An account owner may initiate an investment option change twice per calendar year per student. If there is a change in student, an investment option change can also be made at the same time.
Yes, an account owner may have multiple portfolios for the same student and each portfolio is a separate account. The account owner may not have two of the same portfolios for the same student. For instance, an account owner could not have two 2039 portfolios for the same student but could have a 2039 portfolio and an ESG Core Equity portfolio for that same student.
The only insured portfolio is the FDIC-Insured Portfolio and this portfolio is insured by the Federal Deposit Insurance Corporation (FDIC) to the fullest extent permitted by law. All other Invest529 portfolios are subject to market risk including loss of principal.
You may choose any of the Invest529 portfolios, however it's important to keep in mind the shorter the time horizon when the money will be needed for private, public, or religious K-12 schools when choosing a portfolio. There are Invest529 portfolios that have conservative and stable investment strategies as well as more aggressive options, but it is ultimately up to you to choose the portfolio that best meets your risk tolerance and time horizon.
Target Enrollment portfolios are designed for college savers. You pick the date your student will be graduating from high school and over time the investments go from more aggressive to more stable.
For more information about Target Date Portfolios, view the blog article: Three Things to Know About: Target Enrollment Portfolios.