AOA vs TBFG: Grades, Fees and Holdings Compared

iShares Core 80/20 Aggressive Allocation ETF

AOAANYSE Arca

Brinsmere Fund Growth ETF

TBFGBNYSE Arca

Overlap

0.0%by weight

Expense ratio

AOA −0.31pt a year

AOA0.15%TBFG0.46%

Avg volume · 30D

AOA 77.1×the volume

AOA135KTBFG1.74K

AOA vs TBFG Performance

Oct 31, 2025 – Nov 2, 2026

+10.0%AOA+9.1%TBFG

Expense ratio: AOA 0.15%, better; TBFG 0.46%
Fund size: AOA $3.32B; TBFG $378M
1Y total return: AOA +10.0%, better; TBFG +9.1%
Yield (12M): AOA 2.19%; TBFG 2.49%, better
Holdings: AOA 34240; TBFG 24
Avg volume (30D): AOA 135K sh, better; TBFG 1.74K sh
NAV per share: AOA $96.21; TBFG $32.04
52W range

ETF.net Grade

Pillar letters and Scores for AOA, TBFG, with each pillar’s weight
Pillar	AOA	TBFG
Cost30% weight	A93Higher	B61
Mission25% weight	A100Higher	A81
Risk15% weight	B55Higher	C46
Tradability15% weight	A96Higher	C41
Holdings10% weight	A82Higher	B68
Durability5% weight	A98Higher	B67

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. AOA and TBFG 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 TBFG 10th 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 10BDIALColumbia Diversified Fixed Income Allocation ETFScore 61
Rank 10BTBFGBrinsmere Fund Growth ETFScore 61
Rank 12BOCIOClearShares OCIO ETFScore 60

Our read on each fund

ETF.net Research

AOAAiShares Core 80/20 Aggressive Allocation ETF

TBFGBBrinsmere Fund Growth 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.

TBFG Three in-house models, run independently, decide what this global fund of funds holds. Launched in 2024, it is an allocation ETF where the mix shifts on the adviser's risk signals instead of sitting at a fixed 80/20 split.

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.

TBFG The Fund seeks long-term growth of capital. It systematically allocates among three adviser-developed strategies that rebalance underlying funds using proprietary risk-management techniques.

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.

TBFG 0.46%, with no fee waiver propping it up, which lands below the median for its 37-fund allocation category.
Three proprietary strategies (SMB, CAAR and SIS) run independently and systematically rebalance the underlying funds on the adviser's risk-management rules.sec.gov
One ticket covers global equity and bond markets, US and international, and the fund pays distributions quarterly.sec.gov
A multi-hundred-million-dollar fund sitting in the upper half of a 37-fund allocation group, a decent showing for a 2024 launch.

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.

TBFG The models cost something. Index-built rivals run cheaper: AOA at 0.15% net of a waiver through November 30, 2026, and UCBG at 0.06%.
Thinly traded next to the category's household names, so the spread at the moment you trade can matter as much as the yearly fee.
No index to check it against. The asset mix comes from the adviser's own signals and can look nothing like a static stock-bond portfolio.sec.gov

Full AOA profile⁠

Full TBFG profile⁠

AOA vs TBFG Holdings

How AOA and TBFG differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile87.1%
Sector11 Sectors97.0%

Sector

Sector weights in AOA and TBFG, widest gap first
Sector	More in AOAMore in TBFG	AOA	TBFG
Energy	TBFG +1.9 points	4.1%	6.0%
Financials	AOA +1.5 points	16.1%	14.6%
Technology	AOA +0.8 points	31.6%	30.8%
Materials	TBFG +0.5 points	3.9%	4.4%
Real Estate	TBFG +0.3 points	2.1%	2.5%
Industrials	AOA +0.3 points	11.0%	10.7%
Health Care	TBFG +0.2 points	8.5%	8.7%
Utilities	AOA +0.2 points	2.3%	2.1%
Communication	AOA +0.1 points	7.5%	7.4%
Consumer Staples	Same weight	4.5%	4.5%
Consumer Discretionary	AOA +0.1 points	8.3%	8.3%

Country, concentration and asset class

Country by domicile

Country weights in AOA and TBFG, widest gap first
Country	More in AOAMore in TBFG	AOA	TBFG
United States	TBFG +6.9 points	69.4%	76.3%
Canada	AOA +1.9 points	3.4%	1.5%
China	AOA +1.8 points	2.4%	0.6%
Japan	AOA +1.7 points	6.0%	4.3%
United Kingdom	AOA +1.4 points	3.6%	2.2%
France	AOA +1.2 points	2.1%	0.9%
Germany	AOA +1.2 points	2.1%	0.9%
Netherlands	AOA +0.8 points	1.3%	0.5%
Other countries (32)	TBFG +3.1 points	9.7%	12.8%

Outside the US: AOA 73% developed, 27% emerging. TBFG 72% developed, 28% emerging.

Concentration

Weight in the 10 largest Holdings

AOA17.3%
TBFG66.2%

Securities held

AOA34,149
TBFG23

Asset class

AOA: Multi-Asset
TBFG: Multi-Asset

Holdings

Only in AOA34,149
In both0
Only in TBFG23

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 TBFG

23 securities, 100% of TBFG by weight

State Street SPDR Portfolio S&P 500 ETF12.59%
State Street SPDR S&P 500 ETF Trust8.47%
iShares 0-1 Year Treasury Bond ETF8.03%
Invesco RAFI US 1000 ETF7.28%
Invesco S&P 500 Momentum ETF7.05%
Vanguard Morningstar Mega Cap Growth ETF5.60%
Vanguard Intermediate-Term Treasury ETF5.51%
State Street SPDR Portfolio S&P 600 Small Cap ETF4.03%
State Street SPDR Portfolio S&P 400 Mid Cap ETF3.94%
Vanguard Intermediate-Term Corporate Bond ETF3.69%
iShares MSCI EAFE Min Vol Factor ETF3.51%
Schwab Fundamental International Equity ETF3.34%
Dimensional International Value ETF3.33%
Dimensional International Core Equity 2 ETF3.32%
Avantis International Small Cap Value ETF3.24%
Dimensional Emerging Markets Value ETF3.23%
Vanguard Morningstar Value ETF3.21%
Columbia EM Core ex-China ETF2.77%
iMGP DBi Managed Futures Strategy ETF2.57%
Vanguard Morningstar Growth ETF2.09%
Vanguard Short-Term Inflation-Protected Securities ETF1.52%
Vanguard Long-Term Treasury ETF1.34%
First American Treasury Obligations Fund 01/01/20400.29%

Weight gaps

AOA and TBFG share no securities.

All AOA holdings⁠All TBFG 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 TBFG Cost

Overpaying TBFG vs AOA

$6,093

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

AOA 0.15%
$3,137
TBFG 0.46%
$9,230

Amount$10,000

Years30 years

Cost over time

AOA 0.15%
TBFG 0.46%
Overpaying

Year by year

Year	AOA	TBFG	Overpaying
10	$274	$830	$556
20	$1,071	$3,195	$2,124
30	$3,137	$9,230	$6,093

Expense ratio

0.15%AOA, cheaper
0.46%TBFG

AOA0.15%TBFG0.46%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.57%

AOA 3rd cheapest of 37 funds

TBFG 15th cheapest of 37 funds

AOA vs TBFG Dividends

Last 12 months to Nov 2, 2026

Yield (12M): AOA 2.19%; TBFG 2.49%, better
Payout (12M): AOA $2.11; TBFG $0.79
Last payment: AOA $0.30; TBFG $0.14
Ex-dividend: AOA Oct 2, 2026; TBFG Sep 24, 2026
Paid on: AOA Oct 7, 2026; TBFG Sep 25, 2026
Frequency: AOA Quarterly; TBFG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

AOAQuarterly · 39 paymentsAll AOA payments⁠

TBFGQuarterly · 11 paymentsAll TBFG payments⁠

AOA vs TBFG 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%TBFG 9.0%since Feb 2024
Return per unit of riskSharpe ratio, 3 years: AOA 1.37TBFG 0.79since Feb 2024
Worst fallMax drawdown, 5 years: AOA −23.6%TBFG −13.4%since Jan 2024
Market sensitivityBeta, 5 years: AOA 1.06TBFG 0.71; Market = 1

AOA and TBFG 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 TBFG

In short

Stated mandate

Why people hold it

Worth knowing

How AOA and TBFG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in TBFG

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 TBFG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AOA

Only in TBFG

Weight gaps