including a default fund at launch and four additional index funds that will become available in the coming months.

All contributions to Trump accounts will initially be invested in the State Street SPDR Portfolio S&P 500 ETF (NY:SPYM), which tracks the S&P 500 index. The Treasury Department selected this fund to provide exposure to the U.S. stock market while keeping expenses below the statutory commission cap.

The Treasury Department also selected four additional index ETFs for the program: the iShares Core S&P 500 ETF (NY:IVV), the Vanguard Total Stock Market ETF (NY:VTI), the State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (NY:SPTM), and the iShares Core S&P Total U.S. Stock Market ETF (NY:ITOT). These funds were selected to provide coverage of key financial market segments while maintaining low investment costs.

The SPYM fund will serve as the default investment for all Trump accounts at launch. The Treasury Department plans to add functionality in the coming months that will allow parents or guardians to allocate funds among additional investment options. Until this functionality is available, all contributions will remain in the default fund.

The Treasury Department said it will announce the availability of the investment selection feature and provide instructions for account holders wishing to change their allocations.