Alternative markets,
from the filings up.

A monthly 0 to 100 composite of the market series already published on /markets. Each component is reduced to one observation per month (a monthly series' print, the mean of a daily series' prints, a 12-month change for levels such as NAV indexes and tokenized AUM, and for Reg CF completion the within-12-month rate of the cohort that matured twelve months earlier, so every month is observed at the same maturity), z-scored against its own trailing 36 months (at least 12), clipped at plus or minus 2.5 standard deviations, oriented so that higher is healthier (credit spreads and rates are inverted), and scored 50 plus 20 times z. Four sub-scores (capital formation, funding quality, price and valuation, liquidity) average their components and the composite averages the sub-scores present; a month prints only with at least two sub-scores live and only once complete, so the history reaches back to 2017 on formation and price and widens as quality (2026) and liquidity (mid-2026) components reach twelve months. Every print carries each component's value, z and score, and the components still waiting for twelve months of history, which is how the index widens over time. Descriptive, not predictive; it compares the tracked markets with their own recent past and says nothing about any offering.