At a glance
ITDE charges 0.11% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $87.5M in assets, the 8th largest of that group; it paid 1.67% of its price in distributions over the past 12 months, annual. Over the past year it returned +11.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +20.8% a year. Its ten largest positions make up 98.4% of the fund, out of 12 in all.
The short version
iShares LifePath Target Date 2045 ETF (ITDE) is a fund of funds. It holds about a dozen other iShares ETFs covering US and international stocks, bonds and cash, and it moves toward bonds as 2045 gets closer. It charges 0.11% a year, which is low for a one-fund portfolio. As of July 31, 2026, about 80% of its assets sat in three stock funds, so it still behaves mostly like a stock fund.
Price history
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ITDE +11.0% 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 | |
|---|---|---|---|---|---|---|
| ITDE official prospectus, to Dec 31, 2024 | — | +14.56% | — | — | — | +21.69% |
| Russell1000Index index, same period | — | +24.51% | — | — | — | +29.73% |
| Bloomberg US Aggregate Bond Index index, same period | — | +1.25% | — | — | — | +7.99% |
| ITDE price data to Oct 27, 2026 | +10.8% | +11.0% | +20.8% | — | — | +19.5% |
- Over the year to Oct 27, 2026, ITDE returned +11.0%, 6th of 8 among similar funds.
- Its worst full calendar year was 2024 (+14.6%); its best was 2025 (+19.3%).
- The deepest fall in its price history was 14.7% (Feb 18, 2025 to Apr 8, 2025), recovered by May 19, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.8% | — |
| 2025 | +19.3% | — |
| 2024 | +14.6% | +14.56% |
| 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 | $0.6700 | +31.4% |
| 2024 | $0.5100 |
What's inside
As of Jul 31, 2026, the fund held 12 securities; the ten largest made up 98.39% of assets, and 3.95% sat in cash and money-market holdings.
| Fund held | Weight | |
|---|---|---|
| ISHARES RUSSELL 1000 ETF Other | 48.15% | |
| ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS Other | 21.87% | |
| ISHARES CORE MSCI EMERGING MARKETS ETF Other | 9.54% | |
| ISHARES US TREASURY BOND ETF Other | 4.12% | |
| ISHARES CORE U S REIT ETF Other | 3.72% | |
| ISHARES MBS ETF Other | 3.36% | |
| ISHARES 10 YEAR INVESTMENT GRADE CORPORATE BOND E Other | 3.04% | |
| ISHARES RUSSELL 2000 ETF Other | 2.51% | |
| ISHARES TRUST ISHARES 1 5 YEAR INVESTMENT GRADE CO Other | 1.12% | |
| ISHARES GLOBAL INFRASTRUCTURE ETF Other | 0.96% | |
| ISHARES 5 10 YEAR INVESTMENT GRADE CORPORATE BOND Other | 0.75% | |
| ISHARES 10 20 YEAR TREASURY BOND ETF Other | 0.69% |
By country
United States 99.82%By asset type
Other 99.82%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $11.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.74%, -0.02%, -0.66%.
How it works
ITDE does not track a published index. BlackRock's adviser, BlackRock Fund Advisors (BFA), decides how much goes into stocks, bonds and cash. It uses its own risk models, which study past and expected market data, including how different asset classes move together. The fund must keep at least 80% of its assets in investments similar to those in its custom benchmark, which BlackRock does not publish.
The mix follows a glide path, a preset schedule that shifts money from stocks to bonds as the target date nears. The target is 95% stocks at 25 years before retirement, 87% stocks and 13% bonds at 20 years, 65/35 at 10 years, and 40% stocks and 60% bonds at the target date. REITs count as stocks. The managers may move a little away from these targets based on market conditions. In the year before 2045, the fund should look like the LifePath Retirement ETF. The two funds are expected to merge, subject to board approval.
The fund holds iShares ETFs and BlackRock money market funds, not individual securities. BFA chooses those funds based on their category, their past risk and returns, and how they fit with the fund's other holdings. The prospectus flags a conflict of interest: some of those funds pay BFA more in fees than others. Portfolio turnover was 16%.
What it really costs
- ITDE charges 0.11% 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 $11 in the first year and $141 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ITDE | $11 | $35 | $62 | $141 |
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 built as an all-in-one global stock and bond portfolio that adjusts itself for savers retiring around 2045.
ITDE launched in October 2023, so it has no record in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 14.7%, from February 18 to April 8, 2025. It was back at its old high by May 19, 2025, about 1.3 months later. Its weakest full calendar year so far, 2024, was still a 14.6% gain. That short, mostly rising record says little about how a fund that is still mostly stocks might hold up in a long bear market. Anyone who has to sell shares in a bad year would be selling at low prices. The fund is not built for income: its yield was 1.67% over the 12 months to October 27, 2026, paid once a year. Costs are low at 0.11%. 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
- Savers who expect to retire or start withdrawals around 2045 and want one fund that shifts from stocks toward bonds on a set schedule.
- Cost-conscious investors. In the SEC's standard example, $10,000 invested costs about $141 over 10 years at the 0.11% expense ratio.
- People who want global reach in one fund: US large and small companies, developed and emerging markets, REITs, Treasuries and corporate bonds.
Look elsewhere if
- Investors with a different retirement date or risk tolerance. The stock-bond mix follows a fixed 2045 schedule, not anyone's personal situation.
- Anyone who needs regular income. The yield was 1.67% over the 12 months to October 27, 2026, paid only once a year.
- Those who want a long track record. The fund launched in October 2023, missed the 2008, 2020 and 2022 downturns, and holds $87.5 million.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ITDE this fund | 0.11% | $87.5M | +11.0% | +20.8% |
| 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 ITDE a good fund for retirement?
It is built for one kind of saver: someone who expects to retire or start withdrawals around 2045. BlackRock moves its mix from mostly stocks toward bonds as that date nears. At the target date, the mix is about 40% stocks and 60% bonds. It charges 0.11% a year. The prospectus warns there is no guarantee the fund will provide enough income through retirement. Its record only goes back to October 2023.
What does ITDE invest in?
ITDE owns other iShares ETFs, not individual stocks or bonds. As of July 31, 2026, its largest holdings were the iShares Russell 1000 ETF (48.1%), the iShares Core MSCI International Developed Markets ETF (21.9%) and the iShares Core MSCI Emerging Markets ETF (9.5%). Smaller amounts went to Treasury, mortgage-backed and corporate bond funds. It also held a REIT fund, small companies through the iShares Russell 2000 ETF, and global infrastructure.
Does ITDE pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, it paid $0.67 a share, a yield of 1.67%. The payout passes through income from the stock and bond funds it holds. The fund is still mostly stocks at this point in its schedule, so the yield is modest. Its aim before 2045 is growth, not steady income.
What is ITDE's expense ratio?
ITDE's expense ratio is 0.11%, according to its prospectus filed November 21, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return, and shares sold at the end of each period. On that basis, total costs would be about $11 after one year, $35 after three, $62 after five and $141 after ten. That is low for a fund that manages the stock-bond mix for its holders.
How does ITDE compare with the Russell 1000?
It has trailed the all-stock index, as you'd expect from a mixed fund. In 2024, ITDE returned 14.56%, compared with 24.51% for the Russell 1000 Index and 1.25% for the Bloomberg US Aggregate Bond Index. From launch through December 31, 2024, it averaged 21.69% a year, against 29.73% for the Russell 1000. Its bonds and international stocks held it back in a strong US market, though a mix like this may fall less in some downturns.