More than 6 million children were enrolled in Trump Accounts before the program went live on July 4, and Michael and Susan Dell pledged $6.25B to support eligible children.About 1.4 million newborns qualified for a $1,000 federal seed investment after parents filed Internal Revenue Service Form 4547 online at trumpaccounts.gov or through a mobile app.Accounts invest only in low cost mutual funds and exchange traded funds that track broad US equity indices such as the S&P 500 and are managed initially by Robinhood and the Bank of New York with fees capped at 0.1% annually.Contributions by parents, relatives, employers and qualifying nonprofits are limited to $5,000 per child per year, accounts convert to an individual retirement account at 18, and advisers recommend comparing
Trump Accounts with
529 plans and custodial alternatives.