<prompt> Human: Is there a reason you couldnt do this to get lower expense ratios?Looking at the holdings of an example target date fund above, it seems like you would be able to build the same portfolio yourself with the funds below:Is the active management and the lack of high minimum balance the only reason the expense ratio is higher with the target date funds?  <response>: Target Date Retirement funds are meant for people to set it and forget it. That carries an extra cost. If you were more attentive to your finances, sure you could tweak the mix to your liking for a lower overall cost. Imagine if this was real active investing! 20 Years ago advisors would be charging you 5 up front and 1.5 a year to get that kind of diversification! 