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What Is a Target-Date Fund?

Target-date funds are mutual funds or exchange-traded funds (ETFs) structured to grow assets in a way that is optimized for a specific time frame. The structuring of these funds addresses an investor's capital needs at some future date—hence, the name "target date." Most often, investors will use a target-date fund to apply to their onset of retirement. However, target-date funds are more frequently being used by investors working towards a future expense, such as a child's college tuition.

What Is a Glide Path?

Glide path refers to a formula that defines the asset allocation mix of a target-date fund, based on the number of years to the target date. The glide path creates an asset allocation that typically becomes more conservative (i.e., includes more fixed-income assets and fewer equities) as a fund gets closer to the target date.


How Glide Path Works

A target-date fund is a fund offered by an investment company that seeks to grow assets over a specified period of time for a targeted goal (e.g. retirement), becoming automatically more conservative as time passes. Each family of target-date funds has a different glide path, which determines how the asset mix changes as the target date approaches. Some have a very steep trajectory, becoming dramatically more conservative just a few years before the target date. Others take a more gradual approach.