US Treasury picks State Street, BlackRock and Vanguard ETFs for Trump Accounts

[WASHINGTON] The US Treasury on Wednesday (Jul 1) announced the investment lineup for Trump accounts, which includes ETFs from State Street, BlackRock and Vanguard.

All contributions to Trump accounts will be invested in the State Street SPDR Portfolio S&P 500 ETF (SPYM), which will serve as the programme’s default investment option during the launch, the US Treasury said.

The Treasury also selected BlackRock’s iShares Core S&P 500 ETF (IVV) and iShares Core S&P Total US Stock Market ETF (ITOT), State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) and Vanguard Total Stock Market ETF (VTI).

“By giving younger Americans the opportunity to start investing earlier, Trump Accounts can help millions build long-term financial security,” BlackRock chairman and CEO Larry Fink said.

Under the scheme, ​the US ​Treasury will ⁠deposit US$1,000 as seed money into an investment account for each child ​with a valid Social Security number ​born ⁠between 2025 and 2028.

Many investment firms and corporations, including BlackRock, said they would match the US government’s US$1,000 contribution for their employees. REUTERS