Listing criteria
A company must satisfy all five of the following criteria to be listed:1
US incorporation
The company must be incorporated in the United States.
2
No S-1 or IPO filing
The company must not have filed an S-1 or IPO registration. A company that files to go public exits the private market and is no longer eligible.
3
12 months of secondary market history
At least 12 months of secondary market quote history across eligible platforms is required to support the baseline calculation. Companies with less than 12 months of history may be listed in an observation period — the index is visible, but contracts are not yet available for trading. Full trading opens only after the baseline is formed.
4
Transaction volume threshold
Minimum $10M in verified transaction volume across eligible platforms in the trailing 60 days, with no single transaction representing more than 40 percent of that total.
5
Quote frequency threshold
Minimum 8 verified bid-ask quotes or transactions across at least 2 independent eligible platforms in any trailing 30-day window. Volume alone is insufficient — frequency across independent sources is required to support a credible continuous signal.
Delisting trigger
If a listed company falls below either of the following thresholds, it immediately enters a 5-trading-day wind-down period:- Trailing 60-day transaction volume falls below $5M, or
- Fewer than 8 qualifying transactions or firm quotes across at least 2 platforms occur in any trailing 30-day window.