AOA vs TBFC: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

Brinsmere Fund Conservative ETF

TBFCBNYSE Arca

Overlap

0.0%by weight

Expense ratio

AOA −0.29pt a year

AOA0.15%TBFC0.44%

Avg volume · 30D

AOA 61.6×the volume

AOA135KTBFC2.19K

AOA vs TBFC Performance

Oct 31, 2025 – Oct 30, 2026

+10.1%AOA+4.1%TBFC

Expense ratio: AOA 0.15%, better; TBFC 0.44%
Fund size: AOA $3.32B; TBFC $354M
1Y total return: AOA +10.1%, better; TBFC +4.1%
Yield (12M): AOA 2.19%; TBFC 3.18%, better
Holdings: AOA 34240; TBFC 27
Avg volume (30D): AOA 135K sh, better; TBFC 2.19K sh
NAV per share: AOA $96.21; TBFC $28.58
52W range

ETF.net Grade

Pillar letters and Scores for AOA, TBFC, with each pillar’s weight
Pillar	AOA	TBFC
Cost30% weight	A93Higher	B64
Mission25% weight	A100Higher	A74
Risk15% weight	B55Higher	C53
Tradability15% weight	A96Higher	C49
Holdings10% weight	A81Higher	B60
Durability5% weight	A98Higher	B67

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and TBFC 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 TBFC 9th 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 8BGALState Street Global Allocation ETFScore 64
Rank 9BTBFCBrinsmere Fund Conservative ETFScore 62
Rank 10BDIALColumbia Diversified Fixed Income Allocation ETFScore 61

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

TBFCBBrinsmere Fund Conservative 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.

TBFC A conservative allocation fund that doesn't sit still: systematic models reset the blend of global stock and bond exposures on a set schedule, emerging markets included. Active management for 0.44%, below the typical allocation fund's fee.

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.

TBFC The Fund seeks long-term capital appreciation while maintaining an approach consistent with capital preservation.

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.

TBFC Rules over hunches. The adviser's systematic models drive the asset mix, including a price-trend signal that raises or lowers international ex-US equity exposure rather than holding it at a fixed weight.sec.gov
0.44%, with no fee waiver propping up the number, and below the median fee among the allocation funds we cover. Unusual pricing for an actively managed, multi-asset strategy.
One ticker, global reach: US, developed international and emerging market equity plus bond exposure, aimed at long-term appreciation in a way consistent with capital preservation.
Delivery matches the mandate closely, and the fund sits in the upper tier of a crowded allocation category on our review. Cash comes back 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.

TBFC You're paying for the overlay. Static index allocation funds like UCBG (0.06%) and IRTR (0.08%) hold set weights for a fraction of the cost.
Thinly traded next to the category's index giants, so spread and order type matter more than they would in a household-name allocation ETF.
Launched in 2024, so the models have a short live record, and a shifting mix means it can look quite different from a fixed 60/40 blend at any given time.

Full AOA profile⁠

Full TBFC profile⁠

AOA vs TBFC Holdings

How AOA and TBFC differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile78.5%
Sector11 Sectors95.1%

Sector

Sector weights in AOA and TBFC, widest gap first
Sector	More in AOAMore in TBFC	AOA	TBFC
Technology	AOA +2.9 points	31.6%	28.7%
Energy	TBFC +2.2 points	4.1%	6.3%
Health Care	TBFC +0.9 points	8.5%	9.4%
Communication	AOA +0.8 points	7.5%	6.7%
Financials	AOA +0.8 points	16.1%	15.3%
Real Estate	TBFC +0.5 points	2.1%	2.7%
Materials	TBFC +0.5 points	3.9%	4.4%
Industrials	TBFC +0.4 points	11.0%	11.4%
Consumer Discretionary	AOA +0.4 points	8.3%	8.0%
Consumer Staples	TBFC +0.4 points	4.5%	4.9%
Utilities	Same weight	2.3%	2.3%

Country, concentration and asset class

Country by domicile

Country weights in AOA and TBFC, widest gap first
Country	More in AOAMore in TBFC	AOA	TBFC
United States	TBFC +18.4 points	69.4%	87.8%
Japan	AOA +3.8 points	6.0%	2.2%
Canada	AOA +2.6 points	3.4%	0.8%
United Kingdom	AOA +2.4 points	3.6%	1.2%
China	AOA +2.1 points	2.4%	0.3%
France	AOA +1.6 points	2.1%	0.5%
Taiwan	AOA +1.6 points	2.6%	1.0%
Germany	AOA +1.6 points	2.1%	0.5%
Other countries (32)	AOA +2.7 points	8.4%	5.7%

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

Concentration

Weight in the 10 largest Holdings

AOA17.3%
TBFC71.3%

Securities held

AOA34,149
TBFC26

Asset class

AOA: Multi-Asset
TBFC: Multi-Asset

Holdings

Only in AOA34,149
In both0
Only in TBFC26

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 TBFC

26 securities, 99.8% of TBFC by weight

Vanguard Intermediate-Term Treasury ETF15.10%
iShares 0-1 Year Treasury Bond ETF14.96%
Vanguard Intermediate-Term Corporate Bond ETF9.83%
State Street SPDR Portfolio S&P 500 ETF7.78%
Invesco S&P 500 Momentum ETF4.60%
Vanguard Morningstar Growth ETF4.22%
Vanguard Morningstar Mega Cap Growth ETF4.20%
Invesco RAFI US 1000 ETF3.79%
Vanguard Short-Term Inflation-Protected Securities ETF3.65%
Vanguard Long-Term Treasury ETF3.16%
Vanguard Short-Term Corporate Bond ETF3.03%
State Street SPDR Portfolio S&P 600 Small Cap ETF2.59%
State Street SPDR Portfolio S&P 400 Mid Cap ETF2.51%
Xtrackers USD High Yield Corporate Bond ETF2.41%
iMGP DBi Managed Futures Strategy ETF2.38%
SPDR Gold MiniShares Trust2.19%
iShares MSCI EAFE Min Vol Factor ETF1.75%
Schwab Fundamental International Equity ETF1.66%
Dimensional International Value ETF1.66%
Dimensional International Core Equity 2 ETF1.65%
Dimensional Emerging Markets Value ETF1.63%
Avantis International Small Cap Value ETF1.61%
State Street SPDR S&P 500 ETF Trust1.48%
Columbia EM Core ex-China ETF1.40%
Vanguard Short-Term Bond ETF0.31%
First American Treasury Obligations Fund 01/01/20400.29%

Weight gaps

AOA and TBFC share no securities.

All AOA holdings⁠All TBFC 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 TBFC Cost

Overpaying TBFC vs AOA

$5,715

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

AOA 0.15%
$3,137
TBFC 0.44%
$8,852

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
TBFC 0.44%
Overpaying

Year by year

Year	AOA	TBFC	Overpaying
10	$274	$794	$520
20	$1,071	$3,061	$1,990
30	$3,137	$8,852	$5,715

Expense ratio

0.15%AOA, cheaper
0.44%TBFC

AOA0.15%TBFC0.44%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

AOA 3rd cheapest of 37 funds

TBFC 14th cheapest of 37 funds

AOA vs TBFC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AOA 2.19%; TBFC 3.18%, better
Payout (12M): AOA $2.11; TBFC $0.91
Last payment: AOA $0.30; TBFC $0.21
Ex-dividend: AOA Oct 2, 2026; TBFC Sep 24, 2026
Paid on: AOA Oct 7, 2026; TBFC Sep 25, 2026
Frequency: AOA Quarterly; TBFC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

TBFCQuarterly · 11 paymentsAll TBFC payments⁠

AOA vs TBFC 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%TBFC 6.3%since Feb 2024
Return per unit of riskSharpe ratio, 3 years: AOA 1.37TBFC 0.54since Feb 2024
Worst fallMax drawdown, 5 years: AOA −23.6%TBFC −8.9%since Jan 2024
Market sensitivityBeta, 5 years: AOA 1.06TBFC 0.47; Market = 1

AOA and TBFC 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 TBFC

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and TBFC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in TBFC

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 TBFC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in TBFC

Weight gaps