First of all, 529 accounts are composed of predetermined allocations to various mutual funds; essentially, a mutual fund of mutual funds. You may choose from being very conservative, to very aggressive.
Additionally, there are age-based portfolios. These portfolios are created so that as the child gets older, the portfolio slowly rolls from an aggressive (high equity) allocation to a conservative (fixed income / money market) allocation.
*Allocations changes are allowed to be made once per calendar year
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