The 2070 Fund allocates and reallocates its assets among a combination of Underlying Funds in proportions based on its own investment strategy. The 2070 Fund is an exchange-traded fund (ETF) and does not seek to replicate the performance of a specified index and may have a higher degree of portfolio turnover than such index funds. The 2070 Fund is one of a group of funds referred to as the LifePath ETFs, each of which seeks to provide for retirement outcomes based on quantitatively measured risk that investors on average may be willing to accept given a particular time horizon. BFA employs a multi-dimensional approach to assess risk for the 2070 Fund and to determine its allocation across asset classes.