At a glance
ITDI charges 0.12% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $26.8M in assets, the 8th largest of that group; it paid 1.44% of its price in distributions over the past 12 months, annual. Over the past year it returned +13.2% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +23.2% a year.
The short version
iShares LifePath Target Date 2065 ETF (ITDI) is a BlackRock fund of funds that owns a handful of iShares ETFs and shifts from stocks toward bonds for people expecting to retire around 2065. Far from its target date, it sits almost entirely in stock funds: about 98% as of July 31, 2025. It charges a 0.12% expense ratio, though net assets were only about $26.8 million as of July 31, 2026.
Price history
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ITDI +13.2% 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 | |
|---|---|---|---|---|---|---|
| ITDI official prospectus, to Dec 31, 2024 | — | +16.62% | — | — | — | +23.16% |
| Russell1000Index index, same period | — | +24.51% | — | — | — | +29.73% |
| Bloomberg US Aggregate Bond Index index, same period | — | +1.25% | — | — | — | +7.99% |
| ITDI price data to Oct 27, 2026 | +12.7% | +13.2% | +23.2% | — | — | +21.7% |
- Over the year to Oct 27, 2026, ITDI returned +13.2%, 1st of 8 among similar funds.
- Its worst full calendar year was 2024 (+16.7%); its best was 2025 (+21.9%).
- The deepest fall in its price history was 16.3% (Feb 18, 2025 to Apr 8, 2025), recovered by May 19, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.7% | — |
| 2025 | +21.9% | — |
| 2024 | +16.7% | +16.62% |
| 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 | $0.6100 | +15.1% |
| 2024 | $0.5300 |
What's inside
As of Jul 31, 2026, the fund held 6 securities; the ten largest made up 99.85% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES RUSSELL 1000 ETF Other | 56.87% | |
| ISHARES CORE MSCI INTERNATIONAL DEVELOPED MARKETS Other | 26.26% | |
| ISHARES CORE MSCI EMERGING MARKETS ETF Other | 11.43% | |
| ISHARES RUSSELL 2000 ETF Other | 3.36% | |
| ISHARES CORE U S REIT ETF Other | 0.99% | |
| ISHARES 10 YEAR INVESTMENT GRADE CORPORATE BOND E Other | 0.94% |
By country
United States 99.85%By asset type
Other 99.85%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $1.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.44%, -0.18%, -0.61%.
How it works
ITDI does not track an index. BlackRock's adviser, BFA, splits money among other BlackRock funds, mainly iShares ETFs. It uses its own risk models, which weigh historical and forward-looking market data, such as expected returns and how asset classes move together. At least 80% of assets go into holdings that match or resemble its unpublished custom benchmark, the 2065 Target Date Custom Benchmark.
The mix follows a glide path, a preset schedule that shifts money from stocks to bonds as 2065 nears. It calls for 99% stocks, including real estate investment trusts (REITs), from 45 to 35 years out. That falls to 87% at 20 years, 65% at 10 years and 40% at the target date, with the rest in bonds. Managers may make limited adjustments for market conditions. Eventually it is expected to merge into the LifePath ETFs' Retirement Fund, pending board approval.
As of July 31, 2026, the iShares Russell 1000 ETF (large and mid-size US companies) made up 56.9%. Then came iShares Core MSCI International Developed Markets ETF (26.3%), iShares Core MSCI Emerging Markets ETF (11.4%), iShares Russell 2000 ETF for smaller US companies (3.4%), iShares Core U.S. REIT ETF (1.0%) and iShares 10+ Year Investment Grade Corporate Bond ETF (0.9%). The prospectus notes BlackRock may face conflicts of interest in choosing among its own funds.
What it really costs
- ITDI charges 0.12% 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 $12 in the first year and $154 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ITDI | $12 | $39 | $68 | $154 |
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 an all-in-one target-date fund that spreads money across US, international and emerging-market stock funds and shifts toward bonds on a set schedule as 2065 nears.
ITDI could serve as a hands-off core for someone retiring around 2065, since it shifts toward bonds automatically. The catch is risk: about 98% of assets sat in stock funds as of July 31, 2025. It launched in October 2023, so it has no record through the 2008, 2020 or 2022 downturns. Its worst full calendar year, 2024, was still a 16.62% gain. Its deepest drop was 16.3%, from February 18 to April 8, 2025, and it was erased by May 19, 2025. A longer slump could hurt more, a risk for anyone needing to cash out shares in a bad year.
Income is modest: a 1.44% yield over the 12 months to October 27, 2026, paid once a year. The 0.12% expense ratio comes to $154 over 10 years on $10,000 in the SEC's standard example. 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 expecting to retire or start withdrawals around 2065 who want one fund that shifts from stocks toward bonds on a preset schedule.
- Long-term investors comfortable holding about 98% in stock funds (as of July 31, 2025), spread across US, international developed and emerging-market shares.
- Cost-conscious investors: the 0.12% expense ratio equals $12 in the first year and $154 over 10 years on $10,000 in the SEC's example.
Look elsewhere if
- Retirees or near-retirees needing income: under 1% sat in a bond fund as of July 31, 2026, and dividends arrive only once a year.
- Investors wary of small, young funds: launched in October 2023, ITDI had about $26.8 million in net assets as of July 31, 2026.
- Those who want to set their own stock-bond mix or use several fund families; BlackRock picks its own iShares funds and can swap them.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ITDI this fund | 0.12% | $26.8M | +13.2% | +23.2% |
| 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 ITDI good for retirement?
It is built for a specific group: people expecting to retire or start withdrawing money around 2065. It bundles US, international and emerging-market stock funds into one ETF that moves toward bonds on a set schedule. Its expense ratio, the yearly cost as a share of assets, is 0.12%. Drawbacks: it held about 98% in stock funds as of July 31, 2025, it has traded only since October 2023, and net assets were about $26.8 million as of July 31, 2026. Anyone retiring much sooner may find it too stock-heavy.
What ETFs does ITDI hold?
ITDI held six BlackRock ETFs as of July 31, 2026. The iShares Russell 1000 ETF, covering large and mid-size US companies, made up 56.9%. Then came the iShares Core MSCI International Developed Markets ETF (26.3%), iShares Core MSCI Emerging Markets ETF (11.4%), iShares Russell 2000 ETF for smaller US companies (3.4%), iShares Core U.S. REIT ETF (1.0%) and iShares 10+ Year Investment Grade Corporate Bond ETF (0.9%). BlackRock can change the lineup at its discretion.
When does ITDI shift from stocks to bonds?
Gradually, on a preset schedule called a glide path. The glide path targets 99% in stocks, including real estate investment trusts (REITs), from 45 to 35 years before the 2065 target date. Bonds then rise to 5% at 25 years out, 23% at 15 years, 47% at 5 years and 60% at the target date. BlackRock's managers review the targets regularly and may make limited changes for market conditions. Eventually the fund is expected to merge into the LifePath ETFs' Retirement Fund, pending board approval.
Does ITDI pay dividends?
Yes, once a year. In the 12 months to October 27, 2026, it paid $0.61 per share, a yield of 1.44%. The payout passes along dividends and interest from its underlying funds, which are almost all stock funds. That means income is modest and can vary from year to year. The fund is geared toward long-term growth for people retiring around 2065, not steady income.
How does ITDI's performance compare with the Russell 1000?
It trailed the index over the periods shown in its prospectus. The Russell 1000 Index tracks large and mid-size US companies. In 2024, ITDI returned 16.62%, versus 24.51% for the index. From launch through December 31, 2024, it averaged 23.16% a year, versus 29.73%. The comparison is not like for like, because ITDI also owns international and emerging-market stocks and a sliver of bonds. Based on share price, ITDI returned 13.2% in the year to October 27, 2026.