Before the Innovation Fund listed on the New York Stock Exchange under the ticker VCX, some shareholders received unrestricted shares while others received restricted shares. The difference determines when those shares can be transferred to a brokerage account or sold.
 

Restricted shares are shares purchased before the February 20, 2026 lock-up date. These shares are subject to a 180-day lock-up period following the public listing of the fund.

During this period:

  • Restricted shares cannot be transferred to a brokerage account
  • Restricted shares cannot be sold on the open market
  • They will remain held at Computershare until the lock-up period expires

Once the 6-month lock-up period ends, these shares will become unrestricted, and you will be able to transfer them to a brokerage account using the same DRS transfer process.

 

Unrestricted shares are shares that were purchased during the pre-listing investment window after February 20, 2026.

These shares:

  • Are not subject to the 6-month lock-up period
  • Can be transferred to a brokerage account immediately
  • Can be traded once the fund begins trading publicly 

If you hold unrestricted shares, you may choose to:

  • Transfer them to a brokerage account using a Direct Registration System (DRS) transfer, or
  • Hold and manage them directly through Computershare, the fund’s transfer agent.

You can determine whether your shares are restricted by reviewing your holdings through Computershare. Restricted positions should include a notation indicating the 180-day lock-up period, while unrestricted shares will not include this restriction.

For more information about the fund and how to invest, please visit https://fundrise.com/vcx.