AOA vs RAA: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

SMI 3Fourteen REAL Asset Allocation ETF

RAABNasdaq

Overlap

17.2%by weight

Expense ratio

AOA −0.70pt a year

AOA0.15%RAA0.85%

Avg volume · 30D

AOA 3.1×the volume

AOA135KRAA43.6K

AOA vs RAA Performance

Oct 31, 2025 – Oct 30, 2026

+10.1%AOA+10.2%RAA

Expense ratio: AOA 0.15%, better; RAA 0.85%
Fund size: AOA $3.32B; RAA $645M
1Y total return: AOA +10.1%; RAA +10.2%, better
Yield (12M): AOA 2.19%, better; RAA 2.09%
Holdings: AOA 34240; RAA 181
Avg volume (30D): AOA 135K sh, better; RAA 43.6K sh
NAV per share: AOA $96.21; RAA $30.27
52W range

ETF.net Grade

Pillar letters and Scores for AOA, RAA, with each pillar’s weight
Pillar	AOA	RAA
Cost30% weight	A93Higher	F22
Mission25% weight	A100Higher	A83
Risk15% weight	B55	B61Higher
Tradability15% weight	A96Higher	A74
Holdings10% weight	A81Higher	A73
Durability5% weight	A98Higher	A70

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and RAA 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 RAA 14th 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 14BELMElm Market Navigator ETFScore 58
Rank 14BRAASMI 3Fourteen REAL Asset Allocation ETFScore 58
Rank 16BRAAXVanEck Real Assets ETFScore 57

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

RAABSMI 3Fourteen REAL Asset Allocation 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.

RAA Most allocation ETFs pick a stock/bond mix and coast. RAA runs a model that rechecks the split monthly and can pivot into alternatives: gold, commodities, energy shares, even managed futures.

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.

RAA The actively managed fund uses the proprietary REAL Asset Allocation strategy to dynamically divide assets among stocks, bonds, and alternatives, reassessing allocations monthly and rebalancing as the model changes.

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.

RAA Three sleeves, not two. Stocks, bonds and alternatives, with allocations reassessed monthly and rebalanced when the model moves.
The alternatives bucket has real range: commodities, gold, energy equities and managed futures, including strategies that can short bonds.sec.gov
Trend-following at its core. The mix follows the model's read of conditions rather than a fixed 60/40 or a birthday-based glide path.
Stays close to the mandate written in its filings, and stands among the stronger entries in a crowded allocation field. Pays 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.

RAA 0.85% a year is above the typical allocation ETF and far above index-built rivals such as AOA (0.19%) and NTSX (0.20%). Active tilting is the thing you're paying for.
Discretionary by design. The allocation comes from a proprietary model, not a published index you can look up and track yourself.
Young fund, short live record. There isn't yet a full market cycle to show how the model handles a real regime change.sec.gov

Full AOA profile⁠

Full RAA profile⁠

AOA vs RAA Holdings

How AOA and RAA differ

Overlap by weight

17.2%

Shared holdings make up 27.1% of AOA and 25.0% of RAA.

Level by level

Holdings137 in both17.2%
Countryby domicile78.6%

Sector

No Sector split for RAA.

Country, concentration and asset class

Country by domicile

Country weights in AOA and RAA, widest gap first
Country	More in AOAMore in RAA	AOA	RAA
United States	RAA +14.6 points	69.4%	84.0%
Japan	AOA +4.9 points	6.0%	1.1%
Saudi Arabia	RAA +2.8 points	0.0%	2.8%
United Kingdom	AOA +2.5 points	3.6%	1.1%
China	AOA +2.3 points	2.4%	0.1%
Taiwan	AOA +1.9 points	2.6%	0.7%
Germany	AOA +2.0 points	2.1%	0.1%
France	AOA +1.9 points	2.1%	0.2%
Other countries (30)	AOA +1.8 points	11.8%	10.0%

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

Concentration

Weight in the 10 largest Holdings

AOA17.3%
RAA61.1%

Securities held

AOA34,149
RAA180

Asset class

AOA: Multi-Asset
RAA: Multi-Asset

Holdings

Only in AOA34,012
In both137
Only in RAA43

Only in AOA

34,012 securities, 72.4% of AOA by weight

Taiwan Semiconductor Manufacturing1.17%
Eli Lilly0.79%
Berkshire Hathaway Inc Class B0.70%
JPMorgan Chase & Co0.62%
Samsung Electronics Ltd0.52%
Visa Class A0.49%
Asml Holding0.48%
Johnson & Johnson0.46%
Sk Hynix0.38%
Mastercard Class A0.36%
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%
Nestle SA0.21%
Caterpillar Inc0.20%
Tencent Holdings0.20%
Sap0.19%
Rtx0.19%
Mitsubishi Ufj Financial Group0.18%
Goldman Sachs Group0.18%
Thermo Fisher Scientific0.18%
Wells Fargo0.18%
Siemens N AG0.17%
Toronto Dominion0.16%
Bhp Group Ltd0.16%
Ge Vernova0.16%
Oracle0.16%
Commonwealth Bank of Australia0.15%
Morgan Stanley0.15%
Shopify Subordinate Voting Class A0.15%
Allianz0.15%
Totalenergies0.15%
Toyota Motor0.14%
Citigroup0.14%
Amphenol Corp Class A0.14%
Alibaba Group Holding0.14%
Walt Disney0.13%
Salesforce0.13%
Verizon Communications Inc0.13%

Only in RAA

43 securities, 74.9% of RAA by weight

Bny Mellon Us Large Cap Core E Bny Mellon Us Large Cap Core14.97%
Invesco Optimum Yield Divers10.29%
Schwab Long Term U.s. Treasury Schwab Long Term Us Treasury8.28%
Vanguard Intermediate-Term Corporate Bond Etf6.04%
Schwab High Yield Bond Etf5.98%
Ishares JPMorgan USD Emerging Markets Bond Etf4.03%
iM DBi Managed Futures Strategy ETF3.50%
Vanguard Morningstar Small-Cap ETF3.06%
Schwab U.s. Tips Etf3.03%
Us Treasury 3 Month Bill Etf Us Treasury 3 Month Bill Etf1.98%
Sprott Physical Gold Trus1.92%
Ishares Msci Emr Mrk Ex Chna1.85%
Simplify DBi CTA Managed Futures Index ETF1.48%
Franklin FTSE Europe ETF1.00%
Franklin FTSE Japan ETF0.96%
Grayscale Bitcn Mini Tru Etf0.95%
Bhp Group Ltd0.81%
Cheniere Energy Inc0.59%
Canadian Natural Resources0.57%
Suncor Energy Inc.0.56%
Space Exploration Tech Corp A0.46%
Agnico Eagle Mines Ltd0.34%
Rio Tinto Plc-Spon Adr0.34%
Glencore PLC -Unsp Adr0.25%
Barrick Mining Corp.0.24%
Anglo American PLC Spons Adr Adr0.21%
Wheaton Precious Metals Corp Common Stock0.21%
Franco-Nevada Corp0.16%
Shopify Inc - Class A0.15%
Vale Sa-Sp Adr0.13%
Asml Holding Nv-Ny Reg Shs0.11%
Arm Holdings PLC0.07%
Mercadolibre Inc0.06%
Honeywell International Inc Honiv0.05%
First American Government Obli First Am Gov Oblig X0.05%
Honeywell Aerospace Inc Honav0.04%
Thomson Reuters Corp0.03%
Microstrategy Inc-Cl A0.03%
Astera Labs Inc0.03%
Ferrovial SA0.03%
Rocket Lab Corp0.03%
Coreweave Inc0.02%
Alnylam Pharmaceuticals Inc0.02%

Weight gaps

The 100 widest of 137 Holdings in both funds.

Holding weights in AOA and RAA, widest gap first
Holding	More in AOAMore in RAA	AOA	RAA
AppleAAPL	AOA +2.15 points	3.50%	1.35%
NVIDIANVDA	AOA +2.07 points	3.44%	1.37%
MicrosoftMSFT	AOA +1.65 points	2.69%	1.04%
Amazon.com IncAMZN	AOA +0.94 points	1.64%	0.70%
Alphabet Class AGOOGL	AOA +0.70 points	1.14%	0.44%
Broadcom IncAVGO	AOA +0.62 points	1.08%	0.46%
Occidental Petroleum CorpOXY	RAA +0.53 points	0.03%	0.56%
EqtEQT	RAA +0.53 points	0.02%	0.55%
Alphabet Class CGOOG	AOA +0.51 points	0.92%	0.41%
SlbSLB	RAA +0.48 points	0.06%	0.54%
WilliamsWMB	RAA +0.49 points	0.06%	0.55%
Marathon PetroleumMPC	RAA +0.45 points	0.09%	0.54%
Meta Platforms Class AMETA	AOA +0.43 points	0.94%	0.51%
NewmontNEM	RAA +0.38 points	0.08%	0.46%
ChevronCVX	RAA +0.31 points	0.32%	0.63%
Freeport Mcmoran IncFCX	RAA +0.30 points	0.06%	0.36%
AbbVieABBV	AOA +0.25 points	0.36%	0.11%
Tesla IncTSLA	AOA +0.21 points	0.78%	0.57%
NucorNUE	RAA +0.19 points	0.04%	0.23%
Realty Income ReitO	RAA +0.17 points	0.04%	0.21%
WelltowerWELL	RAA +0.16 points	0.12%	0.28%
Prologis ReitPLD	RAA +0.14 points	0.08%	0.22%
Intel CorporationINTC	RAA +0.12 points	0.23%	0.35%
Equinix ReitEQIX	RAA +0.12 points	0.07%	0.19%
Advanced Micro DevicesAMD	RAA +0.11 points	0.57%	0.68%
Automatic Data Processing IncADP	RAA +0.11 points	0.08%	0.19%
Mcdonalds CorpMCD	AOA +0.11 points	0.13%	0.02%
Abbott LaboratoriesABT	AOA +0.11 points	0.13%	0.02%
A O SmithAOS	RAA +0.11 points	<0.01%	0.11%
Stanley Black & DeckerSWK	RAA +0.10 points	0.01%	0.11%
CloroxCLX	RAA +0.10 points	<0.01%	0.11%
Hormel Foods CorpHRL	RAA +0.10 points	<0.01%	0.10%
Public Storage ReitPSA	RAA +0.09 points	0.04%	0.13%
Simon Property Group Reit IncSPG	RAA +0.09 points	0.05%	0.14%
Amcor PLCAMCR	RAA +0.09 points	0.02%	0.11%
Franklin TempletonBEN	RAA +0.09 points	<0.01%	0.10%
Digital Realty Trust ReitDLR	RAA +0.10 points	0.04%	0.14%
Vivmark ResidentialVMRK	RAA +0.09 points	0.03%	0.12%
Micron TechnologyMU	RAA +0.09 points	0.69%	0.78%
T Rowe Price GroupTROW	RAA +0.08 points	0.02%	0.10%
Ventas ReitVTR	RAA +0.09 points	0.03%	0.12%
Kimberly ClarkKMB	RAA +0.08 points	0.03%	0.11%
KenvueKVUE	RAA +0.08 points	0.03%	0.11%
Genuine PartsGPC	RAA +0.08 points	0.01%	0.09%
Ppg IndustriesPPG	RAA +0.07 points	0.02%	0.09%
T Mobile Us IncTMUS	RAA +0.07 points	0.05%	0.12%
WalmartWMT	RAA +0.07 points	0.38%	0.45%
Iron Mountain IncIRM	RAA +0.08 points	0.02%	0.10%
Eversource EnergyES	RAA +0.07 points	0.02%	0.09%
PepsicoPEP	RAA +0.07 points	0.13%	0.20%
Extra Space Storage ReitEXR	RAA +0.06 points	0.02%	0.08%
International Business Machines CoIBM	AOA +0.06 points	0.17%	0.11%
Erie Indemnity Class AERIE	RAA +0.06 points	<0.01%	0.06%
Vici Pptys IncVICI	RAA +0.05 points	0.02%	0.07%
Illinois Tool IncITW	RAA +0.04 points	0.05%	0.09%
Palantir Technologies Class APLTR	RAA +0.04 points	0.29%	0.33%
Host Hotels & Resorts ReitHST	RAA +0.04 points	0.01%	0.05%
Applied Material IncAMAT	RAA +0.03 points	0.22%	0.25%
Essex Property Trust ReitESS	RAA +0.04 points	0.01%	0.04%
Invitation HomesINVH	RAA +0.03 points	<0.01%	0.04%
Kimco Realty Reit CorpKIM	RAA +0.03 points	0.01%	0.04%
W. P. Carey ReitWPC	RAA +0.03 points	0.01%	0.04%
Cisco Systems IncCSCO	RAA +0.02 points	0.29%	0.31%
Lam ResearchLRCX	RAA +0.03 points	0.21%	0.24%
Air Products and ChemicalsAPD	AOA +0.03 points	0.05%	0.02%
Omega Healthcare Investors ReitOHI	RAA +0.03 points	<0.01%	0.04%
Medtronic PLCMDT	RAA +0.03 points	0.08%	0.11%
Texas InstrumentTXN	RAA +0.03 points	0.19%	0.22%
Mid America Apartment CommunitiesMAA	RAA +0.03 points	<0.01%	0.04%
KlaKLAC	RAA +0.03 points	0.14%	0.17%
Costco Wholesale CorpCOST	RAA +0.03 points	0.31%	0.34%
Healthpeak Properties IncDOC	RAA +0.03 points	<0.01%	0.04%
Monster BeverageMNST	RAA +0.02 points	0.05%	0.07%
QualcommQCOM	RAA +0.03 points	0.12%	0.15%
Marriott International Class AMAR	RAA +0.02 points	0.06%	0.08%
Marvell TechnologyMRVL	RAA +0.02 points	0.12%	0.14%
Coca Cola Europacific Partners PLCCCEP	RAA +0.02 points	0.02%	0.04%
FortinetFTNT	RAA +0.02 points	0.06%	0.08%
Analog DevicesADI	RAA +0.02 points	0.14%	0.16%
Seagate Technology Holdings PLCSTX	RAA +0.02 points	0.10%	0.12%
Exxonmobil Holdings CorpXOM	RAA +0.01 points	0.54%	0.55%
Amgen IncAMGN	RAA +0.01 points	0.18%	0.19%
Crowdstrike Holdings Class ACRWD	RAA +0.01 points	0.18%	0.19%
Intuitive SurgicalISRG	RAA +0.01 points	0.11%	0.12%
Applovin Class AAPP	RAA +0.02 points	0.04%	0.06%
Western Digital CorpWDC	RAA +0.02 points	0.09%	0.11%
SandiskSNDK	RAA +0.01 points	0.12%	0.13%
CintasCTAS	RAA +0.02 points	0.05%	0.07%
Palo Alto NetworksPANW	RAA +0.01 points	0.21%	0.22%
Pdd Holdings AdsPDD	RAA +0.01 points	0.03%	0.04%
Constellation Energy CorpCEG	RAA +0.01 points	0.06%	0.07%
NetflixNFLX	RAA +0.01 points	0.18%	0.19%
Diamondback EnergyFANG	RAA +0.01 points	0.03%	0.04%
Linde PLCLIN	RAA +0.02 points	0.16%	0.18%
Starbucks CorpSBUX	RAA +0.01 points	0.08%	0.09%
Gilead SciencesGILD	RAA +0.01 points	0.15%	0.16%
Datadog Inc Class ADDOG	RAA +0.02 points	0.05%	0.07%
SynopsysSNPS	RAA +0.01 points	0.06%	0.07%
Doordash Class ADASH	RAA +0.01 points	0.05%	0.06%
CsxCSX	RAA +0.01 points	0.07%	0.08%

All AOA holdings⁠All 181 RAA 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 RAA Cost

Overpaying RAA vs AOA

$13,062

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

AOA 0.15%
$3,137
RAA 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
RAA 0.85%
Overpaying

Year by year

Year	AOA	RAA	Overpaying
10	$274	$1,508	$1,234
20	$1,071	$5,706	$4,635
30	$3,137	$16,199	$13,062

Expense ratio

0.15%AOA, cheaper
0.85%RAA

AOA0.15%RAA0.85%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

AOA 3rd cheapest of 37 funds

RAA 29th cheapest of 37 funds

AOA vs RAA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AOA 2.19%, better; RAA 2.09%
Payout (12M): AOA $2.11; RAA $0.62
Last payment: AOA $0.30; RAA $0.13
Ex-dividend: AOA Oct 2, 2026; RAA Sep 16, 2026
Paid on: AOA Oct 7, 2026; RAA Sep 17, 2026
Frequency: AOA Quarterly; RAA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

RAAQuarterly · 6 paymentsAll RAA payments⁠

AOA vs RAA 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%RAA 9.3%since Mar 2025
Return per unit of riskSharpe ratio, 3 years: AOA 1.37RAA 0.98since Mar 2025
Worst fallMax drawdown, 5 years: AOA −23.6%RAA −11.8%since Feb 2025
Market sensitivityBeta, 5 years: AOA 1.06RAA 0.67; Market = 1

AOA and RAA 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 RAA

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and RAA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in RAA

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 RAA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in RAA

Weight gaps