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
YTD Return: 3.04%
Net Asset Value: $102.92
Fees: Low / medium
Liquidity: Weekly subscriptions & redemptions
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 | $646.9b |
Weighted Avg. Market Cap | $31.9b |
Median Market Cap | $19.1b |
Market Capitalization | |
Mega Cap ($100bn+) | 5% |
Large ($10bn-$100bn) | 84% |
Medium & Small (<$10bn) | 11% |
Sector Breakdown | |
Information Technology | 62% |
Business Products, Services | 24% |
Consumer Products, Services | 3% |
Financial Services | 11% |
Geographic Breakdown | |
Europe | 10% |
Asia | 4% |
North America | 80% |
Oceania | 6% |
As of 18/3/2024
Index Performance
Morningstar® PitchBook® Unicorn Select 20 Index™
Public Equities*
* 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™ | -3.7% | 0.5% | 0.1% | 13.5% | 120.8% |
Public Equities* | -2.8% | 4.7% | 20.3% | 19.8% | 69.3% |
Outperformance vs. Public Equities* | -0.9% | -4.2% | -20.2% | -6.3% | 51.4% |
Performance | Morningstar® PitchBook® Unicorn Select 20 Index™ | Public Equities* | Outperformance vs. Public Equities* | ||
1 m | -3.7% | -2.8% | -0.9% | ||
3 m | 0.5% | 4.7% | -4.2% | ||
1 y | 0.1% | 20.3% | -20.2% | ||
3 y | 13.5% | 19.8% | -6.3% | ||
5 y | 120.8% | 69.3% | 51.4% |
* 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™ | -3.7% | 0.5% | 0.1% | 13.5% | 120.8% |
Public Equities* | -2.8% | 4.7% | 20.3% | 19.8% | 69.3% |
Outperformance Morningstar Index vs. MSCI World | -0.9% | -4.2% | -20.2% | -6.3% | 51.4% |
Performance | Morningstar® PitchBook® Unicorn Select 20 Index™ | Public Equities* | Outperformance Morningstar Index vs. MSCI World | ||
1 m | -3.7% | -2.8% | -0.9% | ||
3 m | 0.5% | 4.7% | -4.2% | ||
1 y | 0.1% | 20.3% | -20.2% | ||
3 y | 13.5% | 19.8% | -6.3% | ||
5 y | 120.8% | 69.3% | 51.4% |
* 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™ | -3.7% | 0.5% | 0.1% | 13.5% | 120.8% |
Public Equities* | -2.8% | 4.7% | 20.3% | 19.8% | 69.3% |
Outperformance Morningstar Index vs. MSCI World | -0.9% | -4.2% | -20.2% | -6.3% | 51.4% |
Performance | Morningstar® PitchBook® Unicorn Select 20 Index™ | Public Equities* | Outperformance Morningstar Index vs. MSCI World | ||
1 m | -3.7% | -2.8% | -0.9% | ||
3 m | 0.5% | 4.7% | -4.2% | ||
1 y | 0.1% | 20.3% | -20.2% | ||
3 y | 13.5% | 19.8% | -6.3% | ||
5 y | 120.8% | 69.3% | 51.4% |
* 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 - today) | Public Equities* | Morningstar® PitchBook® Unicorn Select 20 Index™ |
Annualized Return | 9.6% | 18.7% |
Standard Deviation | 15.3% | 17% |
Return/Risk | 0.6 | 1.1 |
Max Drawdown | -25.1% | -29% |
* 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 | Weight | Last Round (in $Bn) | Secondary Market Discounts | Last Round Date |
Global Space Co.* | Aerospace and Defense | 5% | 180 | -1% to 9% | 12/2023 |
SHEIN | Internet Retail | 3.9% | 66 | n/a | 5/2023 |
Stripe | Financial Software | 4.8% | 50 | 40% to 50% | 3/2023 |
Databricks | Database Software | 5.7% | 43.2 | n/a | 11/2023 |
Revolut | Financial Software | 4.8% | 33 | -57% to -47% | 7/2021 |
Epic Games | Entertainment Software | 5.7% | 31.5 | -44% to -34% | 4/2022 |
OpenAI | Productivity Software | 4.8% | 29 | -13% to -3% | 04/2023 |
Canva | Multim. & Design Software | 5.9% | 26 | -3% to 7% | 3/2024 |
Chime | Financial Software | 4.7% | 25 | -79% to -69% | 7/2023 |
Anthropic | Productivity Software | 3.8% | 20.2 | -26% to -16% | 10/2023 |
Ripple | Financial Software | 5.3% | 15 | -79% to -69% | 1/2022 |
Gopuff | Internet Retail | 3.2% | 15 | n/a | 7/2021 |
Discord | Communication Software | 5.9% | 14.7 | -60% to -50% | 9/2021 |
Plaid | Financial Software | 5.2% | 13.4 | -73% to -63% | 4/2021 |
Celonis | Business Software | 5.2% | 13 | -57% to -47% | 8/2022 |
Brex | Financial Software | 5.3% | 12.3 | -79% to -69% | 1/2022 |
Deel | Business Software | 5.2% | 12.1 | -46% to -36% | 5/2022 |
Rippling | Business Software | 5.2% | 11.8 | -24% to -14% | 3/2023 |
Airtable | Productivity Software | 5.2% | 11.7 | -79% to -69% | 12/2021 |
Kraken | Financial Software | 5.3% | 10.8 | n/a | 2/2022 |
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 Canva, 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 Canva, but its compass is broader than that. The common denominator is that all unicorns utilize the latest, cutting-edge technology.
Index Composition
Company | Sector | Weight | Last Round (in $Bn) | Secondary Market Discounts | Last Round Date |
Global Space Co.* | Aerospace and Defense | 5.3% | 137 | 4% to 14% | 1/2023 |
SHEIN | Internet Retail | 4% | 66 | n/a | 5/2023 |
Stripe | Financial Software | 5% | 50 | 13% to 23% | 5/2023 |
Checkout.com | Financial Software | 4.8% | 40 | n/a | 8/2021 |
Canva | Multim. & Design Software | 6.2% | 40 | -58% to -48% | 9/2021 |
Databricks | Database Software | 6.5% | 38 | -18% to -8% | 8/2021 |
Revolut | Financial Software | 5% | 33 | -70% to -60% | 7/2021 |
Epic Games | Entertainment Software | 5.5% | 31.5 | -60% to -50% | 4/2022 |
Waymo | Automotive | 5.5% | 30.8 | n/a | 5/2020 |
Chime | Financial Software | 5% | 25 | -78% to -68% | 9/2021 |
Miro | Business Software | 6.1% | 17.5 | n/a | 12/2021 |
VillageMD | Healthcare services | 6.1% | 15.8 | n/a | 4/2022 |
Gopuff | Internet Retail | 3.7% | 15 | -64% to -54% | 7/2021 |
CloudKitchens | Other Com. Services | 5.1% | 15 | n/a | 11/2021 |
Discord | Communication Software | 6.2% | 14.7 | -60% to -50% | 9/2021 |
Blockchain.com | Financial Software | 3.8% | 14 | n/a | 3/2022 |
Plaid | Financial Software | 5.3% | 13.4 | -80% to -70% | 4/2021 |
OpenSea | Financial Software | 5.1% | 13.3 | -82% to -72% | 12/2021 |
Celonis | Business Software | 5.5% | 13 | -57% to -47% | 8/2022 |
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 Canva, but its compass is broader than that. The common denominator is that all unicorns utilize the latest, cutting-edge technology.
Index Composition
Company | Sector | Weight | Last Round (in $Bn) | Secondary Market Discounts | Last Round Date |
Global Space Co.* | Aerospace and Defense | 5.3% | 137 | 4% to 14% | 1/2023 |
SHEIN | Internet Retail | 4% | 66 | n/a | 5/2023 |
Stripe | Financial Software | 5% | 50 | 13% to 23% | 5/2023 |
Checkout.com | Financial Software | 4.8% | 40 | n/a | 8/2021 |
Canva | Multim. & Design Software | 6.2% | 40 | -58% to -48% | 9/2021 |
Databricks | Database Software | 6.5% | 38 | -18% to -8% | 8/2021 |
Revolut | Financial Software | 5% | 33 | -70% to -60% | 7/2021 |
Epic Games | Entertainment Software | 5.5% | 31.5 | -60% to -50% | 4/2022 |
Waymo | Automotive | 5.5% | 30.8 | n/a | 5/2020 |
Chime | Financial Software | 5% | 25 | -78% to -68% | 9/2021 |
Miro | Business Software | 6.1% | 17.5 | n/a | 12/2021 |
VillageMD | Healthcare services | 6.1% | 15.8 | n/a | 4/2022 |
Gopuff | Internet Retail | 3.7% | 15 | -64% to -54% | 7/2021 |
CloudKitchens | Other Com. Services | 5.1% | 15 | n/a | 11/2021 |
Discord | Communication Software | 6.2% | 14.7 | -60% to -50% | 9/2021 |
Blockchain.com | Financial Software | 3.8% | 14 | n/a | 3/2022 |
Plaid | Financial Software | 5.3% | 13.4 | -80% to -70% | 4/2021 |
OpenSea | Financial Software | 5.1% | 13.3 | -82% to -72% | 12/2021 |
Celonis | Business Software | 5.5% | 13 | -57% to -47% | 8/2022 |
*Undisclosed, please get in touch with us for further information Secondary Market Observed Discount. A positive value indicates a premium to the last round. As of 19/3/2024
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.
Exited Index Holdings
Some of the most innovative and fast-growing companies were former holdings of the Morningstar® PitchBook® Unicorn Select 20 Index™
The Stableton Unicorn Index AMC efficiently replicates the cream of the private market universe by including only the top 20 unicorns.
Instacart
IPO in Sep 2023
Uber
IPO in May 2019
Airbnb
IPO in Dec 2020
Dropbox
IPO in Mar 2018
Snowflake(Database Software)
IPO in Sep 2020
Snap Group
IPO in Mar 2017
Lyft
IPO in Mar 2019
Spotify
IPO in Apr 2018
Marqeta
IPO in Jun 2021
Robinhood (Brokerage)
IPO in Jul 2021
Palantir Technologies
IPO in Sep 2020
IPO in Apr 2019
Unity
IPO in Sep 2020
Box
IPO in Jan 2015
Reata Pharmaceuticals
IPO in May 2016
Pure Storage
IPO in Oct 2015
Wish
IPO in Dec 2020
Moderna Therapeutics
IPO in Dec 2018
Coinbase
IPO in Apr 2021
Rivian
IPO in Nov 2021
Bloom Energy
IPO in Jul 2018
Compass
IPO in Apr 2021
SenseTime
IPO in Dec 2021
DoorDash
IPO in Dec 2020
Block
IPO in Nov 2015
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?
You can invest directly via your bank or broker by purchasing the product via Swiss ISIN (CH1234846777). The Actively Managed Certificate (AMC) is open for public distribution in Switzerland and the product will be held in your bank or brokerage account. Orders should be placed as market orders or with a sufficiently high limit order to ensure fees are covered. The subscription is possible on a weekly basis.
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 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.
Introducing the Stableton Unicorn Index AMC
Learn how an allocation to the most exciting and rapidly growing privately held companies can help to boost your portfolio.
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