AOA vs LCO: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

LOGIQ Contrarian Opportunities ETF

LCODNYSE Arca

Overlap

9.5%by weight

Expense ratio

AOA −0.98pt a year

AOA0.15%LCO1.13%

Avg volume · 30D

AOA 454.4×the volume

AOA135KLCO296

AOA vs LCO Performance

Jul 31, 2026 – Oct 30, 2026

−0.3%AOA−2.2%LCO

Expense ratio: AOA 0.15%, better; LCO 1.13%
Fund size: AOA $3.32B; LCO $53M
1Y total return: AOA +10.1%; LCO No data
Yield (12M): AOA 2.19%; LCO No data
Holdings: AOA 34240; LCO 87
Avg volume (30D): AOA 135K sh, better; LCO 296 sh
NAV per share: AOA $96.21; LCO $25.14
52W range

ETF.net Grade

Pillar letters and Scores for AOA, LCO, with each pillar’s weight
Pillar	AOA	LCO
Cost30% weight	A93Higher	F8
Mission25% weight	A100	Not scored
Risk15% weight	B55Higher	F17
Tradability15% weight	A96Higher	D30
Holdings10% weight	A81	A84Higher
Durability5% weight	A98Higher	F21

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and LCO 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 LCO 35th 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 34DAGOXAdaptive Alpha Opportunities ETFScore 31
Rank 35DLCOLOGIQ Contrarian Opportunities ETFScore 25
Rank 36FESBGFirst Trust Enhanced Stocks, Bonds & Gold ETFScore 17

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

LCODLOGIQ Contrarian Opportunities 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.

LCO Most allocation ETFs follow a recipe. LCO hands a manager the whole menu (US, foreign and emerging stocks, preferreds, bonds, cash) to buy what the crowd has walked away from. Launched in 2026 and priced like the active fund it is.

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.

LCO The Fund seeks total return through capital appreciation and income. It actively invests across domestic and foreign equities, preferred stocks, fixed-income securities, cash equivalents, and other investment companies.

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.

LCO One ticket, whole menu: US, foreign and emerging-market stocks plus preferred shares, bonds, cash equivalents and other funds, with the manager free to shift the mix.
Contrarian isn't garnish here. It's the stated style, paired with value, quality, profitability and growth screens, so out-of-favor names still face a fundamentals test.
Holdings are spread across regions and asset classes rather than crowded into one bet, a stronger diversification profile than much of the allocation field.
Total return is the mandate, appreciation and income both, so the manager can lean on dividend payers, preferreds and bonds when equities look pricey.

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.

LCO 1.13% a year is active-manager pricing. Index-built allocation rivals like AOA and IRTR charge a fraction of that, so the stock picking carries a higher bar.
It opened in January 2026. There's no long record to study and no published rulebook to back-test, just a manager's judgment call by call.
A small, lightly traded fund, so spreads can run wider than at the index giants. Income sits in the objective without a set payout rhythm.

Full AOA profile⁠

Full LCO profile⁠

AOA vs LCO Holdings

As of Oct 23, 2026

How AOA and LCO differ

Overlap by weight

9.5%

Shared holdings make up 59.7% of LCO and 13.6% of AOA.

Level by level

Holdings48 in both9.5%
Countryby domicile79.9%

Sector

No Sector split for LCO.

Country, concentration and asset class

Country by domicile

Country weights in AOA and LCO, widest gap first
Country	More in AOAMore in LCO	AOA	LCO
Canada	LCO +8.9 points	3.4%	12.3%
Japan	AOA +5.9 points	6.0%	0.1%
United States	LCO +4.1 points	69.4%	73.5%
Brazil	LCO +2.8 points	0.0%	2.8%
China	AOA +2.3 points	2.4%	0.1%
United Kingdom	AOA +2.3 points	3.6%	1.3%
Switzerland	AOA +2.2 points	2.2%	0.0%
France	AOA +2.1 points	2.1%	0.0%
Other countries (16)	AOA +1.1 points	10.9%	9.8%

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

Concentration

Weight in the 10 largest Holdings

AOA17.3%
LCO25.3%

Securities held

AOA34,149
LCO85

Asset class

AOA: Multi-Asset
LCO: Equity

Holdings

Only in AOA34,101
In both48
Only in LCO37

Only in AOA

34,101 securities, 86.0% of AOA by weight

Microsoft2.69%
Taiwan Semiconductor Manufacturing1.17%
Alphabet Class A1.14%
Broadcom Inc1.08%
Eli Lilly0.79%
Tesla Inc0.78%
Berkshire Hathaway Inc Class B0.70%
JPMorgan Chase & Co0.62%
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%
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%
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%
Sap0.19%
Rtx0.19%
Mitsubishi Ufj Financial Group0.18%
Goldman Sachs Group0.18%
Netflix0.18%
Thermo Fisher Scientific0.18%
Crowdstrike Holdings Class A0.18%
Wells Fargo0.18%
Amgen Inc0.18%

Only in LCO

37 securities, 39.7% of LCO by weight

Ishares 1-3 Year Treasury Bo2.45%
Vanguard Intermediate-Term T2.36%
Samsung Electr-Gdr Reg’s1.82%
Sprott Physical Uranium Tr1.76%
Taiwan Semiconductor-Sp Adr1.60%
Ishares Silver Trust1.44%
Celestica Inc1.36%
Global X Silver Miners Etf1.34%
B2GOLD Corp1.33%
Sprott Uranium Miners Etf1.26%
Global X Uranium Etf1.25%
Nokia Corp-Spon Adr1.18%
Cenovus Energy Inc1.16%
Grayscale Bitcoin Trust Etf1.11%
Suncor Energy Inc1.11%
Ss Energy Select Sector1.11%
Coreweave Inc-Cl A1.10%
Ninepoint Energy Fund1.07%
Kimbell Royalty Partners Lp1.05%
Borr Drilling Ltd1.04%
Bhp Group Ltd-Spon Adr0.97%
Teck Resources Ltd-Cls B0.91%
Alibaba Group Holding-Sp Adr0.91%
Vaneck Junior Gold Miners0.86%
Iren Ltd0.84%
Vaneck Gold Miners Etf0.78%
Sprott Slvr Miner & Phy Slvr0.77%
Vale Sa-Sp Adr0.69%
Invesco Aerospace & Defense0.66%
Select Stoxx Eur Aer De Etf0.66%
Destiny TECH100 Inc0.66%
Spdr Gold Shares0.65%
Cheniere Energy Inc0.64%
Transocean Ltd0.55%
Pan American Silver Corp0.46%
Barrick Mining Corp0.43%
Cameco Corp0.31%

Weight gaps

All 48 Holdings in both funds, largest gap first.

Holding weights in AOA and LCO, widest gap first
Holding	More in AOAMore in LCO	AOA	LCO
AppleAAPL	AOA +2.82 points	3.50%	0.68%
SandiskSNDK	LCO +2.77 points	0.12%	2.89%
Meta Platforms Class AMETA	LCO +2.56 points	0.94%	3.50%
Antero ResourcesAR	LCO +2.22 points	<0.01%	2.23%
Peabody Energy CorpBTU	LCO +1.95 points	<0.01%	1.95%
Micron TechnologyMU	LCO +1.82 points	0.69%	2.51%
Talen EnergyTLN	LCO +1.81 points	0.01%	1.82%
Nrg Energy IncNRG	LCO +1.71 points	0.01%	1.72%
VistraVST	LCO +1.62 points	0.03%	1.65%
Intel CorporationINTC	LCO +1.62 points	0.23%	1.85%
SlbSLB	LCO +1.60 points	0.06%	1.66%
Alphabet Class CGOOG	LCO +1.49 points	0.92%	2.41%
Lumentum HoldingsLITE	LCO +1.45 points	0.05%	1.50%
Devon EnergyDVN	LCO +1.37 points	0.04%	1.41%
Robinhood Markets Class AHOOD	LCO +1.34 points	0.05%	1.39%
EqtEQT	LCO +1.34 points	0.02%	1.36%
OvintivOVV	LCO +1.32 points	0.01%	1.33%
Palantir Technologies Class APLTR	LCO +1.32 points	0.29%	1.61%
NVIDIANVDA	AOA +1.28 points	3.44%	2.16%
Nebius NV Class ANBIS	LCO +1.21 points	0.02%	1.23%
Amazon.com IncAMZN	LCO +1.18 points	1.64%	2.82%
NewmontNEM	LCO +1.15 points	0.08%	1.23%
Echostar Class AECHO	LCO +1.15 points	<0.01%	1.16%
Uber TechnologiesUBER	LCO +1.05 points	0.09%	1.14%
Expand EnergyEXE	LCO +1.01 points	0.01%	1.02%
Ttm Technologies IncTTMI	LCO +0.97 points	<0.01%	0.98%
SalesforceCRM	LCO +0.95 points	0.13%	1.08%
Dave Class ADAVE	LCO +0.93 points	<0.01%	0.93%
Onto InnovationONTO	LCO +0.85 points	<0.01%	0.86%
ServicenowNOW	LCO +0.83 points	0.08%	0.91%
Ares Management Class AARES	LCO +0.82 points	0.02%	0.84%
Northrop Grumman CorpNOC	LCO +0.77 points	0.05%	0.82%
Marvell TechnologyMRVL	LCO +0.73 points	0.12%	0.85%
Occidental Petroleum CorpOXY	LCO +0.71 points	0.03%	0.74%
Core Natural ResourcesCNR	LCO +0.70 points	<0.01%	0.70%
Cleveland Cliffs IncCLF	LCO +0.66 points	<0.01%	0.67%
Coeur MiningCDE	LCO +0.65 points	<0.01%	0.66%
Freeport Mcmoran IncFCX	LCO +0.60 points	0.06%	0.66%
Range ResourcesRRC	LCO +0.59 points	<0.01%	0.60%
MosaicMOS	LCO +0.54 points	<0.01%	0.54%
Target CorpTGT	LCO +0.49 points	0.05%	0.54%
Take Two Interactive SoftwareTTWO	LCO +0.49 points	0.02%	0.51%
PayPal HoldingsPYPL	LCO +0.48 points	0.03%	0.51%
Centrus Energy Class ALEU	LCO +0.41 points	<0.01%	0.41%
Honeywell International IncHON	LCO +0.36 points	0.05%	0.41%
Hecla MiningHL	LCO +0.32 points	<0.01%	0.33%
Honeywell Aerospace IncHONA	LCO +0.28 points	0.03%	0.31%
Advanced Micro DevicesAMD	LCO +0.01 points	0.57%	0.58%

All AOA holdings⁠All LCO 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 LCO Cost

Overpaying LCO vs AOA

$17,627

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

AOA 0.15%
$3,137
LCO 1.13%
$20,764

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
LCO 1.13%
Overpaying

Year by year

Year	AOA	LCO	Overpaying
10	$274	$1,981	$1,707
20	$1,071	$7,403	$6,332
30	$3,137	$20,764	$17,627

Expense ratio

0.15%AOA, cheaper
1.13%LCO

AOA0.15%LCO1.13%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

AOA 3rd cheapest of 37 funds

LCO 34th cheapest of 37 funds

AOA vs LCO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AOA 2.19%; LCO No data
Payout (12M): AOA $2.11; LCO None
Last payment: AOA $0.30; LCO No data
Ex-dividend: AOA Oct 2, 2026; LCO No data
Paid on: AOA Oct 7, 2026; LCO No data
Frequency: AOA Quarterly; LCO No data

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

LCOAll LCO payments⁠

No distribution history available.

AOA vs LCO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AOA 9.6%LCO No data
Return per unit of riskSharpe ratio, 3 years: AOA 1.37LCO No data
Worst fallMax drawdown, 5 years: AOA −23.6%LCO No data
Market sensitivityBeta, 5 years: AOA 1.06LCO 0.89; Market = 1

AOA and LCO in the news

All news⁠

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

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AOA vs LCO

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and LCO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in LCO

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 LCO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in LCO

Weight gaps