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Trump Accounts restrict investments to low-cost, broad U.S. equity index funds with an expense ratio at or below 0.10%, which actually narrows the field to some of the best long-term investments available. The top qualifying picks are FNILX (0.00%), VOO and IVV (0.03%), VTI (0.03% total market), FXAIX (0.015%), and SWPPX (0.02%), chosen mainly by which custodian you use. Here is exactly which funds qualify and how to choose.
Key Takeaways
- Only broad U.S. equity index funds at 0.10% or lower expense ratio qualify.
- FNILX is free (0.00%) but Fidelity-only; VOO and IVV (0.03%) work everywhere.
- QQQ, ARKK, international, and leveraged funds do not qualify.
- The fund choice barely matters; staying invested for 18 years matters far more.
What Qualifies for a Trump Account?
The law sets four requirements for investments during the growth period: the fund must track a broad U.S. equity index, hold at least 90% U.S.-domiciled companies, charge an expense ratio at or below 0.10%, and use no leverage. That rules out individual stocks, bond funds, international funds, sector ETFs (tech-only, etc.), actively managed funds, and anything above 0.10% in fees.
What Are the Best Qualifying Funds?
Fidelity ZERO Large Cap (FNILX), 0.00%. The only major index fund at zero expense, tracking Fidelity’s own U.S. large-cap index (performance within about 0.05% of VOO). The catch: Fidelity only. Best for families opening at Fidelity who want zero fund cost.
Vanguard S&P 500 (VOO), 0.03%. The world’s most widely held index ETF, holding the 500 largest U.S. companies, available at virtually every brokerage. The cost gap from FNILX is about $3 a year on $10,000. Best for the most recognized S&P 500 ETF across any custodian.
iShares Core S&P 500 (IVV), 0.03%. BlackRock’s S&P 500 ETF, functionally identical to VOO in holdings and cost, with deep liquidity. Best if your custodian offers IVV but not VOO.
Vanguard Total Stock Market (VTI), 0.03%. Holds 3,700+ U.S. stocks (large, mid, and small cap) versus 500 for VOO, for broader diversification. All U.S.-domiciled, so it easily meets the 90% rule. Best for full-market exposure.
Fidelity 500 Index (FXAIX), 0.015%. Fidelity’s mutual-fund S&P 500 tracker, buyable in exact dollar amounts, which simplifies dollar-cost averaging. Best for Fidelity families wanting direct S&P 500 tracking.
Schwab S&P 500 Index (SWPPX), 0.02%. Schwab’s mutual-fund S&P 500 tracker with no minimum. Best for families opening at Schwab.
Which Funds Do NOT Qualify?
| Fund | Why it fails |
|---|---|
| Vanguard Total World (VT) | Too much international, below 90% U.S. |
| iShares MSCI ACWI (ACWI) | International exposure, below 90% U.S. |
| Invesco QQQ (QQQ) | Tracks the Nasdaq-100, a sector-heavy index |
| ARK Innovation (ARKK) | Actively managed, not an index fund |
| Vanguard Growth (VUG) | Style tilt, not a broad market index |
| ProShares Ultra S&P 500 (SSO) | 2x leveraged, explicitly excluded |
QQQ is the most common point of confusion: it is popular but tracks the tech-heavy Nasdaq-100, so it does not qualify.
Which Fund Should You Choose?
- At Fidelity: FNILX (0.00%) or FXAIX (0.015%).
- Through the BNY Mellon/Robinhood app: VOO or IVV.
- At Vanguard: VOO or VTI.
- At Schwab: SWPPX (0.02%).
The cost differences are tiny: on $10,000, the gap between 0.00% and 0.03% is $3 a year, about $100 over 18 years. What matters far more is choosing any qualifying fund and leaving it invested for the full growth period. See our guide on opening a Trump Account.
What Does the Growth Look Like?
The $1,000 seed alone, at roughly 7% a year for 18 years, grows to about $3,400. Add $2,000 a year in contributions and the projected balance at 18 is around $75,000; at the maximum $5,000 a year, it can exceed $170,000.
Use this calculator to model it:
Compound Interest Calculator
How Do You Confirm a Fund Qualifies?
If you want a fund not listed here, check three things: the expense ratio must be 0.10% or lower, the country allocation must be at least 90% U.S. companies, and it must track an index with no leverage. When in doubt, stick to the funds above, which cover every major custodian and easily meet the rules.
FAQ
What can you invest a Trump Account in?
Only broad U.S. equity index funds with an expense ratio of 0.10% or lower and at least 90% U.S. holdings, like VOO, IVV, VTI, FXAIX, FNILX, or SWPPX. No bonds, international, sector, or leveraged funds.
Does QQQ qualify for a Trump Account?
No. QQQ tracks the Nasdaq-100, which is sector-heavy in tech and not a broad U.S. market index, so it does not meet the requirements.
Which is the cheapest Trump Account fund?
Fidelity ZERO Large Cap (FNILX) at 0.00%, but it is Fidelity-only. VOO and IVV at 0.03% are available almost everywhere, and the cost difference is just a few dollars a year.
Does the fund choice really matter?
Barely. The cost gap between qualifying funds is a few dollars a year. Staying invested for the full 18-year growth period matters far more than which qualifying fund you pick.
Bottom Line
The best Trump Account funds are simply the cheapest broad U.S. index funds your custodian offers: FNILX at Fidelity, VOO or IVV almost anywhere, VTI for the total market, or SWPPX at Schwab. Avoid QQQ, ARKK, international, and leveraged funds, and remember staying invested beats fine-tuning the fee. To go deeper, see our guides on opening a Trump Account, the launch checklist, and Trump Account vs 529.
This article is for educational and informational purposes only and does not constitute investment advice. Expense ratios are as of 2026 and can change, so verify current fund details before investing.
