Trump Account Investment Options
A Trump Account is not a brokerage account where you pick stocks. During childhood — the growth period — the law restricts investments to a short, specific menu, and today that menu has exactly one fund actually holding money. This page lists all five Treasury-approved funds, the three rules every one of them must meet, and what changes the day the account becomes a traditional IRA at 18.
The three rules every fund must meet
- U.S. equity index only. A mutual fund or ETF that tracks an index of primarily U.S. companies. The White House formulation is "broad U.S. equity index funds that track the overall U.S. stock market (e.g., S&P 500)".
- No leverage. Leveraged or inverse funds are out, even if they track a U.S. index.
- Fees capped at 0.10%. The fund's annual expense ratio cannot exceed 0.10% of the balance. That is the legal ceiling; the actual funds sit at or below it.
That is the whole menu in principle. In practice, Treasury did not leave fund selection open-ended: it named the approved funds at launch. If a fund is not on that list, it is not an eligible investment for a Trump Account during the growth period, however popular it may be elsewhere.
The five approved funds
| Fund | What it tracks | Status today |
|---|---|---|
| SPYM — State Street SPDR Portfolio S&P 500 ETF | S&P 500 | Default — all contributions go here now. Treasury describes it as well below the 0.10% fee limit. |
| IVV — iShares Core S&P 500 ETF | S&P 500 | Approved; becomes electable when fund election opens. |
| VTI — Vanguard Total Stock Market ETF | CRSP U.S. Total Market Index (the whole U.S. market) | Approved; becomes electable when fund election opens. |
| SPTM — State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | S&P Composite 1500 | Approved; becomes electable when fund election opens. |
| ITOT — iShares Core S&P Total U.S. Stock Market ETF | S&P Total Market Index | Approved; becomes electable when fund election opens. |
Notice what the list is not: it is not five different strategies. Two funds track the S&P 500, and the other three track the broader U.S. market (roughly 1,500 to 3,500+ stocks instead of 500). For a child with decades ahead, the practical difference between them is small — all five are low-cost, diversified, all-U.S.-stocks portfolios. The choice that matters far more than which of these five is how much gets contributed, and how early. Run the numbers on our homepage calculator: the $1,000 pilot plus steady family contributions swamp any plausible gap between two broad index funds.
What you cannot buy before 18
Individual company shares, bonds-only or target-date funds, leveraged or inverse ETFs, sector funds, foreign-stock funds, and crypto are not eligible investments during the growth period — the menu is the approved list above, full stop. Two things parents sometimes ask about: there is no cash or money-market option on the approved list, so money is invested in equities from the start, with the market risk that implies; and you cannot hold the Musk SpaceX share pledge inside the menu as a stock pick — any philanthropic stock gift arrives through Treasury's own contribution machinery, not as a fund choice. (Our SpaceX pledge explainer covers that separately, and it is still pledged, not deposited.)
Who chooses, and when
While the child is a minor, the responsible party — the parent or guardian who claimed the account — manages it, including investment selection once election opens. Until that functionality opens, there is nothing to choose: everything stays in SPYM, and that is by design, not a problem to fix. If you have not claimed the account yet, start with our claim guide — an unclaimed account cannot be managed or added to.
What changes at 18
From January 1 of the year the child turns 18, the growth period ends and the account is generally treated as a traditional IRA. The growth-period investment restriction falls away with the other special rules, and the now-adult holder manages the account under normal IRA rules — including the option, covered on our Roth conversion calculator page, of converting some or all of it to a Roth IRA and paying the tax at that point. See what happens at 18 for the full transition.
Frequently asked questions
What can a Trump Account invest in before age 18?
Only a mutual fund or ETF that tracks an index of primarily U.S. companies, uses no leverage, and charges no more than 0.10% a year in fees. In practice Treasury has approved five specific funds, and until fund election opens, every contribution goes into the default: the State Street SPDR Portfolio S&P 500 ETF (SPYM).
Can I pick individual stocks or crypto in a Trump Account?
No — not during the growth period. The investment menu is limited to the approved diversified U.S. equity index funds. Individual stocks, bonds-only funds, leveraged funds and crypto are not eligible investments while the growth-period rules apply.
What fund is my child's money in right now?
SPYM, the State Street SPDR Portfolio S&P 500 ETF. Treasury confirmed at launch that all contributions go into SPYM until election functionality opens, when the other four approved funds become selectable.
Do Trump Accounts charge an account fee?
No account-level fee applies to claim or maintain the account. The only cost is the underlying fund's expense ratio, which by law cannot exceed 0.10% of the balance per year — and Treasury says SPYM sits well below that cap.
Do the investment restrictions end at 18?
Yes. From January 1 of the year the child turns 18, the account is generally treated as a traditional IRA, and the growth-period restrictions fall away with the other special rules. The now-adult account holder then manages the account under normal IRA rules.
Sources
Rules verified against IRS and Treasury sources — last updated October 24, 2026.
- U.S. Treasury — Trump Accounts launch lineup (SPYM default + four additional approved funds), July 1, 2026
- IRS — Instructions for Form 4547, Trump Account Election(s)
- White House — Trump Accounts release (investment rules + 0.10% fee cap), December 2, 2025
- Trump Accounts program overview — eligible investments and fees
Projections are estimates based on the return you choose; they are not a guarantee and this site is not financial advice. Program rules follow IRS and Treasury guidance and may change.