Stableton Unicorn Index AMC
Venture Capital Access for Private Investors and Advisors
The world's first open-ended semi-liquid product focusing on the leading privately held growth companies, seeking to best reflect a venture capital index.
Stableton Unicorn Index AMC
Venture Capital Access for Private Investors and Advisors
The world's first open-ended private market index product with enhanced liquidity. Leverage key global megatrends through rapidly growing technology leaders.
Product Overview
ISIN
CH1234846777
End of Subscription
June 13, 2023
Return
-
NAV
USD 100.-
Fees
Low / medium
Liquidity
Weekly subscriptions & redemptions
This product is not directly comparable to a public market index product. The product performance and composition may meaningfully deviate from the benchmark index due to limited availability and differences in actual market prices. The investment strategy aims to keep the difference to the benchmark index composition as low as possible by actively sourcing and executing private market transactions.
Morningstar® PitchBook® Unicorn Select 20 Index™
The index tracks the largest 20 privately held, late-stage venture capital-backed companies with post-money valuations of at least USD 1 billion from Developed Markets Countries. It includes some of the most exciting and fastest-growing companies.
About the Index
Details | |
Number of Holdings | 20 |
Total Market Cap | $681.4b |
Weighted Avg. Market Cap | $37.5b |
Median Market Cap | $20.1b |
Market Capitalization | |
Mega Cap ($100bn+) | 5% |
Large ($10bn-$100bn) | 80% |
Medium & Small (<$10bn) | 15% |
Sector Breakdown | |
Information Technology | 60% |
Business Products, Services | 10% |
Consumer Products, Services | 20% |
Financial Services | 5% |
Healthcare | 5% |
Geographic Breakdown | |
Europe | 20% |
Asia | 5% |
North America | 70% |
Oceania | 5% |
As of 30/03/2023
Index Performance
Morningstar® PitchBook® Unicorn Select 20 Index™
Public Equities*
As of 30/03/2023; * as measured by the Morningstar® Developed Markets Target Market Exposure Index™
Performance | 1 m | 3 m | 1 y | 3 y | 5 y |
Morningstar® PitchBook® Unicorn Select 20 Index™ | -2.1% | 0.4% | -18.1% | 99.3% | 180.3% |
Public Equities* | 1.7% | 6.2% | -9.2% | 60% | 48.4% |
Outperformance vs. Public Equities* | -3.8% | -5.7% | -8.9% | 39.3% | 131.8% |
Performance | Morningstar® PitchBook® Unicorn Select 20 Index™ | Public Equities* | Outperformance vs. Public Equities* | ||
1 m | -2.1% | 1.7% | -3.8% | ||
3 m | 0.4% | 6.2% | -5.7% | ||
1 y | -18.1% | -9.2% | -8.9% | ||
3 y | 99.3% | 60% | 39.3% | ||
5 y | 180.3% | 48.4% | 131.8% |
* as measured by the Morningstar® Developed Markets Target Market Exposure Index™
Past performance in not indication of future results
Higher Return Potential than Public Markets
The index has substantially outperformed public equities over almost 10 years. Leading tech unicorns offer significantly higher return potential.
Higher Return Potential Than Public Markets
The index has substantially outperformed public equities over almost 10 years. Adding a private market component enables investors to profit from potentially higher returns.
Performance | 1 m | 3 m | 1 y | 3 y | 5 y |
Morningstar® PitchBook® Unicorn Select 20 Index™ | -2.1% | 0.4% | -18.1% | 99.3% | 180.3% |
Public Equities* | 1.7% | 6.2% | -9.2% | 60% | 48.4% |
Outperformance Morningstar Index vs. MSCI World | -3.8% | -5.7% | -8.9% | 39.3% | 131.8% |
Performance | Morningstar® PitchBook® Unicorn Select 20 Index™ | Public Equities* | Outperformance Morningstar Index vs. MSCI World | ||
1 m | -2.1% | 1.7% | -3.8% | ||
3 m | 0.4% | 6.2% | -5.7% | ||
1 y | -18.1% | -9.2% | -8.9% | ||
3 y | 99.3% | 60% | 39.3% | ||
5 y | 180.3% | 48.4% | 131.8% |
* Public Equities as measured by the Morningstar® Developed Markets Target Market Exposure Index
Past performance in not indication of future results
Higher Return Potential Than Public Markets
The index has substantially outperformed public equities over almost 10 years. Adding a private market component enables investors to profit from potentially higher returns.
Performance | 1 m | 3 m | 1 y | 3 y | 5 y |
Morningstar® PitchBook® Unicorn Select 20 Index™ | -2.1% | 0.4% | -18.1% | 99.3% | 180.3% |
Public Equities* | 1.7% | 6.2% | -9.2% | 60% | 48.4% |
Outperformance Morningstar Index vs. MSCI World | -3.8% | -5.7% | -8.9% | 39.3% | 131.8% |
Performance | Morningstar® PitchBook® Unicorn Select 20 Index™ | Public Equities* | Outperformance Morningstar Index vs. MSCI World | ||
1 m | -2.1% | 1.7% | -3.8% | ||
3 m | 0.4% | 6.2% | -5.7% | ||
1 y | -18.1% | -9.2% | -8.9% | ||
3 y | 99.3% | 60% | 39.3% | ||
5 y | 180.3% | 48.4% | 131.8% |
* Public Equities as measured by the Morningstar® Developed Markets Target Market Exposure Index™
Past performance in not indication of future results
Attractive Risk/Return Metrics
Not investing in private markets can have high opportunity costs. While the index backtested returns were significantly higher, the volatility as measured by standard deviation was similar to Public Equities. Also, the maximum drawdown at the index was lower over the last ca. 10 years.
Backtest Results (12-2014 - 03/2023) | Public Equities* | Morningstar® PitchBook® Unicorn Select 20 Index™ |
Annualized Return | 22.2% | 8.2% |
Standard Deviation | 16.2% | 15.5% |
Return/Risk | 1.4 | 0.5 |
Max Drawdown | -19.5% | -25.1% |
* as measured by the Morningstar® Developed Markets Target Market Exposure Index™
Please note that the information provided above is for illustrative purposes only and should not be construed as financial advice. Past performance is not indicative of future results, and historical data should not be relied upon as a guarantee of future performance. Furthermore, please be aware that the information presented is not intended to represent any specific product or investment, and is not intended to be a substitute for professional financial advice. This is not the actual product and should not be treated as such. Please consult with a licensed financial advisor before making any investment decisions.
Index Composition
Company | Sector | Last Round Valuation, USD Bln | Last Round Date | Weight |
SpaceX | Aerospace and Defense | 137 | 1/2023 | 5% |
SHEIN | Internet Retail | 100 | 10/2022 | 5% |
Stripe | Financial Software | 50 | 3/2023 | 5% |
Instacart | Internet Retail | 45 | 8/2021 | 5% |
Checkout.com | Financial Software | 40 | 1/2022 | 5% |
Canva | Multim. & Design Software | 40 | 9/2021 | 5% |
Databricks | Database Software | 38 | 8/2021 | 5% |
Revolut | Financial Software | 33 | 7/2021 | 5% |
Epic Games | Entertainment Software | 31.5 | 4/2022 | 5% |
Waymo | Automotive | 30.8 | 5/2020 | 5% |
Chime | Financial Software | 25 | 9/2021 | 5% |
Miro | Business Software | 17.5 | 12/2021 | 5% |
VillageMD | Healthcare services | 15.8 | 4/2022 | 5% |
Gopuff | Internet Retail | 15 | 7/2021 | 5% |
CloudKitchens | Other Com. Services | 15 | 11/2021 | 5% |
Discord | Communication Software | 14.7 | 9/2021 | 5% |
Blockchain.com | Financial Software | 14 | 3/2022 | 5% |
Plaid | Financial Software | 13.4 | 4/2021 | 5% |
OpenSea | Financial Software | 13.3 | 12/2021 | 5% |
Celonis | Business Software | 13 | 8/2022 | 5% |
An Index of Stellar Companies
The Morningstar® PitchBook® Unicorn Select 20 Index™ includes some of the most exciting tech companies in the world, such as Stripe, Databricks, or SpaceX, but its compass is broader than that. The common denominator is that all unicorns utilize the latest, cutting-edge technology.
An Index of Stellar Companies
The Morningstar® PitchBook® Unicorn Select 20 Index includes some of the most exciting tech companies in the world, such as Stripe, Databricks, or SpaceX, but its compass is broader than that. The common denominator is that all unicorns utilize the latest, cutting-edge technology.
Index Composition
Company | Sector | Last Round Valuation, USD Bln | Last Round Date | Weight |
SpaceX | Aerospace and Defense | 137 | 1/2023 | 5% |
SHEIN | Internet Retail | 100 | 10/2022 | 5% |
Stripe | Financial Software | 50 | 3/2023 | 5% |
Instacart | Internet Retail | 45 | 8/2021 | 5% |
Checkout.com | Financial Software | 40 | 1/2022 | 5% |
Canva | Multim. & Design Software | 40 | 9/2021 | 5% |
Databricks | Database Software | 38 | 8/2021 | 5% |
Revolut | Financial Software | 33 | 7/2021 | 5% |
Epic Games | Entertainment Software | 31.5 | 4/2022 | 5% |
Waymo | Automotive | 30.8 | 5/2020 | 5% |
Chime | Financial Software | 25 | 9/2021 | 5% |
Miro | Business Software | 17.5 | 12/2021 | 5% |
VillageMD | Healthcare services | 15.8 | 4/2022 | 5% |
Gopuff | Internet Retail | 15 | 7/2021 | 5% |
CloudKitchens | Other Com. Services | 15 | 11/2021 | 5% |
Discord | Communication Software | 14.7 | 9/2021 | 5% |
Blockchain.com | Financial Software | 14 | 3/2022 | 5% |
Plaid | Financial Software | 13.4 | 4/2021 | 5% |
OpenSea | Financial Software | 13.3 | 12/2021 | 5% |
Celonis | Business Software | 13 | 8/2022 | 5% |
An Index of Stellar Companies
The Morningstar® PitchBook® Unicorn Select 20 Index includes some of the most exciting tech companies in the world, such as Stripe, Databricks, or SpaceX, but its compass is broader than that. The common denominator is that all unicorns utilize the latest, cutting-edge technology.
Index Composition
Company | Sector | Last Round Valuation, USD Bln | Last Round Date | Weight |
SpaceX | Aerospace and Defense | 137 | 1/2023 | 5% |
SHEIN | Internet Retail | 100 | 10/2022 | 5% |
Stripe | Financial Software | 50 | 3/2023 | 5% |
Instacart | Internet Retail | 45 | 8/2021 | 5% |
Checkout.com | Financial Software | 40 | 1/2022 | 5% |
Canva | Multim. & Design Software | 40 | 9/2021 | 5% |
Databricks | Database Software | 38 | 8/2021 | 5% |
Revolut | Financial Software | 33 | 7/2021 | 5% |
Epic Games | Entertainment Software | 31.5 | 4/2022 | 5% |
Waymo | Automotive | 30.8 | 5/2020 | 5% |
Chime | Financial Software | 25 | 9/2021 | 5% |
Miro | Business Software | 17.5 | 12/2021 | 5% |
VillageMD | Healthcare services | 15.8 | 4/2022 | 5% |
Gopuff | Internet Retail | 15 | 7/2021 | 5% |
CloudKitchens | Other Com. Services | 15 | 11/2021 | 5% |
Discord | Communication Software | 14.7 | 9/2021 | 5% |
Blockchain.com | Financial Software | 14 | 3/2022 | 5% |
Plaid | Financial Software | 13.4 | 4/2021 | 5% |
OpenSea | Financial Software | 13.3 | 12/2021 | 5% |
Celonis | Business Software | 13 | 8/2022 | 5% |
As of 30/03/2023
All company logos and brand names are the property of their respective owners and used for identification purposes only. Use of these company logos and brand names does not imply endorsement or affiliation.
Frequently Asked Questions
Private market investments are a "must have" component of a modern diversified portfolio, looking beyond stocks and bonds. The Stableton Unicorn Index AMC offer a perfect way to get started.
How can I invest?
Via an Actively Managed Certificate (AMC), which is open for public distribution in Switzerland. Clients can invest directly via their bank or broker by purchasing the product via a Swiss ISIN. The product will be held in the client's bank or brokerage account.
How can I exit / redeem?
The certificate can be redeemed (to the issuer), or transferred to another buyer. Redemptions are possible on a weekly basis and require a notice period of 3 days. In the first 12 months after the product launch, no redemptions are possible. However, it may be possible to sell to other counterparties. Further restrictions may apply - for details please consult the factsheet. The product will likely also be listed (e.g. Vienna stock exchange) and we are working towards adding liquidity providers.
What does Stableton do?
Stableton is an award-winning fintech platform (Swiss Fintech Award 2022 in the Growth Stage Startup category) and investment firm specializing in private markets. The platform offers institutional and qualified investors unique investment opportunities in late-stage growth companies, with enhanced liquidity.
What is the Morningstar® PitchBook® Unicorn Select 20 Index™?
The Morningstar® PitchBook® Unicorn Select 20 Index™ was created with Stableton by Morningstar and is used as a benchmark for Stableton's unicorn investment offering. It relies on the same methodology as the Morningstar® PitchBook® Global Unicorn indexes, but includes only 20 components, is equally weighted, and targets developed markets. While maintaining a solid representation of the private market, those adjustments enable Stableton to carry out the investment strategy to mimic the index holdings as closely as possible and to potentially achieve the index performance over time.
How has the index performed historically?
Over the last 10 years, the the Morningstar® PitchBook® Unicorn Select 20 Index™ outperformed public equities significantly (22.2% vs. 8.2% p.a.) while benefiting from a lower max drawdown (-19.5% vs. -25.1%). For further details, please consult the Morningstar® PitchBook® Unicorn Select 20 Index™ page. For this comparison, public equities are represented by the Morningstar® Developed Markets Target Market Exposure Index™, which covers public equities in developed markets.
Where can I find more details?
Further details (Factsheet, Final Terms, KID) can be found on the page of Disruptive Issuance.
