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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. If you opened your account directly through the official Trump Accounts app, your money is automatically placed in the government’s default fund, SPYM, at 0.02%. If you opened through a private brokerage like Fidelity, Schwab, or Vanguard instead, you choose from that custodian’s own qualifying funds: FNILX (0.00%), VOO and IVV (0.03%), VTI (0.03%), FXAIX (0.015%), or SWPPX (0.02%). Here is exactly which funds qualify, what the default is, and how to choose.
KEY TAKEAWAYS
- If you opened your account through the official Trump Accounts app, your funds are automatically invested in SPYM (State Street SPDR Portfolio S&P 500 ETF), 0.02%, the Treasury’s designated default.
- The Treasury has confirmed four more funds are coming soon to the app: iShares Core S&P 500 (IVV), Vanguard Total Stock Market (VTI), SPDR Portfolio S&P 1500 Composite, and iShares Core S&P Total US Stock Market.
- If you opened through a private brokerage (Fidelity, Schwab, Vanguard) instead of the app, you choose from that custodian’s own qualifying funds, not SPYM.
- Only broad U.S. equity index funds at 0.10% or lower expense ratio qualify under the law, regardless of which path you used to open the account.
- QQQ, ARKK, international, and leveraged funds do not qualify anywhere, and the fund choice barely matters compared to staying invested for 18 years.
What Fund Do You Actually Get by Default?
This depends entirely on how you opened the account. If you enrolled directly through the official Trump Accounts app or TrumpAccounts.gov, without choosing a specific brokerage, your $1,000 seed and any contributions are automatically invested in SPYM, the State Street SPDR Portfolio S&P 500 ETF, at a 0.02% expense ratio. This is the Treasury’s designated default fund for accounts opened through the official government app, distinct from accounts opened through a private brokerage like Fidelity or Schwab, where you select from that custodian’s own list of qualifying funds instead.
Is SPYM a Good Default?
Yes. SPYM tracks the S&P 500 at a genuinely low 0.02% expense ratio, essentially in the same cost tier as the cheapest options at private brokerages like SWPPX (0.02%) or FXAIX (0.015%), and meaningfully cheaper than VOO or IVV at 0.03%. For most families who opened through the app and haven’t actively chosen a different fund, SPYM is a perfectly reasonable, low-cost core holding, there’s no urgent need to move funds elsewhere purely to save a few basis points.
What Other Funds Are Coming to the App?
The Treasury has confirmed four additional funds will become available directly within the Trump Accounts app in the coming months, giving app users the same kind of choice that private brokerage customers already have:
- iShares Core S&P 500 (IVV), functionally identical to SPYM and VOO in what it holds.
- Vanguard Total Stock Market ETF (VTI), broader diversification across large, mid, and small-cap U.S. stocks rather than just the 500 largest companies.
- SPDR Portfolio S&P 1500 Composite Stock Market ETF, a mid-range option between the S&P 500 and the full total market.
- iShares Core S&P Total US Stock Market ETF, another broad total-market option similar in scope to VTI.
Once these roll out, app users will be able to switch away from the SPYM default if they prefer a different broad-market option, though as with private brokerage accounts, the cost and long-term outcome differences between these qualifying funds are small.
What Qualifies for a Trump Account (the Legal Rule)?
Regardless of which app or brokerage you use, 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, whether you’re using the official app or a private brokerage.
What Are the Best Qualifying Funds at Private Brokerages?
Fidelity ZERO Large Cap (FNILX), 0.00%. The only major index fund at zero expense, tracking Fidelity’s own U.S. large-cap index. Fidelity only.
Vanguard S&P 500 (VOO), 0.03%. The world’s most widely held index ETF, available at virtually every brokerage.
iShares Core S&P 500 (IVV), 0.03%. Functionally identical to VOO, with deep liquidity.
Vanguard Total Stock Market (VTI), 0.03%. Holds 3,700+ U.S. stocks for broader diversification versus 500 for VOO.
Fidelity 500 Index (FXAIX), 0.015%. Fidelity’s mutual-fund S&P 500 tracker, buyable in exact dollar amounts.
Schwab S&P 500 Index (SWPPX), 0.02%. Schwab’s mutual-fund S&P 500 tracker with no minimum.
Which Funds Do NOT Qualify Anywhere?
| Fund | Why It Fails |
|---|---|
| Vanguard Total World (VT) | Too much international, below 90% U.S. |
| Invesco QQQ (QQQ) | Tracks the tech-heavy Nasdaq-100, not broad market |
| ARK Innovation (ARKK) | Actively managed, not an index fund |
| ProShares Ultra S&P 500 (SSO) | 2x leveraged, explicitly excluded |
Which Fund Should You Choose?
- Opened via the official app, haven’t changed it: you’re already in SPYM (0.02%), a solid low-cost default, no action needed.
- At Fidelity: FNILX (0.00%) or FXAIX (0.015%).
- At Vanguard, or via a brokerage offering it: VOO or VTI.
- At Schwab: SWPPX (0.02%).
The cost differences across all qualifying options, including SPYM, are tiny: on $10,000, the gap between 0.00% and 0.03% is about $3 a year. What matters far more is staying invested for the full growth period. See our guide on opening a Trump Account.
FAQ
What is the default investment for a Trump Account opened through the app?
SPYM, the State Street SPDR Portfolio S&P 500 ETF, at a 0.02% expense ratio, is the Treasury’s designated default for accounts opened directly through the official Trump Accounts app.
Can I change the default fund in the Trump Accounts app?
The Treasury has confirmed four additional funds are coming to the app, once available, you’ll be able to switch away from SPYM if you prefer a different qualifying option.
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 doesn’t meet the requirements under any custodian or the app.
Which is the cheapest Trump Account fund overall?
Fidelity ZERO Large Cap (FNILX) at 0.00%, but it’s Fidelity-only. SPYM (app default), SWPPX, and IVV/VOO are all close behind at 0.02-0.03%.
Bottom Line
If you opened through the official app, you’re already in SPYM, a solid 0.02% default, and don’t need to do anything. If you opened through a private brokerage, FNILX, VOO, IVV, VTI, FXAIX, and SWPPX all qualify and cost roughly the same. Avoid QQQ, ARKK, international, and leveraged funds everywhere, and remember staying invested beats fine-tuning the fee. See our guides on opening a Trump Account and Trump Account vs 529.
This article is for educational and informational purposes only and does not constitute investment advice. Expense ratios and available funds are as of July 2026 and can change, so verify current fund details in your app or with your custodian before investing.
