A. The One Big Beautiful Bill Act of 2025 introduced a provision for the establishment of Trump Accounts for children under 18, with a one-time deposit of $1,000 from the federal government for children born between 2025 and 2028. Contributions to these accounts are scheduled to start on July 4th, 2026, aligned with the 250th anniversary of United States independence.

A. To establish a Trump Account for an eligible minor, a parent or legal guardian must file an IRS Form 4547. The United States Treasury Department (“Treasury”) will process and open the account based on the form submission. As of February 20, 2026, about 2 million families have submitted the form to open a Trump Account for their children.

A. Trump Accounts are structured to support long‑term, disciplined investing by offering a streamlined menu of low‑cost, diversified U.S. equity options (for more information, see U.S. Department of the Treasury Press Release SB0340). To maintain these objectives, investment eligibility is intentionally limited to a defined set of US‑registered funds, including both mutual funds and ETFs. Based on current guidance, eligible investments must be mutual funds or Exchange-Traded Funds (ETFs) that track a qualified index whereby securities are primarily (at least 90%) US-based companies. Annual expenses/fees are capped at 0.1% (10 basis points) or less and no leverage or borrowing is allowed in the investments.

A. Treasury is expected to select a “master custodian” for the initial launch of Trump Accounts. They will also designate eligible asset manager(s) to provide investment vehicles in the accounts.

A. To date, the custodian and exact investment vehicles available for Trump Accounts have not been chosen by Treasury. We are aware that market participants are actively engaged with Treasury regarding support models and operating models. At this stage, DTCC has not yet directly engaged with Treasury.

A. Effective May 18, 2026, DTCC’s Wealth & Investment Solutions business will introduce a new social code (B0 – “Trump Account”) to support required transparency for intermediaries and asset managers and provide a standard method to identify accounts as Trump Accounts in advance of the July 4th, 2026, target launch date.

Additionally, effective July 3, 2026, ACATS will introduce a new account type (TYPE_530A_TRUMP) to standardize identification of accounts as Trump Accounts for asset transfers, ensure that both the primary (child) and secondary (parent/guardian) social security numbers are provided for these transfers, provide capabilities to send account level cost basis amounts (per Treasury guidelines), and align with the new Fund/SERV social code.

A. A social code is a standardized code on the DTCC Fund Solutions platforms operated under the NSCC entity which is used to identify an account registration type (e.g. individual, IRA). Clients rely on social codes to determine whether they allow purchases into certain funds and how they handle mailings, tax reporting, and account conversions, etc. In a Trump Account context, this includes handling of the account conversion when the child turns 18.

A. An account type is a standardized classification on the ACATS platform operated under the NSCC entity to identify the legal and tax registration of an account (e.g. individual, IRA). Clients rely on the account type to determine account eligibility, apply appropriate business rules, and drive downstream processing. In a Trump Account context, this includes handling of the account conversion when the child turns 18.

A. DTCC issued Important Notice a9721 was distributed to clients on February 19, 2026. This Notice covered implementation of the new social code in Fund/SERV®, Networking, DTCC Payment aXis®, and ACATS-Fund/SERV®. A separate Important Notice will be distributed to clients regarding implementation of the new social code in Mutual Fund Profile Service II – Profile Security (pending Kingland analysis).

Important Notice a9736 for ACATS enhancements was distributed on March 13, 2026. This notice covered enhancements for Trump Accounts.

Additionally, the BDAC and BTRAC Committees of the Investment Company Institute were notified about the upcoming change at the in-person joint committee meeting on February 3, 2026. The Important Notice was also socialized with the ICI BDAC and BTRAC Committees on February 19, 2026.

A. To date, no client feedback has been received. DTCC has, however, actively been engaged with market participants to solicit feedback regarding identification of product requirements.

A. Clients are strongly encouraged to review and update the mapping of accounts on their systems to the appropriate social code when transacting through DTCC. Clients will need to code to enhanced functionality and/or perform defensive coding to mitigate any adverse impact ahead of the delivery date.

Adoption of the ACATS Trump Account enhancements will be optional for firms initiating ACATS transactions. Firms receiving transfer requests should be prepared to process the new Trump Account type in accordance with their own policies and procedures.