The Notice 50 Index (N50) is the first and only weighted, real-time private market index. The index is a performance benchmark for the late-stage venture asset class. N50 has higher resolution than any other private market index, making it the preferred choice for professional investors.

The issuer must be privately held and may not be registered with any public exchanges.

The issuer must have raised at least one round of venture capital financing.

The issuer must have a Notice Price.

The issuer must have a real-time market capitalization or funding round valuation set no more than 365 days prior. There is no market capitalization minimum.

The issuer may remain in the index if it has private market activity, defined as closed trades, open bids and/or offers. The issuer may not join the index unless it has private market activity in the preceding two calendar quarters and the private market activity in the prior quarter exceeds the median private market activity level of index constituents.

The issuer may remain in the index if a financing is completed in the preceding calendar quarter, but an issuer may not join the index in the same quarter as a financing.

The issuer must have a Coverage Ratio of greater than 1.33.

There is no geographic eligibility criterion.

There are no industry or sector eligibility criterion.

The issuer may not be in bankruptcy proceedings. The issuer may not have entered into a binding purchase agreement or any other agreement that could lead to ineligibility.

Notice selects constituent issuers quarterly on the calendar quarter schedule.

The Issuer Eligibility Criteria are applied using data from the last day of the calendar quarter (Mar 31, Jun 30, Sep 30, Dec 31).

Index reconstitution is announced on the last day of the calendar quarter (Mar 31, Jun 30, Sep 30, Dec 31).

Index reconstitution becomes effective the first day of the calendar quarter (Apr 1, Jul 1, Oct 1, Jan 1).

The Index Rebalance uses Estimated Shares Outstanding and Last Notice Price (or Last Round Valuation) of all Index constituents as of the prior calendar day (Mar 31, Jun 30, Sep 30, Dec 31).

Index Rebalance changes are announced on the last day of the calendar quarter (Mar 31, Jun 30, Sep 30, Dec 31).

Index Rebalance changes become effective on the first day of the calendar quarter (Apr 1, Jul 1, Oct 1, Jan 1).

A Special Rebalance may occur at any time if a rebalance is necessary to ensure the Index performs as intended.

Notice selects the index constituents from a database of more than 6,000 private, venture-backed issuers. N50 components are reconstituted quarterly based on eligibility criteria. A reconstitution report can be found here.

This is a modified market capitalization weighted index.

Constituents are weighted using market capitalization. If it is not possible to calculate a Notice real-time market capitalization for an issuer, then the last funding round valuation may be used if this valuation was no more than 365 days prior to the Reconstitution reference date.

If no issuer exceeds 14% Gross weight, then the Gross weighting is used for all constituents without modification. Any issuers that exceed 14% Gross weight shall be capped to 14% modified weight and the excess weight shall be redistributed to the other constituents pro-rata.

If the top 5 constituents do not exceed 40% combined weight following Modification 1, then Modification 1 weights are used for all constituents. If the top 5 constituents exceed 40% combined weight following Modification 1, then the top 5 constituents are capped at 38.5% combined weight and the excess weight shall be redistributed to other constituents pro-rata.

Notice may remove index constituents at anytime if the status of the issuer changes. For example, if the issuer enters into an agreement to be acquired, the issuer becomes publicly traded or enters into bankruptcy proceedings.

If deletion occurs between reconstitution dates, then Notice shall replace the deleted constituent with next most eligible issuer.

Email any questions or comments to the Notice Customer Success team [email protected].

Last updated Sep 6, 2023