iShares LifePath Target Date 2045 ETF (ITDE US) – Portfolio Construction Methodology

The investment strategy guiding the actively managed iShares LifePath Target Date 2045 ETF steers a fund-of-funds portfolio of iShares ETFs along a dated glide path that gradually shifts from equity toward fixed income as 2045 nears. The fund normally invests primarily in affiliated ETFs and at least 80% in securities or instruments with economic characteristics similar to its proprietary 2045 Target Date Custom Benchmark; optimization relative to that benchmark and proprietary multi-dimensional risk measures inform allocations. Core exposures include global equities (value/growth, large/mid/small, developed and emerging) and diversified fixed income (sovereigns, corporates, agency MBS/CMBS, investment grade and high yield, USD and local currency), with the ability to hold REITs; derivatives may be present inside underlying funds. The investment team meets regularly to reassess targets, rebalancing and rotating underlying funds to maintain glide-path and risk bands; allocations are expected to converge toward the Retirement Fund near maturity, with potential combination thereafter.

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