Characteristics and Performance of Target Date Funds in the United States

This document is about a study that characterizes the target date fund landscape in the United States, analyzing the expenses, asset allocation, and performance of these funds. The researchers found that target date funds generally live up to their objectives of diversification and gradual reduction of exposure to risk, but there are large differences among funds even with the same target year. The study also presents an alternative metric to better capture a fund's risk tolerance compared to just looking at the target year.