At a glance
ITDC charges 0.1% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $108.5M in assets, the 8th largest of that group; it paid 1.88% of its price in distributions over the past 12 months, annual. Over the past year it returned +7.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +16.9% a year. Its ten largest positions make up 97.1% of the fund, out of 13 in all.
The short version
iShares LifePath Target Date 2035 ETF (ITDC) is a BlackRock "fund of funds": instead of buying stocks and bonds directly, it holds about a dozen iShares ETFs. It mixes US and international stocks with bonds, and it shifts toward bonds as 2035 gets closer. It is meant to be a one-fund retirement portfolio for people retiring around 2035. Its 0.10% expense ratio is low. But the fund is small, with about $108 million in net assets as of July 31, 2026.
Price history
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ITDC +7.8% 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 | |
|---|---|---|---|---|---|---|
| ITDC official prospectus, to Dec 31, 2024 | — | +11.57% | — | — | — | +18.68% |
| Russell1000Index index, same period | — | +24.51% | — | — | — | +29.73% |
| Bloomberg US Aggregate Bond Index index, same period | — | +1.25% | — | — | — | +7.99% |
| ITDC price data to Oct 27, 2026 | +7.8% | +7.8% | +16.9% | — | — | +16.0% |
- Over the year to Oct 27, 2026, ITDC returned +7.8%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+11.4%); its best was 2025 (+16.1%).
- The deepest fall in its price history was 10.4% (Feb 20, 2025 to Apr 8, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.8% | — |
| 2025 | +16.1% | — |
| 2024 | +11.4% | +11.57% |
| 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 |
|---|---|---|
| 2025 | $0.6900 | +19.0% |
| 2024 | $0.5800 |
What's inside
As of Jul 31, 2026, the fund held 13 securities; the ten largest made up 97.1% of assets, and 6.28% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| ISHARES RUSSELL 1000 ETF Other | 37.67% | |
| ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS Other | 16.16% | |
| ISHARES US TREASURY BOND ETF Other | 13.98% | |
| ISHARES MBS ETF Other | 8.33% | |
| ISHARES CORE MSCI EMERGING MARKETS ETF Other | 7.00% | |
| ISHARES TRUST ISHARES 1 5 YEAR INVESTMENT GRADE CO Other | 3.85% | |
| ISHARES 10 YEAR INVESTMENT GRADE CORPORATE BOND E Other | 3.17% | |
| ISHARES 5 10 YEAR INVESTMENT GRADE CORPORATE BOND Other | 2.59% | |
| ISHARES CORE U S REIT ETF Other | 2.39% | |
| ISHARES GLOBAL INFRASTRUCTURE ETF Other | 1.95% | |
| ISHARES RUSSELL 2000 ETF Other | 1.32% | |
| ISHARES 10 20 YEAR TREASURY BOND ETF Other | 0.77% | |
| ISHARES 0 5 YEAR TIPS BOND ETF Other | 0.61% |
By country
United States 99.8%By asset type
Other 99.8%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $14.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.82%, +0.01%, -0.75%.
How it works
ITDC does not track an index. Its manager, BlackRock Fund Advisors (BFA), sets the split between stocks and bonds using a "glide path." That is a preset schedule that gets more conservative as the target year nears. According to the prospectus, the target is 65% stocks (including REITs, or real estate investment trusts) and 35% bonds when retirement is 10 years away. By the target date it moves to 40% stocks and 60% bonds. BFA uses its own risk models and may adjust these targets when markets change, though the prospectus says such shifts are generally limited.
The fund invests mainly in affiliated iShares ETFs. As of July 31, 2026, it held 13 funds. The largest were the iShares Russell 1000 ETF (about 38%), iShares Core MSCI International Developed Markets ETF (16%), iShares U.S. Treasury Bond ETF (14%), iShares MBS ETF (8%) and iShares Core MSCI Emerging Markets ETF (7%). BFA chooses these funds and can replace them. The prospectus flags this as a possible conflict of interest, because BlackRock earns different fees from different underlying funds.
The prospectus reports portfolio turnover of 19%. In the year before 2035, the fund's mix is expected to look like BlackRock's LifePath retirement fund. The two are then expected to merge, if the trust's board approves.
What it really costs
- ITDC charges 0.1% 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 $10 in the first year and $128 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ITDC | $10 | $32 | $56 | $128 |
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
ITDC is built as a complete stock-and-bond portfolio in one fund that grows more conservative as 2035 approaches.
ITDC could act as the main holding for someone retiring around 2035. But its record is short. It launched on October 17, 2023, so it was not around for the 2008, 2020 or 2022 downturns. Its deepest drop was 10.4%, from February 20 to April 8, 2025. It recovered by May 15, 2025, about five weeks later. Its weakest full calendar year so far, 2024, was still a gain of about 11.6%. A longer bear market could hit harder, which matters for anyone who has to sell shares in a bad year.
Income is modest. The trailing 12-month yield was 1.88% as of October 27, 2026, and the fund pays once a year. Costs are low: under the SEC's standard example, $10,000 invested would cost $128 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- People retiring around 2035 who want one fund that moves from stocks toward bonds on a set schedule.
- Cost-conscious savers: the 0.10% expense ratio comes to $10 in year one on $10,000 under the SEC's example.
- Investors comfortable with broad iShares index funds, led by the Russell 1000 ETF at about 38% of assets as of July 31, 2026.
Look elsewhere if
- Retirees who need steady cash: the yield was 1.88% as of October 27, 2026, and it is paid only once a year.
- Investors who want a long track record: the fund launched in October 2023 and has not yet been through a full bear market.
- Those who want to set their own mix: BlackRock's glide path decides the stock-bond split, and holders cannot change it.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ITDC this fund | 0.1% | $108.5M | +7.8% | +16.9% |
| 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 ITDC good for retirement?
ITDC was built for retirement savers, specifically people who expect to retire or start withdrawals around 2035. It holds stocks and bonds through iShares ETFs and becomes more conservative over time, reaching 40% stocks and 60% bonds at the target date. Its expense ratio is 0.10%. Drawbacks: it launched in October 2023, so its history is short, and the prospectus says it does not guarantee enough growth to cover retirement expenses.
What does ITDC hold?
ITDC holds other iShares ETFs, not individual stocks or bonds. As of July 31, 2026, it owned 13 funds. The largest were the iShares Russell 1000 ETF (about 38%), iShares Core MSCI International Developed Markets ETF (16%), iShares U.S. Treasury Bond ETF (14%), iShares MBS ETF (8%) and iShares Core MSCI Emerging Markets ETF (7%). Smaller positions include corporate bond, REIT, infrastructure, small-cap and short-term TIPS ETFs.
Does ITDC pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, it paid about $0.69 per share, for a trailing yield of 1.88%. That income comes from the stock and bond ETFs it owns. People who need regular monthly or quarterly cash would have to sell shares between payments or rely on other holdings.
How has ITDC performed since launch?
ITDC returned 11.57% in 2024, according to its prospectus. Over the same year the Russell 1000 Index gained 24.51% and the Bloomberg US Aggregate Bond Index gained 1.25%. That is what you would expect from a fund holding both stocks and bonds. Based on price, it returned 16.1% in 2025 and 7.8% over the year to October 27, 2026. It has averaged 16.9% a year over three years.
How does ITDC compare with buffer ETFs like BUFR?
They work very differently. FT Vest Laddered Buffer ETF (BUFR) uses options to limit losses and caps gains in return. ITDC simply holds stock and bond ETFs along a glide path. ITDC costs 0.10% a year, compared with BUFR's 0.95%. As of October 27, 2026, ITDC returned 7.8% over one year, against BUFR's 11.6%. Over three years, ITDC averaged 16.9% a year and BUFR 16.8%. BUFR is much larger, at about $10.5 billion as of August 31, 2026.