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Investment Eligibility Factors

Organizational Structure and Share type. The issuing company must have the following organizational structure and share type:

  • Corporations (including equity)
  • Common stock (i.e., shares)
  • American Depositary Receipts (ADRs)
  • Master limited partnerships (MLPs)
  • ETFsMinimum Levels Of Market Cap & Liquidity


Ineligible organizational structures and share types include, but are not limited to:

  • Business development companies (BDCs)
  • Preferred stock
  • Limited partnerships (LPs)
  • Convertible preferred stock
  • Unit trusts
  • Limited liability companies (LLCs)
  • Equity warrants
  • Closed-end funds
  • Convertible bonds
  • Investment trusts
  • ETNs
  • Rights
  • Royalty trusts
  • Special purpose acquisition companies (SPAC)