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. On July 4, 2026, the United States Department of the Treasury (“Treasury”) announced the official launch of Trump Accounts, 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. Treasury will process and open the account based on the form submission. As of June 23, 2026, over 6 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. Based on current guidance, eligible investments must 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.

On July 1, 2026, Treasury announced the investment lineup for Trump Accounts, which includes a default fund, State Street SPDR Portfolio S&P 500 ETF (SPYM), as well as four additional funds: 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), and iShares Core S&P total U.S. Stock Market ETF (ITOT). At launch, all Trump Account contributions will be invested in the default fund, while functionality to allow parents and guardians to allocate their accounts toward the other investment options is expected to be released in the coming months.

On July 2, 2026, Treasury announced that it will accept ‘large philanthropic contributions of readily tradable public company stock' to further support Trump Accounts. Eligible donors may transfer approved stock to the Treasury as a contribution to Trump Accounts for eligible children, in accordance with the donor’s instructions, applicable law, and Treasury guidance.

A. Treasury announced the selection of Bank of New York Mellon (“BNY”) as the designated financial agent for Trump Accounts on April 6, 2026. BNY is acting on the government’s behalf to stand up and administer core operational services for Trump Accounts, subject to Treasury oversight. BNY is managing the initial accounts and helping to develop the new Trump Accounts application.

As part of this process, BNY has partnered with Robinhood Markets (“Robinhood”), which is serving as the brokerage and initial trustee for Trump Accounts. Robinhood is operating as a subcontractor to BNY, providing the consumer‑facing application, brokerage services, and customer support. Robinhood is working with the National Design Studio, a White House–affiliated design organization, to help shape the digital experience through which families access their accounts.

Per Treasury's July 1, 2026 announcement of eligible investment vehicles for Trump Accounts, the asset managers providing investment vehicles for these accounts include State Street, which manages the default Trump Account fund, as well as Blackrock and Vanguard.

A. Effective May 18, 2026, DTCC’s Wealth & Investment Solutions business introduced 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 introduced 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®. Important Notice a9749, regarding implementation of the new social code in Mutual Fund Profile Service II – Profile Security, was distributed on April 23, 2026.

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

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 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 is 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.