; or (v) the acquisition by a United States person with a covered foreign entity of— (I) operational cooperation, such as through supply or support arrangements; (II) the right to board representation (as an observer, even if limited, or as a member) or an executive role (as may be defined through regulation) in a covered foreign entity; (III) the ability to direct or influence such operational decisions as may be defined through such regulations; (IV) formal governance representation in any operating affiliate, such as a portfolio company, of a covered foreign entity; or (V) a new relationship to share or provide business services, such as financial services, marketing services, maintenance, or assembly functions; or (vi) knowingly directing transactions by foreign persons that would constitute covered activity if engaged in by a United States person. (B) Exceptions The term covered activity does not include— (i) any transaction the value of which the President determines is de minimis, as defined in regulations prescribed in accordance with section 6; (ii) any category of transactions that the President determines is in the national interest of the United States, as may be defined in regulations prescribed in accordance with section 6; (iii) an investment in— (I) a publicly traded security (as such term is defined in section 3(a)(10) of the Securities Exchange Act of 1934); or (II) an index fund, mutual fund, exchange-traded fund, or a similar instrument (including associated derivatives) offered by an investment company (as such term is defined in section 3(a)(1) of the Investment Company Act of 1940), or by a private investment fund