Investors looking for combined access to equities, fixed income and other asset classes via one-stop shopping have myriad options in the world of exchange traded funds.

The iShares Conservative Allocation ETF (NYSEArca: AOK) acts like a fund-of-funds, one-stop-shop ETF investment. With the single investment, AOK provides investors the ability to track a broad portfolio of equity and fixed-income funds. Additionally, the ETF targets a more conservative investment strategy based on a low risk tolerance, which can provide a more short-term investment position for retirees looking to generate some extra money.

Earlier this year, AOK was added to the iShares core suite of low-fee ETFs targeted at cost-conscious, long-term investors. The $225.2 million AOK debuted in November 2008 and charges 0.25% per year, or $25 per $10,000 invested.

AOK’s nine holdings hail from the iShares core suite, including the iShares Core MSCI Emerging Markets ETF (NYSEArca: IEMG), iShares Core S&P 500 ETF (NYSEArca: IVV), iShares Core S&P Small-Cap ETF (NYSEArca: IJR) and the iShares Core S&P Mid-Cap ETF (NYSEArca: IJH).

AOK “may be the exact right place to stick with a long term disciplined investment plan and protect those hard earned retirement or future college fund savings until the time is again right to diversify. There are advantages in choosing this ‘fund of funds’ over traditional conservative investments. First, investment dollars are not being locked in as they would be if one had purchased U.S. Treasuries or a major financial institution’s certificate of deposit,” according to a Seeking Alpha post.

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