What is the money invested in, and are there fees?

Until the year your child turns 18, the money must be in a mutual fund or ETF that tracks the S&P 500 or another index made up mainly of U.S. company stocks, doesn’t use leverage, and has annual fees and expenses of no more than 0.1% of the balance. Industry or sector indexes don’t qualify. Right now every account is invested in the same S&P 500 index fund, SPYM, and you can’t choose a different one; the Help Center says more options are expected for claimed accounts later.