President Donald Trump on Monday celebrated the launch of Trump Accounts by ringing the opening bells of the New York Stock Exchange and Nasdaq from the White House.

Trump Accounts were created by the One Big Beautiful Bill Act, the package of tax cuts and reforms that Republicans passed through Congress and was signed into law by President Donald Trump last year.

The initiative invests the savings in low-cost index funds that provide broad, diversified exposure to the U.S. stock market.

Parents and guardians may contribute up to $5,000 per year to the accounts belonging to their children, while a parent’s employer can contribute up to $2,500 annually without impacting the employee’s taxable income.

The accounts will be seeded with $1,000 in federal money to give children born between 2025 and 2028 a jump start on their savings.

At the time of the official launch of Trump Accounts, there is one investment option available, although the Treasury Department has indicated four more will be available in the months ahead.

The State Street SPDR Portfolio S&P 500 ETF (SPYM), a low-cost exchange-traded fund (ETF) that tracks the performance of the S&P 500 Index, will be the initial default investment option.

Four other ETFs in the future include two that focus on the total U.S. stock market offered by Vanguard and iShares, along with a State Street ETF focused on the broader S&P 1500, as well as another iShares offering focused on the S&P 500.