The IPOX® ETFs
Discover the IPOX® Indexes underpinning 5-Star ETFs
Our Philosophy
Our philosophy is to classify New Listings such as IPOs (Initial Public Offerings), Spin-offs and respective M&As as a distinct equity sector for a substantial period of time in aftermarket trading. As a consequence of the limited information available to gauge the risk of a New Listing ahead of its “going public” event, New Listings may possess distinctive return dynamics once trading, such as underpricing, short-run over-performance, a highly skewed long-run return distribution and significant return differences when measuring returns of sub-groups of companies.
At the same time, our objective is to construct portfolios that track the performance of New Listings – often a pure proxy for economic growth and innovation – within a consistent, objective, scalable, and stable portfolio construction technology that adheres to IPOX®’s philosophy and minimizes turnover and structural risk in order to provide exposure to a unique group of equities with limited overlap to incumbent equities.
The IPOX® Indexes provide an alternative way to make size, style and sector decisions in global equities and gauge the strength of equities in the regional markets. The IPOX® Indexes are used as the basis for Financial Products including Exchange Traded Funds (ETFs), Futures, Mutual Funds, Separately Managed Accounts (SMAs) and Structured Products.
IPOX® 100 U.S. Index ETF (FPX)
The IPOX® 100 U.S. Index is a modified value-weighted price index measuring the performance of the top 100 U.S. companies in the IPOX® Global Composite Index. The companies are ranked quarterly by market capitalization and the index uses a 10% capping on all constituents and includes the 100 largest, typically best performing and most liquid U.S. initial public offerings (“IPOs”).
The index offers systematic exposure to U.S. equity capital and private equity activity and serves as a proxy for the growth and innovativeness of the U.S. economy.
In Europe, the ETF is available in UCITS Format in GBP (FPX LN).
IPOX® 100 Europe Index ETF (FPXE)
The IPOX® 100 Europe Index is a modified value-weighted price index measuring the performance of the top 100 European and Europe-affiliated companies in the IPOX® Global Composite Index. The companies include listings from countries such as Germany, The Netherlands, The United Kingdom, Italy, France and the Nordic region.
Constituents are ranked quarterly by market capitalization and the index uses a 10% capping on all constituents and includes the 100 largest, typically best performing and most liquid initial public offerings (“IPOs”) in the region.
The index offers systematic exposure to European equity capital and private equity activity and serves as a European proxy for innovation with a Morningstar 5-Star Rating.
In Europe, the ETF is available in UCITS Format in USD (IPXE LN), GBP (FPXE LN) and EUR (EFPX IM).
IPOX® International Index ETF (FPXI)
The IPOX® International Index is a modified value-weighted price index measuring the performance of the 50 largest and most liquid Non-US companies in the IPOX® Global Composite Index. The companies include listings from regions such as Europe, China, Japan and the Middle East.
Constituents are ranked quarterly by market capitalization and the index uses a 10% capping on all constituents and includes the 100 largest, typically best performing and most liquid initial public offerings (“IPOs”) in the World.
The index offers systematic exposure to Non-US equity capital and private equity activity and serves as a Global proxy for innovation.