Target-Date Fund
Also called: lifecycle fund, target date retirement fund, 2065 fund
A target-date fund is a single fund that holds a whole portfolio and automatically shifts from stocks to bonds as a chosen retirement year approaches. It's the default in most workplace pensions because it solves allocation, diversification and rebalancing in one product for people who will never adjust anything. The trade-offs are that the glide path is set for an average person rather than you, and that holding one alongside other funds quietly undoes its design.