I guess targeted funds have their place for those that don't want to learn about investing and are looking for a way to potentially manage stock market risk to their age. The Vanguard ones look to be a simple basket of some of their total market index funds and yes the cost is very low. IMO one could to worse with a money manager.

If one has access to a brokerage account to could easily build their own targeted funds with very low cost ETFs including Vanguard and if they don't want exposure to bonds they can avoid that with MM funds (which are yielding about 2 percent these days) or tailor it to their wants based on bond fund holdings, short/medium/long terms, etc.

Vanguard ETF list.

https://investor.vanguard.com/...ss/month-end-returns

Vanguard Target Retirement 2025 Inv (VTTVX) holdings

Top 4 Holdings (100.00% of Total Assets)Get Quotes for Top Holdings
Name Symbol % Assets

Vanguard Total Stock Mkt Idx Inv VTSMX 37.58%
Vanguard Total Bond Market II Idx Inv VTBIX 25.97%
Vanguard Total Intl Stock Index Inv VGTSX 25.37%
Vanguard Total Intl Bd Idx Investor VTIBX 11.08%

Thanks to all for the insight and discussion. Very interesting.