AOR is one of four iShares Core target-risk ETFs. The fund is a fund-of-funds that attempts to provide exposure to a global portfolio of iShares ETFs, with a 60% allocation to equity and a 40% allocation to fixed income. The underlying index uses a proprietary allocation model that aims to represent a growth allocation target-risk strategy. The fund invests exclusively in iShares ETFs as it seeks exposure to a variety of fixed income and equity funds. The underlying indexs exposure to fixed income intends to produce a current income stream and avoid excessive volatility of returns while the equities included seek to protect long-term purchasing power. The index is rebalanced semi-annually in April and October. Prior to February 19, 2025, the fund and index names were iShares Core Growth Allocation ETF and S&P Target Risk Growth Index.