At a glance
IRTR charges 0.08% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $58.3M in assets, the 8th largest of that group; it paid 3.13% of its price in distributions over the past 12 months, monthly. Over the past year it returned +4.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.3% a year. Its ten largest positions make up 96.9% of the fund, out of 13 in all.
The short version
iShares LifePath Retirement ETF (IRTR) is a BlackRock fund of funds. It spreads its money across about a dozen iShares ETFs, and as of July 31, 2025 it held roughly 40% in stock funds and 59% in bond funds. It is built as a conservative, all-in-one mix for people in or near retirement. Its 0.08% expense ratio is far below the 0.86% average of the buffer ETFs in its comparison group.
Price history
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IRTR +4.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IRTR official prospectus, to Dec 31, 2024 | — | +8.06% | — | — | — | +14.54% |
| Bloomberg US Aggregate Bond Index index, same period | — | +1.25% | — | — | — | +7.99% |
| Russell1000Index index, same period | — | +24.51% | — | — | — | +29.73% |
| IRTR price data to Oct 27, 2026 | +4.9% | +4.9% | +12.3% | — | — | +12.0% |
- Over the year to Oct 27, 2026, IRTR returned +4.9%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+7.6%); its best was 2025 (+12.7%).
- The deepest fall in its price history was 6.3% (Feb 26, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.9% | — |
| 2025 | +12.7% | — |
| 2024 | +7.6% | +8.06% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7000 | |
| 2025 | $0.9400 | +9.3% |
| 2024 | $0.8600 |
What's inside
As of Jul 31, 2026, the fund held 13 securities; the ten largest made up 96.87% of assets, and 2.1% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| ISHARES US TREASURY BOND ETF Other | 24.86% | |
| ISHARES RUSSELL 1000 ETF Other | 24.11% | |
| ISHARES MBS ETF Other | 12.74% | |
| ISHARES 0 5 YEAR TIPS BOND ETF Other | 9.81% | |
| ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS Other | 9.23% | |
| ISHARES TRUST ISHARES 1 5 YEAR INVESTMENT GRADE CO Other | 4.17% | |
| ISHARES CORE MSCI EMERGING MARKETS ETF Other | 4.04% | |
| ISHARES 10 20 YEAR TREASURY BOND ETF Other | 3.20% | |
| ISHARES 5 10 YEAR INVESTMENT GRADE CORPORATE BOND Other | 2.82% | |
| ISHARES GLOBAL INFRASTRUCTURE ETF Other | 1.89% | |
| ISHARES 10 YEAR INVESTMENT GRADE CORPORATE BOND E Other | 1.88% | |
| ISHARES CORE U S REIT ETF Other | 0.57% | |
| ISHARES RUSSELL 2000 ETF Other | 0.49% |
By country
United States 99.81%By asset type
Other 99.81%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.93%, +0.03%, -0.85%.
How it works
IRTR does not track an index. Its adviser, BlackRock Fund Advisors (BFA), chooses a mix of other ETFs, called underlying funds. BFA uses its own risk tools, which look at past and forward-looking market data, including risk, how asset classes move together and expected returns. The fund keeps at least 80% of its assets in securities like those in its custom benchmark, the Retirement Custom Benchmark. BFA does not publish that benchmark.
As of July 31, 2025, about 39.57% of assets sat in stock funds and 58.60% in bond funds, with the rest in money market funds. As of July 31, 2026, the largest positions were the iShares U.S. Treasury Bond ETF (24.9%), iShares Russell 1000 ETF (24.1%), iShares MBS ETF (12.7%) and iShares 0-5 Year TIPS Bond ETF (9.8%). TIPS are Treasury bonds whose value adjusts with inflation. The investment team sets the weights and can change them.
IRTR is the most conservative LifePath ETF. Unlike its target-date siblings, its mix generally does not shift toward fewer stocks over time, though it may change to keep its risk level steady. It invests mainly in BlackRock's own ETFs, and the prospectus warns that this can create conflicts of interest over fees. The fund may lend up to one-third of its assets. Portfolio turnover was 18%.
What it really costs
- IRTR charges 0.08% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $8 in the first year and $103 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IRTR | $8 | $26 | $45 | $103 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It is a single, conservative mix of iShares stock and bond ETFs built for people who are retiring or drawing on savings, so it is meant to be a main holding rather than a side bet (about 40% stocks and 59% bonds as of July 31, 2025).
IRTR launched on October 17, 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its weakest full calendar year so far was 2024, when it gained 8.06%, according to its prospectus. Its deepest drop was 6.3%, from February 26 to April 8, 2025. It regained its old high by May 13, 2025, about a month after the low. That record covers only about three years. With roughly 40% in stocks, a long bear market could bring bigger losses than it has shown so far. That matters for anyone who may need to sell shares or take income in a bad year.
Its trailing yield was 3.13% as of October 27, 2026. The trailing yield is the income paid over the past year divided by the share price. It pays income monthly. The expense ratio is 0.08%, which works out to about $8 a year on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees who want one fund holding roughly 40% stocks and 59% bonds through about a dozen iShares ETFs, for 0.08% a year.
- Investors who want a mix that stays conservative instead of shifting over time, with monthly payouts yielding 3.13% as of October 27, 2026.
- People who value smaller swings: its deepest drop was 6.3%, in early 2025, and it recovered in about a month.
Look elsewhere if
- Investors seeking more growth: in 2024 it returned 8.06%, while the Russell 1000 Index returned 24.51%.
- Anyone who wants a published index or control over the mix: BlackRock sets the weights with its own model and keeps the benchmark private.
- Those cautious about small, young funds: net assets were about $58.3 million as of July 31, 2026, with history only since October 2023.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IRTR this fund | 0.08% | $58.3M | +4.9% | +12.3% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is IRTR good for retirement?
IRTR is built for retirement. BlackRock designed it for investors who are retiring or starting to withdraw money. As of July 31, 2025, it held about 40% in stock ETFs and 59% in bond ETFs, and that mix generally does not change over time. It costs 0.08% a year. The drawbacks: its history only goes back to October 2023, and it has not yet faced a year when stocks and bonds fell together, as in 2022.
What does IRTR hold?
IRTR holds other iShares ETFs, not individual stocks or bonds. As of July 31, 2026, its largest positions were the iShares U.S. Treasury Bond ETF (24.9%), iShares Russell 1000 ETF (24.1%), iShares MBS ETF (12.7%), iShares 0-5 Year TIPS Bond ETF (9.8%) and iShares Core MSCI International Developed Markets ETF (9.2%). The top 10 made up 96.87% of assets. Smaller positions included emerging-market stocks, corporate bonds, global infrastructure and REITs.
Does IRTR pay monthly dividends?
Yes, IRTR pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $0.99 per share, for a trailing yield of 3.13%. The income comes from the bond and stock ETFs it owns, so the amount can change from month to month. The prospectus also notes that the fund does not guarantee enough growth or income to cover retirement expenses.
What is the expense ratio of IRTR?
IRTR's expense ratio is 0.08%, according to the prospectus filed November 21, 2025. In the SEC's standard example, someone who invests $10,000, earns 5% a year and sells at the end would pay about $8 after one year, $45 after five years and $103 after ten. The average for the buffer ETFs in its comparison group was 0.86%.
How does IRTR compare with BUFR?
They follow different strategies, so BUFR is not a close substitute. BUFR, the FT Vest Laddered Buffer ETF, uses options to limit some losses on U.S. stocks and charges 0.95%. IRTR is a conservative stock-and-bond mix that charges 0.08%. Among the eight buffer-group funds it was ranked against as of October 27, 2026, IRTR was the cheapest and the smallest, and it had the lowest 1- and 3-year returns.