AOA vs PPI: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

Astoria Real Assets ETF

PPICNasdaq

Overlap

3.3%by weight

Expense ratio

AOA −0.42pt a year

AOA0.15%PPI0.57%

Avg volume · 30D

AOA 5.1×the volume

AOA143KPPI28.1K

3Y return · a year

AOA +1.2pt

AOA+16.5%PPI+15.3%

AOA vs PPI Performance

Nov 6, 2025 – Nov 6, 2026

+9.4%AOA+4.3%PPI

Expense ratio: AOA 0.15%, better; PPI 0.57%
Fund size: AOA $3.26B; PPI $147M
1Y total return: AOA +9.4%, better; PPI +4.3%
Yield (12M): AOA 2.23%, better; PPI 1.56%
Holdings: AOA 34511; PPI 88
Avg volume (30D): AOA 143K sh, better; PPI 28.1K sh
NAV per share: AOA $94.55; PPI $18.89
52W range

ETF.net Grade

Pillar letters and Scores for AOA, PPI, with each pillar’s weight
Pillar	AOA	PPI
Cost30% weight	A93Higher	C53
Mission25% weight	A100	Not scored
Risk15% weight	C53Higher	F20
Tradability15% weight	A96Higher	C44
Holdings10% weight	A81Higher	A80
Durability5% weight	A98Higher	B58

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and PPI are both graded against the same 36 Multi-Asset Allocation funds, so their Grades compare head to head.

Multi-Asset Allocation⁠

Category · 36 funds

See all 36 ›

AOA ranks 2nd and PPI 24th of 36 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 23CCSRACohen & Steers Real Assets Active ETFScore 51
Rank 24CPPIAstoria Real Assets ETFScore 48
Rank 25CSPLSPIMCO US Stocks PLUS Active Bond ETFScore 45

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

PPICAstoria Real Assets 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.

PPI Most allocation ETFs split stocks and bonds. PPI swaps the bond side for hard assets: an actively run basket of energy, materials, industrials, utilities and REITs, aiming at growth measured after inflation. Trading since December 2021.

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.

PPI The Fund seeks long-term capital appreciation in inflation-adjusted terms and normally invests at least 80% of net assets in investments with significant exposure to real assets.

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.

PPI One ticker, one job: at least 80% of net assets in real-asset investments. A company counts only if half its revenue, profits or assets sit in physical things.sec.gov
Actively run, not an index sleeve. Astoria builds the equity book around roughly 50 to 60 issuers using growth, momentum, quality and value screens.streetinsider.com
Real assets here stretch past commodity miners and drillers to global REITs and inflation-linked Treasuries, so the hedge is not one trade in a trench coat.streetinsider.com
0.57% all-in, with no fee waiver doing the work, which lands near the median for its allocation peer group. Distributions land quarterly.

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.

PPI Non-diversified by charter, and the book clusters in energy, materials, industrials, utilities and real estate, so it moves with commodity and resource cycles.sec.gov streetinsider.com
Thinly traded next to the giants in its category, so limit orders and a glance at the spread earn their keep.
Index stock-and-bond allocation funds like AOA and IRTR sit below it on cost. The active real-assets mandate is what the gap buys.

Full AOA profile⁠

Full PPI profile⁠

AOA vs PPI Holdings

How AOA and PPI differ

Overlap by weight

3.3%

Shared holdings make up 76.5% of PPI and 3.3% of AOA.

Level by level

Holdings67 in both3.3%
Sector11 Sectors25.9%
Countryby domicile85.6%

Sector

Sector weights in AOA and PPI, widest gap first
Sector	Gap	AOA	PPI
Technology	AOA +29.9 points	29.9%	0.0%
Industrials	PPI +24.7 points	10.7%	35.4%
Energy	PPI +21.1 points	4.6%	25.7%
Financials	AOA +16.6 points	16.6%	0.0%
Materials	PPI +14.9 points	4.2%	19.1%
Health Care	AOA +9.3 points	9.3%	0.0%
Real Estate	PPI +7.5 points	2.2%	9.7%
Consumer Discretionary	AOA +6.7 points	8.5%	1.8%
Communication	AOA +6.5 points	6.5%	0.0%
Utilities	PPI +5.8 points	2.5%	8.3%
Consumer Staples	AOA +5.0 points	5.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in AOA and PPI, widest gap first
Country	Gap	AOA	PPI
United States	AOA +6.1 points	69.0%	62.9%
France	PPI +3.5 points	2.2%	5.7%
China	AOA +2.6 points	2.6%	0.0%
Taiwan	AOA +2.5 points	2.5%	0.0%
Canada	PPI +2.3 points	3.4%	5.7%
United Kingdom	PPI +2.1 points	3.6%	5.7%
South Korea	AOA +1.9 points	1.9%	0.0%
Switzerland	PPI +1.8 points	2.2%	4.0%
Other countries (9)	PPI +3.5 points	12.5%	16.0%

Outside the US: AOA 73% developed, 27% emerging. PPI 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

AOA17.2%
PPI26.2%

Securities held

AOA34,417
PPI87

Asset class

AOA: Multi-Asset
PPI: Multi-Asset

Holdings

Only in AOA34,350
In both67
Only in PPI20

Only in AOA

34,350 securities, 96.3% of AOA by weight

Apple3.56%
NVIDIA3.11%
Microsoft2.82%
Amazon.com Inc1.81%
Alphabet Class A1.17%
Taiwan Semiconductor Manufacturing1.08%
Broadcom Inc0.98%
Alphabet Class C0.95%
Meta Platforms Class A0.94%
Eli Lilly0.77%
Berkshire Hathaway Inc Class B0.75%
Tesla Inc0.69%
JPMorgan Chase & Co0.64%
Micron Technology0.53%
Visa Class A0.51%
Advanced Micro Devices0.47%
Johnson & Johnson0.46%
Samsung Electronics Ltd0.45%
Asml Holding0.43%
Walmart0.40%
Mastercard Class A0.38%
AbbVie0.36%
Sk Hynix0.34%
Costco Wholesale Corp0.33%
Chevron0.30%
Procter & Gamble0.28%
Cisco Systems Inc0.27%
Roche Ps Par AG0.27%
Coca-Cola0.26%
Merck & Co Inc0.26%
Palantir Technologies Class A0.25%
UnitedHealth Group0.25%
Home Depot0.25%
Novartis AG0.24%
Hsbc Holdings PLC0.24%
Shell0.23%
Ge Aerospace0.23%
Bank of America0.23%
Astrazeneca PLC0.23%
Royal Bank of Canada0.22%
Philip Morris International0.22%
Tencent Holdings0.22%
Nestle SA0.22%
Sap0.19%
Netflix0.19%
Mitsubishi Ufj Financial Group0.18%
Intel Corporation0.18%
Rtx0.18%
Palo Alto Networks0.18%
Wells Fargo0.18%

Only in PPI

20 securities, 23.0% of PPI by weight

Spdr Gold Minishares Trust4.09%
Sprott Physical Copper T /Cad/3.08%
Shell Plc-Adr2.25%
Rio Tinto Plc-Spon Adr1.74%
Lyondellbasell Indu-Cl A1.66%
Bhp Group Ltd-Spon Adr1.41%
Enterprise Products Partners1.15%
Mplx Lp1.14%
Energy Transfer Lp1.11%
Plains All Amer Pipeline Lp1.10%
Slb Ltd1.02%
Cashusd0.74%
Glencore PLC /Gbp/0.59%
Cheniere Energy Inc0.54%
Graniteshares Platinum Trust0.47%
Abrdn Physical Silver Shares0.44%
Abrdn Physical Palladium Shs0.43%
Cashcad<0.01%
Cashaud0.00%
Cashchf0.00%

Weight gaps

All 67 Holdings in both funds, largest gap first.

Holding weights in AOA and PPI, widest gap first
Holding	Gap	AOA	PPI
NewmontNEM	PPI +2.73 points	0.09%	2.82%
Simon Property Group Reit IncSPG	PPI +2.57 points	0.05%	2.62%
Abb Ltd	PPI +2.36 points	0.10%	2.46%
Freeport Mcmoran IncFCX	PPI +2.22 points	0.06%	2.28%
Public Storage ReitPSA	PPI +2.19 points	0.04%	2.23%
Vici Pptys IncVICI	PPI +1.96 points	0.02%	1.98%
CsxCSX	PPI +1.89 points	0.07%	1.96%
Anglogold Ashanti PLC	PPI +1.88 points	0.03%	1.91%
Caterpillar IncCAT	PPI +1.87 points	0.18%	2.05%
Exxonmobil Holdings CorpXOM	PPI +1.85 points	0.48%	2.33%
Lockheed MartinLMT	PPI +1.83 points	0.08%	1.91%
Steel Dynamics IncSTLD	PPI +1.81 points	0.02%	1.83%
Siemens Energy N AG	PPI +1.61 points	0.08%	1.69%
Lair Liquide Societe Anonyme Pour	PPI +1.55 points	0.10%	1.65%
Engie SA	PPI +1.48 points	0.04%	1.52%
Howmet AerospaceHWM	PPI +1.39 points	0.06%	1.45%
Ge VernovaGEV	PPI +1.37 points	0.15%	1.52%
Mitsubishi Electric	PPI +1.33 points	0.05%	1.38%
Aercap HoldingsAER	PPI +1.34 points	0.02%	1.36%
Entergy CorpETR	PPI +1.28 points	0.04%	1.32%
NewmarketNEU	PPI +1.25 points	<0.01%	1.25%
Jb Hunt Transport ServicesJBHT	PPI +1.21 points	0.01%	1.22%
Jones Lang LasalleJLL	PPI +1.20 points	0.01%	1.21%
Host Hotels & Resorts ReitHST	PPI +1.19 points	0.01%	1.20%
Safran SA	PPI +1.16 points	0.09%	1.25%
Eog ResourcesEOG	PPI +1.13 points	0.05%	1.18%
Lamar Advertising Company ClasLAMR	PPI +1.12 points	<0.01%	1.13%
Canadian Natural Resources Ltd	PPI +1.09 points	0.08%	1.17%
ConocophillipsCOP	PPI +1.06 points	0.12%	1.18%
United RentalsURI	PPI +1.00 points	0.05%	1.05%
Public Service Enterprise GroupPEG	PPI +0.97 points	0.03%	1.00%
Honeywell International IncHON	PPI +0.96 points	0.05%	1.01%
American Electric Power IncAEP	PPI +0.94 points	0.05%	0.99%
HalliburtonHAL	PPI +0.94 points	0.02%	0.96%
Cf Industries Holdings IncCF	PPI +0.93 points	0.01%	0.94%
Technipfmc PLCFTI	PPI +0.88 points	0.02%	0.90%
Hitachi	PPI +0.85 points	0.11%	0.96%
Amcor PLCAMCR	PPI +0.84 points	0.01%	0.86%
Devon EnergyDVN	PPI +0.84 points	0.03%	0.87%
Veolia Environ. SA	PPI +0.83 points	0.02%	0.85%
Omega Healthcare Investors ReitOHI	PPI +0.82 points	0.01%	0.83%
Crown Holdings IncCCK	PPI +0.82 points	<0.01%	0.83%
Cenovus Energy	PPI +0.81 points	0.03%	0.84%
Inpex	PPI +0.79 points	0.02%	0.81%
Vertiv Holdings Class AVRT	PPI +0.78 points	0.05%	0.83%
Constellation Energy CorpCEG	PPI +0.75 points	0.06%	0.81%
AtiATI	PPI +0.74 points	0.02%	0.76%
Ryman Hospitality Properties ReitRHP	PPI +0.74 points	<0.01%	0.75%
Fujikura	PPI +0.68 points	0.03%	0.71%
Valero Energy CorpVLO	PPI +0.65 points	0.07%	0.72%
Prysmian	PPI +0.65 points	0.02%	0.67%
Rheinmetall AG	PPI +0.64 points	0.04%	0.68%
Mueller Industries IncMLI	PPI +0.65 points	<0.01%	0.66%
Kansai Electric Power	PPI +0.64 points	0.01%	0.65%
Carpenter TechnologyCRS	PPI +0.56 points	<0.01%	0.57%
Baker Hughes Class ABKR	PPI +0.55 points	0.03%	0.58%
Cummins IncCMI	PPI +0.55 points	0.04%	0.59%
Comfort Systems UsaFIX	PPI +0.55 points	0.02%	0.57%
ApaAPA	PPI +0.54 points	0.01%	0.55%
VistraVST	PPI +0.53 points	0.03%	0.56%
Evolution Mining	PPI +0.48 points	0.01%	0.49%
Repsol	PPI +0.47 points	0.03%	0.50%
Kajima	PPI +0.46 points	<0.01%	0.47%
SOUTH32	PPI +0.46 points	0.01%	0.47%
Sumitomo Metal Mining	PPI +0.42 points	<0.01%	0.43%
Totalenergies	PPI +0.40 points	0.14%	0.54%
Mitsui Kinzoku Limited Ltd	PPI +0.20 points	<0.01%	0.20%

All AOA holdings⁠All PPI 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 PPI Cost

Overpaying PPI vs AOA

$8,134

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

AOA 0.15%
$3,137
PPI 0.57%
$11,271

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
PPI 0.57%
Overpaying

Year by year

Year	AOA	PPI	Overpaying
10	$274	$1,023	$749
20	$1,071	$3,921	$2,850
30	$3,137	$11,271	$8,134

Expense ratio

0.15%AOA, cheaper
0.57%PPI

AOA0.15%PPI0.57%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.61%

AOA 3rd cheapest of 36 funds

PPI 18th cheapest of 36 funds

AOA vs PPI Dividends

Last 12 months to Nov 6, 2026

Yield (12M): AOA 2.23%, better; PPI 1.56%
Payout (12M): AOA $2.11; PPI $0.29
Last payment: AOA $0.30; PPI $0.07
Ex-dividend: AOA Oct 2, 2026; PPI Sep 24, 2026
Paid on: AOA Oct 7, 2026; PPI Sep 28, 2026
Frequency: AOA Quarterly; PPI Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

PPIQuarterly · 18 paymentsAll PPI payments⁠

AOA vs PPI 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%, betterPPI 14.9%
Return per unit of riskSharpe ratio, 3 years: AOA 1.37, betterPPI 0.91
Worst fallMax drawdown, 5 years: AOA −23.6%PPI −24.6%since Dec 2021
Market sensitivityBeta, 5 years: AOA 1.06PPI 1.15; Market = 1

AOA and PPI 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 PPI

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and PPI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in PPI

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 PPI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in PPI

Weight gaps