We frequently write about target-date funds (TDFs), which are funds managed not just to hold a certain allocation of assets (usually stocks and bonds), but to change the allocations over time to best accommodate investors of certain ages, as they age. Few products take a load off investors’ shoulders than a fund you can very literally buy and hold forever without adding or reducing to meet your needs.
TDFs have one significant shortcoming: The overwhelming majority of target-date fund series are available in mutual fund form only. That’s great if you have a 401(k), or an individual retirement account (IRA) that allows for mutual fund investing. But not everyone does—workplace plans, while common, aren’t available to all Americans, and some low-cost brokerage and retirement-account providers only allow investors to own exchange-traded funds (ETFs) and stocks.
But we have good news: If you’re limited to just ETFs, you still have an option—and it’s a pretty good one.
Read on as we discuss BlackRock’s exchange-traded TDF series: iShares LifePath Target-Date ETFs.
Editor’s Note: Tabular data presented in this article is up-to-date as of April 16, 2026.
Disclaimer: This article does not constitute individualized investment advice. Individual securities, funds, and/or other investments appear for your consideration and not as personalized investment recommendations. Act at your own discretion.
What to Know About iShares’ LifePath Target-Date ETFs
iShares LifePath Target-Date ETFs invest in a global portfolio of both stock and bond ETFs. (“Global” is a specific term in investing that means international countries and the U.S. “International” means other countries but not the U.S.) Each product starts its life with a riskier, more growth-oriented profile, but over time, it tapers off and becomes more conservative and protection-minded.
According to iShares’ model, the typical target-date ETF will begin with 99% stock exposure at the “start of the career”—effectively, 40 years until the target date—then reduce to 87% stocks by halfway through the cycle, and pare down to just 40% stocks by the time you hit retirement.
Related: The 16 Best ETFs to Buy in 2026
You’ll remain invested in equities through retirement, providing added upside potential retirees need to continue growing their nest egg as they start drawing from it.
So, for instance, if you started investing at age 25, and plan on retiring in 2065, you would invest in a 2065 ETF, which would start at 99% stocks and 1% bonds. By the time you’re 45, the ETF will have shifted to 87% stocks and 13% bonds. And by the time you retire, the ETF will have reduced its stock exposure to just 40%, with the remaining 60% in bonds.
iShares launched its LifePath Target-Date ETF line in 2023 with 10 funds—nine actual target-date funds, as well as a 10th ETF meant to be held in retirement.
Here’s what the lineup looks like today:
- iShares LifePath Retirement ETF (IRTR), 0.08% expense ratio
- iShares LifePath Target Date 2030 (ITBD), 0.09% expense ratio
- iShares LifePath Target Date 2035 (ITDC), 0.10% expense ratio
- iShares LifePath Target Date 2040 (ITDD), 0.11% expense ratio
- iShares LifePath Target Date 2045 (ITDE), 0.11% expense ratio
- iShares LifePath Target Date 2050 (ITDF), 0.11% expense ratio
- iShares LifePath Target Date 2055 (ITDG), 0.12% expense ratio
- iShares LifePath Target Date 2060 (ITDH), 0.12% expense ratio
- iShares LifePath Target Date 2065 (ITDI), 0.12% expense ratio
- iShares LifePath Target Date 2070 (ITDJ), 0.12% expense ratio
The retirement ETF currently has an overall conservative (but aggressive relative to other similar funds) portfolio that’s 55% invested in bonds and 45% invested in stocks.
We’ll note, as an aside, that iShares’ literature shows that by the time you retire, the funds’ stock/bond blend should be 40/60, so the retirement fund is currently more aggressively positioned than what the company otherwise suggests. However, during previous updates, IRTR was closer to that 40/60 mix, so this may very well just be temporary.
Something else worth noting: There was a 2025 ETF—iShares LifePath Target Date 2025 (ITBA)—but it has been folded into IRTR. This is a common mechanism in target-date series, and it’s a fate that will befall each of the other LifePath ETFs once they reach their target retirement date.
Expenses on these funds range between 0.08% and 0.12%, which means you’ll pay between $8 and $12 annually on a $10,000 portfolio—lower than your average target-date mutual fund. (The fees vary based on the underlying expenses of the ETFs each target-date fund holds.) Additionally, the ETF wrapper tends to be much more tax-efficient than a mutual fund wrapper—not necessarily a concern for those with tax-advantaged accounts like IRAs and Roth IRAs, but helpful for those who only invest through a taxable brokerage account.
Another perk? Because it’s an ETF, there’s no required minimum initial investment. Whereas mutual fund TDFs might require several thousands of dollars to make your first purchase, you can get into LifePath ETFs for the price of a single share (or much less for those with brokerages that allow fractional shares). For instance, right now, iShares LifePath Target Date 2035 ETF shares trade right around $35.
Holdings of these target-date funds include broad iShares ETFs such as the iShares Russell 1000 ETF (IWB), iShares US Treasury Bond ETF (GOVT), and iShares Core MSCI Emerging Markets ETF (IEMG).
iShares points out that the ETFs’ asset allocation is virtually identical to the iShares LifePath mutual target-date funds. However, there are some differences between what underlying ETFs are available for the ETF target-date funds to hold, and what underlying mutual funds are available for the target-date mutual funds to hold.
Related: Beginner’s Guide to Vanguard Target-Date Funds
Another Run at Target-Date ETFs
These LifePath products are the only target-date ETFs on the market.
But they’re not the first.
Todd Rosenbluth, Head of Research at VettaFi, noted on a conference call with BlackRock that “this has existed and it doesn’t exist anymore because there wasn’t demand,” referring to BlackRock’s 2014 closure of its previous target-date ETF line.
Asked what was different now, BlackRock responded that demographics have changed since then, and that the divergence in people who do and do not have access to 401(k) plans has grown. They also cited advancement in ETFs—the previous target-date ETFs were a different structure that mimicked an index, while the new target-date ETF line is actively managed.
“With these, we’re implementing new research every 18 months or so,” BlackRock says.
Related: Beginner’s Guide to Fidelity Target-Date Funds
Who Are These Funds For?
As we mentioned earlier, iShares’ new target-date funds will allow anyone who doesn’t have a 401(k), or who has an IRA that doesn’t permit mutual fund investing, to own a low-cost target-date strategy.
The funds, while actively managed, are still inexpensive (even by ETF standards). They’re sophisticated, yet simple and effective tools that make sense for everyone, from beginners to pros, who understand the value of both diversification and automation.
Among other demographics, this could help younger generations who are both taking an interest in investing (and have more access to the markets) earlier than ever before. While investors in Robinhood and other new investor apps are often derided for their short-term-ism, these new funds provide an outlet for those who do believe in building wealth over time and want a steady hand to guide their longer-term investments.
Related: Beginner’s Guide to Schwab Target-Date Funds
Want to talk more about your financial goals or concerns? Our services include comprehensive financial planning, investment management, estate planning, taxes, and more! Schedule a call with Riley to discuss what you need, and what we can do for you.
Please Don’t Forget to Like, Follow and Comment
Did you find this article helpful? We’d love to hear your thoughts! Leave a comment with the box on the left-hand side of the screen and share your thoughts.
Also, do you want to stay up-to-date on our latest content?
1. Follow us by clicking the [+ Follow] button above,
2. Subscribe to Retire With Riley, our free weekly retirement planning newsletter, and
3. Give the article a Thumbs Up on the top-left side of the screen.
4. And lastly, if you think this information would benefit your friends and family, don’t hesitate to share it with them!
