# Admissible instruments

#### Shares

* **Eligibility**: Shares with a market capitalization (or tentative market capitalization) of less than EUR 500 million.
* **Legal Qualification**: Must represent equity ownership, be transferable, and tradable on capital markets in accordance with MiFID II.
* **Additional Requirements**: Defined in Rulebook section 3.4.

#### Funds

* **Eligibility**: Fund shares classified as UCITS (Undertakings for Collective Investment in Transferable Securities) under Directive 2009/65/EC.
* **Classification**: Deemed as fund units according to Art. 3(1) c) DLTR.
* **AuM Requirement**: Must be below EUR 500 million at the point of admission to trading.

#### Bonds and Other Securitized Debt

* **Eligibility**: Bonds, securitized debt, and money market instruments with an issue size of less than EUR 1 billion.
* **Exclusions**: Instruments that embed a derivative or have complex structures that make it difficult to understand the risk.
* **Additional Requirements**: Defined in Rulebook section 3.5.

#### FAQ

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<summary>Can I list natively tokenized stocks?</summary>

Yes, 21X can list natively tokenized shares (dematerialized shares) as well as digital twins. Digital twins are usually classified as debt instruments (see section 1.3).

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<summary>Can I list tokenized stocks of blue-chip companies?</summary>

Yes, however, these need to be structured as debt instruments (e.g., exchange-traded notes) and would classify under the listing requirements of bonds and other securitized debt (see section 1.3), thus not falling under the market capitalization restriction for tokenized shares.

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<summary>What assets are considered shares in the context of these listing requirements?</summary>

Art. 3(1) a) DLTR does not explicitly exclude specific types of shares. The respective national securities laws under which the financial instruments are governed determine if the product is classified as a share or not.

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<summary>Can the AuM of the Sub-fund grow over EUR 500 million after admission to trading?</summary>

Yes, the AuM of the respective Sub-fund is only relevant at the point of admission.

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<summary>Can I list ETFs on 21X?</summary>

Yes, 21X can list exchange-traded funds (ETFs) that comply with the framework of UCITS-Regulation. Exchange-traded products (ETPs) classified as notes (ETNs) need to fulfill the requirements of section 1.3 under securitized debt.

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<summary>Does 21X provide end-to-end services for tokenized funds?</summary>

Yes, asset managers can sub-advise UCITS funds, natively tokenized, distributed, and listed on 21X where 21X will coordinate with partners where necessary.

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<summary>Does 21X provide end-to-end services for tokenized debt instruments?</summary>

Yes, 21X can set up, distribute, and list tokenized debt instruments in the form of structured notes or ETNs and will coordinate with partners where necessary.

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<summary>What constitutes a debt that that embed a derivative or have complex structures that make it difficult to understand the risk?</summary>

For the admissibility of complex debt instruments please ask your customer success representative or listing sponsor.

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