iShares LifePath Target Date 2065 ETF (ITDI US) – Portfolio Construction Methodology

The investment process governing the actively managed iShares LifePath Target Date 2065 ETF steers a fund-of-funds allocation across iShares equity and bond ETFs that follows a predetermined glide-path, taking higher equity risk early and methodically shifting toward bonds as 2065 nears, with a continued conservative stance thereafter. The strategy maintains global multi-asset exposure spanning developed/emerging equities, core investment-grade bonds, inflation-sensitive sleeves, and cash equivalents, primarily through broad, index-tracking underlying ETFs. At least 80% of assets are invested in such underlying funds; derivatives may be used for equitization and transition management. Portfolio construction relies on allocation bands tied to the glide-path, with periodic rebalancing to correct drift and implement scheduled step-downs. The manager prioritizes underlying ETF liquidity, primary-market mechanics, and tax efficiency to preserve capacity. Trim/sell discipline reflects tolerance breaches, glide-path updates, and implementation efficiency considerations.

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