I just learned my in-laws consider VTI to be too risky an investment for their grandkids' college funds.

Horizons are 4 years and 9 years. They said they are more conservative because they had lost money very quickly over their years of investing. They have been paying a financial advisor for decades to invest for them. I consider myself to have a healthy risk tolerance, but nothing crazy. I would love for others to weigh in. With the macro trends happening right now, I consider VTI a very solid place for a few thousand dollars and anything more conservative will not stand up to inflation or debasement.