iShares LifePath Target Date 2045 ETF (ITDE) is an actively managed exchange-traded fund that seeks to provide retirement outcomes for investors anticipating retirement around 2045 through a diversified portfolio of underlying iShares equity, fixed income, and money market ETFs with an asset allocation glide path that becomes progressively more conservative over time. The fund offers exposure to U.S. large-cap stocks via iShares Russell 1000 ETF (IWB; 47.31%), international developed markets through iShares Core MSCI International Developed Markets ETF (IDEV; 22.63%), emerging markets with iShares Core MSCI Emerging Markets ETF (IEMG; 9.17%), U.S. REITs via iShares Core U.S. REIT ETF (USRT; 4.08%), U.S. Treasuries and MBS with iShares U.S. Treasury Bond ETF (GOVT; 3.75%) and iShares MBS ETF (MBB; 3.58%), investment-grade corporate bonds including iShares 10+ Year Investment Grade Corporate Bond ETF (IGLB; 3.13%), U.S. small-cap stocks through iShares Russell 2000 ETF (IWM; 2.73%), shorter-duration corporate bonds via iShares 1-5 Year Investment Grade Corporate Bond ETF (IGSB; 1.15%), and other holdings such as infrastructure and cash equivalents. With a net expense ratio of 0.11%, ITDE targets individual retirement savers without employer-sponsored plans, complementing 401(k)s or IRA rollovers, and operates primarily in U.S. markets while providing global diversification; it is part of the iShares Trust, domiciled in the United States with management by BlackRock Fund Advisors and a headquarters effectively at BlackRock Inc. in Princeton, New Jersey. Launched on October 17, 2023, as part of BlackRock's inaugural suite of 10 iShares LifePath Target Date ETFs designed for the 57 million Americans lacking workplace retirement access, ITDE features low-cost, tax-efficient structure with annual distributions. Recent developments include strong performance with a one-year total return of 14.42% and inception-to-date return of 21.84% as of late 2025, alongside series expansions such as the November 2024 launch of iShares LifePath Target Date 2070 ETF (ITDJ), which follows a similar glide path strategy. The broader LifePath series saw fixed income ETF inflows exceed $384 billion year-to-date in 2025, reflecting robust market adoption, while ITDE maintains its focus without pursuing ESG strategies.