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"Funds will be invested in a diversified investment vehicle designed to maximize long-term growth while minimizing risk. Additional investment options will be added."

"Funds can be accessed without penalty when the child turns 18 for qualified expenses like education, or a first home purchase. Withdrawals may be subject to restrictions and would be taxed at ordinary income rates."

https://trumpaccounts.gov/

And from US Treasury:

At launch, all contributions to Trump Accounts will be invested in 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. The fund was selected to provide broad exposure to the U.S. stock market while maintaining expenses well below the statutory fee limitation. Treasury has also selected the following additional low-cost index ETFs for the Trump Accounts investment lineup:

iShares Core S&P 500 ETF (IVV)
Vanguard Total Stock Market ETF (VTI)
State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM)
iShares Core S&P total U.S. Stock Market ETF (ITOT)
These funds have been selected to provide diversified exposure across major segments of the financial markets while keeping investment costs low.