Initiative is just the name of an issue type and yes I want it to be parent of an Epic. But from what I understand, the described logic should give me the option to create a parent of Initiative too.
It’s probably getting a bit off the thread topic, but what level above Initiative are you wanting to exist?
Given that you can already group Initiatives into Releases (Versions) and cross-group them again into Components, that’s already a pretty deep and diverse hierarchy without adding another level… and getting off-piste as far as ‘official’ Agile structure goes.