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Eligibility file · Mixed

DTC Tokenization Service: tokenized security entitlements to DTC-held stocks, ETFs, and Treasuries

What the client owns
SPDR S&P 500 ETF Trust; Invesco QQQ Trust. DTC-tokenized (same CUSIP): The listed share itself, held through DTC under the same CUSIP.
Who may hold it
US retail investors. First purchase minimum not stated. State coverage not confirmed by the issuer. DTC’s terms admit only DTC Participants as wallet holders and entitlement holders; a Participant may open wallets for customers and give them keys, but DTC recognizes only the Participant. DTC sets no investor floor or minimum; any retail floor is the Participant’s. No Participant has published retail terms as of 2026-09-22. Participants with DTC tax-withholding or TIC reporting obligations (about 11% in Oct. 2025) are excluded for now. Eligible securities: Russell 1000 stocks, major-index ETFs, U.S. Treasury bills, notes, and bonds; SPY and QQQ listed here because DTCC names them in the July 15, 2026 production trades.
Who can freeze or claw back
DTC holds a root wallet on every chain that can convert, transfer, mint, or burn any token without the holder’s key. No contract is public, so Ketju cannot read the keys yet.
How it exits
Sell on the listing exchange, T+1 through DTC. Participant instructs DTC to de-tokenize; DTC burns the token and credits shares to the Participant’s DTC account. Cash exit is an ordinary sale, which settles T+1. No stated time for the de-tokenization step.. Settles in USD.

Research and shelf status are on the memo: DTC Tokenization Service (DTC-tokenized stocks, ETFs, and Treasuries) Favorable research; shelf not set

Issuer
The Depository Trust Company (token issuer and securities intermediary; each underlying security keeps its own issuer)
Registration
NMS stock via DTC
Official record
The Depository Trust Company (securities intermediary; SEC-registered clearing agency). Issuer transfer agents record Cede & Co. as holder., SEC-registered transfer agent
Instruments
SPY QQQ
Chains
None
Reviewed
2026-09-23 · v1
Next review
2026-12-23

Other programs tokenize the same securities. Every version side by side: SPY, QQQ.

Who may buy, hold, transfer, and redeem

Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.

What the holder owns

The Participant keeps a security entitlement against DTC under UCC Article 8. The token records that entitlement; it is not a separate security.

“The Participant would (until it transfers the Tokens) remain the entitlement holder with a security entitlement to the Subject Securities subject to the full suite of Article 8’s provisions and protections.”

SEC Division of Trading and Markets, no-action letter to DTC with DTC’s request attached (Dec. 11, 2025) · DTC request, Section II.a, p. 7 · words found 2026-09-23

Who may hold it

Only DTC Participants register wallets. A Participant may open one for a customer and hand over keys, but DTC recognizes only the Participant as holder.

“While a Participant may register a wallet for the benefit of its customer and even provide that customer with the keys to the wallet”

SEC Division of Trading and Markets, no-action letter to DTC with DTC’s request attached (Dec. 11, 2025) · DTC request, Section II.e ’Only Participants May Register Wallets’, p. 12 · words found 2026-09-23

First purchase minimum

DTC sets no minimum; any minimum is the Participant broker’s, and none has published terms.

Not stated in SEC Division of Trading and Markets, no-action letter to DTC with DTC’s request attached (Dec. 11, 2025), DTCC, SEC No-Action Letter & DTC Tokenization Service FAQ (rev. 3.3.26; archived copy, live URL now returns 404), DTCC, Tokenization Service product page, DTCC press release, U.S. trades processed using DTC-tokenized assets (July 15, 2026).

Who it may be transferred to

Tokens move only between wallets DTC has registered to Participants and screened against OFAC lists. Unknown wallets cannot receive them.

“The tokens would only be transferable to Registered Wallets.”

SEC Division of Trading and Markets, no-action letter to DTC with DTC’s request attached (Dec. 11, 2025) · Staff response, bullet ’Limited to Participants/Registered Wallets’, p. 6 · words found 2026-09-23

How a holder redeems

The Participant tells DTC to de-tokenize. DTC burns the token and credits the shares back to the Participant’s ordinary DTC account.

“Upon acceptance of such instruction, DTC would burn the Token in the DTC Participant’s Registered Wallet, debit such securities from the Digital Omnibus Account, and credit those securities to the Participant’s Account.”

SEC Division of Trading and Markets, no-action letter to DTC with DTC’s request attached (Dec. 11, 2025) · Staff response, facts bullets, p. 3 · words found 2026-09-23

Who keeps the official record

DTC’s official record of tokenized positions is LedgerScan, an off-chain DTCC system that reads the chain. The chain is not the record.

“For recording Tokenized Entitlements, LedgerScan’s record would constitute DTC’s official books and records.”

SEC Division of Trading and Markets, no-action letter to DTC with DTC’s request attached (Dec. 11, 2025) · DTC request, Section II.a ’Operational Flow’, p. 7 · words found 2026-09-23

What the issuer says it can freeze or take back

DTC holds a root wallet on every chain that can convert, transfer, mint, or burn any token without the holder’s key.

“DTC would have a “root wallet” on each blockchain with keys that it can use to convert, transfer, mint, or burn any of the Tokens, even without the private key for the Registered Wallet.”

SEC Division of Trading and Markets, no-action letter to DTC with DTC’s request attached (Dec. 11, 2025) · DTC request, Section II.e ’Override Keys’, p. 12 · words found 2026-09-23

FactWhat the file records
Who onboards the holderbroker dealer
Voting rightsYes
Distributionscash
SIPC coverage of the walletNo

The transfer agent’s SEC record

DTC is an SEC-registered clearing agency. Clearing agencies register under Exchange Act section 17A(b)(2), not on Form TA-1, so EDGAR holds no transfer-agent registration to read.

Who can change the record

Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.

No token contract for this program is public, so nothing can be read from the chain yet. The issuer’s own statement of its powers is quoted above. Ketju reads the contract the day one is published.

Where it trades

VenueKind
Nasdaq Stock Market (SR-NASDAQ-2025-072, approved 2026-03-18; effective after DTC post-trade service and 30-day notice)exchange
New York Stock Exchange (SR-NYSE-2026-17, immediately effective)exchange
NYSE Arca (SR-NYSEARCA-2026-45, immediately effective)exchange
NYSE American (SR-NYSEAMER-2026-36, immediately effective)exchange
NYSE Texas (SR-NYSETEX-2026-13, immediately effective)exchange
NYSE National (SR-NYSENAT-2026-09, immediately effective)exchange
24X National Exchange (SR-24X-2026-20, immediately effective)exchange

How it exits

PathSettlementSettles in
Sell on the listing exchange, T+1 through DTCParticipant instructs DTC to de-tokenize; DTC burns the token and credits shares to the Participant’s DTC account. Cash exit is an ordinary sale, which settles T+1. No stated time for the de-tokenization step.USD

What the monitor reads daily

Nothing on chain yet: no contract is public. The documents quoted above are re-read every day, and any change to them opens a review item, which is how a first published contract shows up. The contract joins the daily read the day it is published.

Sources

The file is public. The subscription checks it against each of your households and watches it daily. $49 per advisor per month, first 14 days free. Start the trial.