U.S. Treasury picks two BlackRock iShares ETFs for Trump Accounts

The U.S. Treasury has selected two BlackRock iShares exchange-traded funds as investment options under Trump Accounts, a federal program intended to allow American children to begin building wealth from birth, according to a statement from BlackRock.

The two funds selected are the iShares Core S&P 500 ETF (NYSE Arca: IVV) and the iShares Core S&P Total U.S. Stock Market ETF (NYSE Arca: ITOT). Both carry expense ratios of 0.03% and offer broad exposure to U.S. equities.

"BlackRock is proud to support Trump Accounts. For generations, U.S. capital markets have been a powerful engine of growth and wealth creation," said Larry Fink, Chairman and Chief Executive Officer of BlackRock. "By giving younger Americans the opportunity to start investing earlier, Trump Accounts can help millions build long-term financial security."

The selected funds are expected to become available through the program following its official launch, which has not yet been announced. No specific launch date was provided.

BlackRock said in December it committed to matching the federal government's $1,000 contribution to Trump Accounts for eligible U.S. employees. The BlackRock Foundation also announced a $1 million grant to Invest America in March to support awareness and enrollment campaigns for the program.

Additional philanthropic grants disclosed in the statement include $3.75 million to NYC Kids RISE and $1.15 million to establish The Early Wealth Partnership, which supports CalKids, California's statewide children's savings account program.

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