diff --git a/include/boost/variant2/variant.hpp b/include/boost/variant2/variant.hpp
index aa9441a..4c5f5a9 100644
--- a/include/boost/variant2/variant.hpp
+++ b/include/boost/variant2/variant.hpp
@@ -58,19 +58,6 @@ constexpr bool operator>=(monostate, monostate) noexcept { return true; }
 constexpr bool operator==(monostate, monostate) noexcept { return true; }
 constexpr bool operator!=(monostate, monostate) noexcept { return false; }
 
-// valueless
-
-struct valueless
-{
-};
-
-constexpr bool operator<(valueless, valueless) noexcept { return false; }
-constexpr bool operator>(valueless, valueless) noexcept { return false; }
-constexpr bool operator<=(valueless, valueless) noexcept { return true; }
-constexpr bool operator>=(valueless, valueless) noexcept { return true; }
-constexpr bool operator==(valueless, valueless) noexcept { return true; }
-constexpr bool operator!=(valueless, valueless) noexcept { return false; }
-
 // variant forward declaration
 
 template<class... T> class variant;
@@ -459,7 +446,8 @@ template<class U, class... T> using resolve_overload_index = mp_find<mp_list<T..
 
 // variant_base
 
-template<class... T> using can_be_valueless = std::is_same<mp_first<mp_list<T...>>, valueless>;
+template<class... T> using can_be_valueless = mp_any<std::is_same<T, monostate>..., std::is_nothrow_default_constructible<T>...>;
+template<class... T> using valueless_index = mp_if<mp_contains<mp_list<T...>, monostate>, mp_find<mp_list<T...>, monostate>, mp_find_if<mp_list<T...>, std::is_nothrow_default_constructible>>;
 
 template<bool is_trivially_destructible, bool is_single_buffered, class... T> struct variant_base_impl; // trivially destructible, single buffered
 template<class... T> using variant_base = variant_base_impl<mp_all<std::is_trivially_destructible<T>...>::value, mp_any<mp_all<std::is_nothrow_move_constructible<T>...>, can_be_valueless<T...>>::value, T...>;
@@ -519,9 +507,11 @@ template<class... T> struct variant_base_impl<true, true, T...>
 
     template<std::size_t J, class U, class... A> void emplace_impl( mp_false, mp_false, A&&... a )
     {
-        if( can_be_valueless<T...>::value ) // T0 == valueless
+        if( can_be_valueless<T...>::value )
         {
-            std::size_t const K = 0;
+            std::size_t const K = valueless_index<T...>::value;
+
+            assert( K < sizeof...(T) );
 
             try
             {
@@ -681,9 +671,11 @@ template<class... T> struct variant_base_impl<false, true, T...>
             st1_.emplace( mp_size_t<J>(), std::forward<A>(a)... );
             ix_ = J;
         }
-        else if( can_be_valueless<T...>::value ) // T0 == valueless
+        else if( can_be_valueless<T...>::value )
         {
-            std::size_t const K = 0;
+            std::size_t const K = valueless_index<T...>::value;
+
+            assert( K < sizeof...(T) );
 
             _destroy();
 
diff --git a/test/variant_valueless.cpp b/test/variant_valueless.cpp
index 77bb166..15dad2e 100644
--- a/test/variant_valueless.cpp
+++ b/test/variant_valueless.cpp
@@ -17,217 +17,237 @@ using namespace boost::variant2;
 
 #define STATIC_ASSERT(...) static_assert(__VA_ARGS__, #__VA_ARGS__)
 
-enum E1
-{
-    e1
-};
+//
 
-enum E2
-{
-    e2
-};
+enum E1 { e1 };
+enum E1x { e1x };
 
 struct X1
 {
     X1() = default;
-    X1( E2 ) { throw std::runtime_error( "X1(E2)" ); }
+
+    X1( E1 ) noexcept {}
+    X1( E1x ) { throw std::runtime_error( "X1(E1x)" ); }
 };
 
+STATIC_ASSERT( std::is_nothrow_default_constructible<X1>::value );
 STATIC_ASSERT( std::is_nothrow_copy_constructible<X1>::value );
 STATIC_ASSERT( std::is_nothrow_move_constructible<X1>::value );
-STATIC_ASSERT( !std::is_nothrow_constructible<X1, E2>::value );
 STATIC_ASSERT( std::is_trivially_destructible<X1>::value );
+STATIC_ASSERT( std::is_trivially_move_assignable<X1>::value );
+STATIC_ASSERT( std::is_nothrow_constructible<X1, E1>::value );
+STATIC_ASSERT( !std::is_nothrow_constructible<X1, E1x>::value );
+
+enum E2 { e2 };
+enum E2x { e2x };
 
 struct X2
 {
-    X2() = default;
+    X2();
     ~X2();
-    X2( E2 ) { throw std::runtime_error( "X1(E2)" ); }
+
+    X2( E2 ) noexcept {}
+    X2( E2x ) { throw std::runtime_error( "X2(E2x)" ); }
 };
 
+X2::X2() {}
 X2::~X2() {}
 
+STATIC_ASSERT( !std::is_nothrow_default_constructible<X2>::value );
 STATIC_ASSERT( std::is_nothrow_copy_constructible<X2>::value );
 STATIC_ASSERT( std::is_nothrow_move_constructible<X2>::value );
-STATIC_ASSERT( !std::is_nothrow_constructible<X2, E2>::value );
 STATIC_ASSERT( !std::is_trivially_destructible<X2>::value );
+STATIC_ASSERT( std::is_nothrow_constructible<X2, E2>::value );
+STATIC_ASSERT( !std::is_nothrow_constructible<X2, E2x>::value );
+
+enum E3 { e3 };
+enum E3x { e3x };
 
 struct X3
 {
-    X3() = default;
+    X3();
+
     X3( X3 const& ) {}
     X3( X3&& ) {}
+
+    X3( E3 ) noexcept {}
+    X3( E3x ) { throw std::runtime_error( "X3(E3x)" ); }
+
+    X3& operator=( X3 const& ) = default;
+    X3& operator=( X3&& ) = default;
 };
 
+X3::X3() {}
+
+STATIC_ASSERT( !std::is_nothrow_default_constructible<X3>::value );
 STATIC_ASSERT( !std::is_nothrow_copy_constructible<X3>::value );
 STATIC_ASSERT( !std::is_nothrow_move_constructible<X3>::value );
 STATIC_ASSERT( std::is_trivially_destructible<X3>::value );
+STATIC_ASSERT( std::is_trivially_move_assignable<X3>::value );
+STATIC_ASSERT( std::is_nothrow_constructible<X3, E3>::value );
+STATIC_ASSERT( !std::is_nothrow_constructible<X3, E3x>::value );
+
+//
+
+STATIC_ASSERT( std::is_nothrow_default_constructible<monostate>::value );
+STATIC_ASSERT( std::is_nothrow_copy_constructible<monostate>::value );
+STATIC_ASSERT( std::is_nothrow_move_constructible<monostate>::value );
+STATIC_ASSERT( std::is_trivially_destructible<monostate>::value );
+
+//
 
 int main()
 {
     {
-        variant<monostate, E1, X1> v;
+        variant<X2, X1> v;
 
-        v = e1;
-
-        BOOST_TEST_EQ( v.index(), 1 );
-        BOOST_TEST_EQ( get<1>(v), e1 );
+        BOOST_TEST_EQ( v.index(), 0 );
 
         try
         {
-            v = e2;
-            BOOST_ERROR( "`v = e2;` failed to throw" );
+            v = e1x;
+            BOOST_ERROR( "`v = e1x;` failed to throw" );
         }
         catch( std::exception const& )
         {
+            // basic guarantee; X1 is nothrow default-constructible
             BOOST_TEST_EQ( v.index(), 1 );
-            BOOST_TEST_EQ( get<1>(v), e1 );
         }
     }
 
     {
-        variant<X3, E1, X1> v;
-
-        v = e1;
+        variant<X1, X2> v( e2 );
 
         BOOST_TEST_EQ( v.index(), 1 );
-        BOOST_TEST_EQ( get<1>(v), e1 );
 
         try
         {
-            v = e2;
-            BOOST_ERROR( "`v = e2;` failed to throw" );
-        }
-        catch( std::exception const& )
-        {
-            BOOST_TEST_EQ( v.index(), 1 );
-            BOOST_TEST_EQ( get<1>(v), e1 );
-        }
-    }
-
-    {
-        variant<valueless, E1, X1> v;
-
-        v = e1;
-
-        BOOST_TEST_EQ( v.index(), 1 );
-        BOOST_TEST_EQ( get<1>(v), e1 );
-
-        try
-        {
-            v = e2;
-            BOOST_ERROR( "`v = e2;` failed to throw" );
-        }
-        catch( std::exception const& )
-        {
-            // all types are trivial, so we get a constexpr path
-            // and v.index() stays 1
-
-            BOOST_TEST( v.index() == 0 || v.index() == 1 );
-
-            if( v.index() == 1 )
-            {
-                BOOST_TEST_EQ( get<1>(v), e1 );
-            }
-        }
-    }
-
-    {
-        variant<monostate, E1, X1, valueless> v;
-
-        v = e1;
-
-        BOOST_TEST_EQ( v.index(), 1 );
-        BOOST_TEST_EQ( get<1>(v), e1 );
-
-        try
-        {
-            v = e2;
-            BOOST_ERROR( "`v = e2` failed to throw" );
-        }
-        catch( std::exception const& )
-        {
-            BOOST_TEST_EQ( v.index(), 1 );
-            BOOST_TEST_EQ( get<1>(v), e1 );
-        }
-    }
-
-    {
-        variant<monostate, E1, X2> v;
-
-        v = e1;
-
-        BOOST_TEST_EQ( v.index(), 1 );
-        BOOST_TEST_EQ( get<1>(v), e1 );
-
-        try
-        {
-            v = e2;
-            BOOST_ERROR( "`v = e2;` failed to throw" );
-        }
-        catch( std::exception const& )
-        {
-            BOOST_TEST_EQ( v.index(), 1 );
-            BOOST_TEST_EQ( get<1>(v), e1 );
-        }
-    }
-
-    {
-        variant<X3, E1, X2> v;
-
-        v = e1;
-
-        BOOST_TEST_EQ( v.index(), 1 );
-        BOOST_TEST_EQ( get<1>(v), e1 );
-
-        try
-        {
-            v = e2;
-            BOOST_ERROR( "`v = e2;` failed to throw" );
-        }
-        catch( std::exception const& )
-        {
-            BOOST_TEST_EQ( v.index(), 1 );
-            BOOST_TEST_EQ( get<1>(v), e1 );
-        }
-    }
-
-    {
-        variant<valueless, E1, X2> v;
-
-        v = e1;
-
-        BOOST_TEST_EQ( v.index(), 1 );
-        BOOST_TEST_EQ( get<1>(v), e1 );
-
-        try
-        {
-            v = e2;
-            BOOST_ERROR( "`v = e2;` failed to throw" );
+            v = e1x;
+            BOOST_ERROR( "`v = e1x;` failed to throw" );
         }
         catch( std::exception const& )
         {
+            // basic guarantee; X1 is nothrow default-constructible
             BOOST_TEST_EQ( v.index(), 0 );
         }
     }
 
     {
-        variant<monostate, E1, X2, valueless> v;
+        variant<X2, X1, monostate> v;
 
-        v = e1;
-
-        BOOST_TEST_EQ( v.index(), 1 );
-        BOOST_TEST_EQ( get<1>(v), e1 );
+        BOOST_TEST_EQ( v.index(), 0 );
 
         try
         {
-            v = e2;
-            BOOST_ERROR( "`v = e2;` failed to throw" );
+            v = e1x;
+            BOOST_ERROR( "`v = e1x;` failed to throw" );
         }
         catch( std::exception const& )
         {
-            BOOST_TEST_EQ( v.index(), 1 );
-            BOOST_TEST_EQ( get<1>(v), e1 );
+            // basic guarantee; monostate
+            BOOST_TEST_EQ( v.index(), 2 );
+        }
+    }
+
+    {
+        variant<X1, X2, monostate> v( e2 );
+
+        BOOST_TEST_EQ( v.index(), 1 );
+
+        try
+        {
+            v = e1x;
+            BOOST_ERROR( "`v = e1x;` failed to throw" );
+        }
+        catch( std::exception const& )
+        {
+            // basic guarantee; monostate
+            BOOST_TEST_EQ( v.index(), 2 );
+        }
+    }
+
+    {
+        variant<X2, X3, X1> v;
+
+        BOOST_TEST_EQ( v.index(), 0 );
+
+        try
+        {
+            v = e3x;
+            BOOST_ERROR( "`v = e3x;` failed to throw" );
+        }
+        catch( std::exception const& )
+        {
+            // basic guarantee; X1 is nothrow default-constructible
+            BOOST_TEST_EQ( v.index(), 2 );
+        }
+    }
+
+    {
+        variant<X2, X3, X1, monostate> v;
+
+        BOOST_TEST_EQ( v.index(), 0 );
+
+        try
+        {
+            v = e3x;
+            BOOST_ERROR( "`v = e3x;` failed to throw" );
+        }
+        catch( std::exception const& )
+        {
+            // basic guarantee; monostate
+            BOOST_TEST_EQ( v.index(), 3 );
+        }
+    }
+
+    {
+        variant<X2, X3> v;
+
+        BOOST_TEST_EQ( v.index(), 0 );
+
+        try
+        {
+            v = e3x;
+            BOOST_ERROR( "`v = e3x;` failed to throw" );
+        }
+        catch( std::exception const& )
+        {
+            // double buffered, no change
+            BOOST_TEST_EQ( v.index(), 0 );
+        }
+    }
+
+    {
+        variant<X3, X1> v;
+
+        BOOST_TEST_EQ( v.index(), 0 );
+
+        try
+        {
+            v = e1x;
+            BOOST_ERROR( "`v = e1x;` failed to throw" );
+        }
+        catch( std::exception const& )
+        {
+            // all trivially destructible and move-assignable, no change
+            BOOST_TEST_EQ( v.index(), 0 );
+        }
+    }
+
+    {
+        variant<X3, X1, monostate> v;
+
+        BOOST_TEST_EQ( v.index(), 0 );
+
+        try
+        {
+            v = e1x;
+            BOOST_ERROR( "`v = e1x;` failed to throw" );
+        }
+        catch( std::exception const& )
+        {
+            // all trivially destructible and move-assignable, no change
+            BOOST_TEST_EQ( v.index(), 0 );
         }
     }