Except as provided in ss. 605.2605(2), 605.2606(2), and 605.2607(1), a protected series may not participate in; be a party to; result from; or be formed, organized, established, or created by either of the following:
(1) A conversion, domestication, interest exchange, or merger under this chapter or the law of a foreign jurisdiction, however the transaction is denominated under such law; or
(2) A transaction with the same substantive effect as a conversion, domestication, interest exchange, or merger under the law of this state or a foreign jurisdiction.