52W range

ETF.net Grade

Pillar letters and Scores for AOA, DRSK, with each pillar’s weight
Pillar	AOA	DRSK
Cost30% weight	A93Higher	D32
Mission25% weight	A100Higher	B67
Risk15% weight	B55Higher	C52
Tradability15% weight	A96Higher	A72
Holdings10% weight	A81Higher	C54
Durability5% weight	A98Higher	A84

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and DRSK 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 ›

AOA ranks 2nd and DRSK 18th 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 17BNDAANed Davis Research 360 Dynamic Allocation ETFScore 55
Rank 18CDRSKAptus Defined Risk ETFScore 54
Rank 19CPCPPPorter & Company Permanent Portfolio Index ETFScore 53

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

DRSKCAptus Defined Risk ETF

In short

AOA A whole portfolio in one ticker. Since 2008, AOA has held a fixed 80/20 mix of global stock and bond index funds, with its index rebalancing the split back to target twice a year. No spreadsheet required.

DRSK Mostly a laddered pile of investment-grade corporate bonds, with the last slice in long call options on big US stocks. Losses on that options sleeve are limited to what was paid for them.

Stated mandate

AOA The Fund seeks to follow an index of equity and fixed-income ETFs designed for an aggressive target-risk allocation. It offers a diversified portfolio emphasizing growth and relatively higher equity exposure.

DRSK The Fund seeks current income and capital appreciation through a hybrid fixed-income and equity strategy. It generally obtains 90%-95% exposure to investment-grade corporate bonds and uses the remainder for large-capitalization U.S. stocks while seeking to limit downside risk.

Why people hold it

AOA One trade buys a handful of underlying iShares index funds spanning global stocks and bonds, with the 80/20 split set by index rule rather than a manager's judgment call.ishares.com spglobal.com
Costs 0.15% net of a waiver through November 30, 2026 (0.19% gross), below the median fee in its allocation category.
Live since November 2008 and now a multi-billion-dollar fund, it has run the same target-risk mandate through the financial crisis and everything after.ishares.com
Among the strongest implementations in a crowded field of allocation funds, and it pays out quarterly.

DRSK Documented build: 90% to 95% exposure to investment-grade corporate bonds, remainder in large-cap US equity exposure chosen to limit downside risk.sec.gov
The bond core is a ladder of target-maturity bond funds maturing annually over the next decade, so rungs roll off and reprice as rates move.sec.gov
Running since 2018 and now a multi-billion-dollar fund, it was doing option-based equity exposure years before the payoff-shaping ETF crowd arrived.
Compact and readable: a couple dozen positions, mainly bond funds plus the option line items.

Worth knowing

AOA Eighty percent equity means it rides global stock swings closely. The 20% bond sleeve softens drawdowns rather than stopping them.spglobal.com
That 0.15% is net of a contractual waiver through November 30, 2026. The gross 0.19% is the figure that applies if the waiver is not renewed.
Cheaper one-ticket rivals now exist: UCBG at 0.06% and IRTR at 0.08%. IRTR also glides its risk down over time, while AOA's 80/20 stays put.

DRSK Costs 0.79%, above the category median of 37 funds. Plain allocation index peers run cheaper: IRTR at 0.08%, AOA at 0.15% net of a waiver through November 30, 2026.
Options expire. In a flat or falling equity market the premium paid can be lost in full, leaving the bond sleeve to carry the fund.sec.gov
Its stated yardstick is the Bloomberg US Aggregate Bond Index, so judge it against bonds, not a stock-heavy allocation fund.

Full AOA profile⁠

Full DRSK profile⁠

AOA vs DRSK Holdings

How AOA and DRSK differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of AOA and 0.0% of DRSK.

Level by level

Holdings0 in both0.0%
Countryby domicile73.1%
Sector11 Sectors87.9%

Sector

Sector weights in AOA and DRSK, widest gap first
Sector	More in AOAMore in DRSK	AOA	DRSK
Technology	DRSK +7.5 points	31.6%	39.1%
Financials	AOA +5.0 points	16.1%	11.1%
Industrials	AOA +3.2 points	11.0%	7.8%
Communication	DRSK +3.1 points	7.5%	10.6%
Materials	AOA +2.2 points	3.9%	1.7%
Consumer Discretionary	DRSK +1.5 points	8.3%	9.9%
Energy	AOA +1.0 points	4.1%	3.1%
Real Estate	AOA +0.4 points	2.1%	1.8%
Utilities	AOA +0.2 points	2.3%	2.1%
Health Care	AOA +0.2 points	8.5%	8.3%
Consumer Staples	Same weight	4.5%	4.5%

Country, concentration and asset class

Country by domicile

Country weights in AOA and DRSK, widest gap first
Country	More in AOAMore in DRSK	AOA	DRSK
United States	DRSK +25.6 points	69.4%	95.0%
Japan	AOA +5.4 points	6.0%	0.6%
United Kingdom	AOA +2.8 points	3.6%	0.8%
Taiwan	AOA +2.5 points	2.6%	0.1%
China	AOA +2.3 points	2.4%	0.1%
Canada	AOA +2.1 points	3.4%	1.3%
France	AOA +2.0 points	2.1%	0.1%
Germany	AOA +2.0 points	2.1%	0.1%
Other countries (16)	AOA +6.4 points	8.4%	2.0%

Outside the US: AOA 73% developed, 27% emerging.

Concentration

Weight in the 10 largest Holdings

AOA17.3%
DRSK93.1%

Securities held

AOA34,149
DRSK24

Asset class

AOA: Multi-Asset
DRSK: Fixed Income

Holdings

Only in AOA34,149
In both0
Only in DRSK24

Only in AOA

34,149 securities, 99.6% of AOA by weight

Apple3.50%
NVIDIA3.44%
Microsoft2.69%
Amazon.com Inc1.64%
Taiwan Semiconductor Manufacturing1.17%
Alphabet Class A1.14%
Broadcom Inc1.08%
Meta Platforms Class A0.94%
Alphabet Class C0.92%
Eli Lilly0.79%
Tesla Inc0.78%
Berkshire Hathaway Inc Class B0.70%
Micron Technology0.69%
JPMorgan Chase & Co0.62%
Advanced Micro Devices0.57%
Exxonmobil Holdings Corp0.54%
Samsung Electronics Ltd0.52%
Visa Class A0.49%
Asml Holding0.48%
Johnson & Johnson0.46%
Sk Hynix0.38%
Walmart0.38%
AbbVie0.36%
Mastercard Class A0.36%
Chevron0.32%
Costco Wholesale Corp0.31%
Palantir Technologies Class A0.29%
Cisco Systems Inc0.29%
Roche Ps Par AG0.27%
Procter & Gamble0.26%
Merck & Co Inc0.26%
UnitedHealth Group0.25%
Coca-Cola0.25%
Shell0.24%
Novartis AG0.23%
Hsbc Holdings PLC0.23%
Home Depot0.23%
Intel Corporation0.23%
Philip Morris International0.23%
Bank of America0.23%
Astrazeneca PLC0.22%
Royal Bank of Canada0.22%
Ge Aerospace0.22%
Applied Material Inc0.22%
Lam Research0.21%
Palo Alto Networks0.21%
Nestle SA0.21%
Caterpillar Inc0.20%
Tencent Holdings0.20%
Texas Instrument0.19%

Only in DRSK

24 securities, 100% of DRSK by weight

Invesco BulletShares 2032 Corporate Bond ETF12.36%
Invesco Bulletshares 2031 Corporate Bond ETF12.10%
Invesco BulletShares 2033 Corporate Bond ETF11.32%
iShares iBonds Dec 2032 Term Corporate ETF11.00%
Invesco BulletShares 2030 Corporate Bond ETF10.68%
iShares iBonds Dec 2031 Term Corporate ETF10.66%
iShares iBonds Dec 2030 Term Corporate ETF9.16%
Invesco BulletShares 2034 Corporate Bond ETF7.26%
Cash & Other4.46%
iShares iBonds Dec 2034 Term Corporate ETF4.11%
Invesco BulletShares 2035 Corporate Bond ETF3.06%
iShares iBonds Dec 2035 Term Corporate ETF1.53%
iShares iBonds Dec 2036 Term Corporate ETF1.53%
Spxw Us 11/30/26 P75000.28%
Spx Us 03/19/27 C85000.15%
Spx Us 12/18/26 C81000.15%
Spx Us 02/19/27 C85000.13%
Spx Us 01/15/27 C82000.08%
Tlt Us 05/21/27 C950.06%
Tlt Us 03/19/27 C900.05%
Tlt Us 06/17/27 C950.05%
Spxw Us 12/31/26 C84500.04%
Bsx Us 12/18/26 C600.02%
Spxw Us 11/02/26 C8000<0.01%

Weight gaps

AOA and DRSK share no securities.

All AOA holdings⁠All 26 DRSK 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.

AOA vs DRSK Cost

Overpaying DRSK vs AOA

$12,037

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

AOA 0.15%
$3,137
DRSK 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
DRSK 0.79%
Overpaying

Year by year

Year	AOA	DRSK	Overpaying
10	$274	$1,405	$1,131
20	$1,071	$5,331	$4,260
30	$3,137	$15,174	$12,037

Expense ratio

0.15%AOA, cheaper
0.79%DRSK

AOA0.15%DRSK0.79%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

AOA 3rd cheapest of 37 funds

DRSK 25th cheapest of 37 funds

AOA vs DRSK Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AOA 2.19%; DRSK 4.02%, better
Payout (12M): AOA $2.11; DRSK $1.10
Last payment: AOA $0.30; DRSK $0.30
Ex-dividend: AOA Oct 2, 2026; DRSK Sep 29, 2026
Paid on: AOA Oct 7, 2026; DRSK Sep 30, 2026
Frequency: AOA Quarterly; DRSK Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

DRSKQuarterly · 35 paymentsAll DRSK payments⁠

AOA vs DRSK Risk

Fall from peak · 5 years

AOA
DRSK

Risk facts

VolatilityStd dev, 3 years: AOA 9.6%DRSK 8.4%, better
Return per unit of riskSharpe ratio, 3 years: AOA 1.37, betterDRSK 0.68
Worst fallMax drawdown, 5 years: AOA −23.6%DRSK −19.9%, better
Market sensitivityBeta, 5 years: AOA 1.06DRSK 1.22; Market = 1

AOA and DRSK in the news

All news⁠

Category Review
The fund built to limit losses had the category's worst return
Sep 25, 2026AOADRSK

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AOA vs DRSK

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and DRSK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in DRSK

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The fund built to limit losses had the category's worst return

How AOA and DRSK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in DRSK

Weight gaps