The IPOX® Indexes
Discover the IPOX® Indexes
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
The IPOX® 100 U.S. Index (IPXO) 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”).
IPOX® 100 Europe Index
The IPOX® 100 Europe Index (IPOE) 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.
IPOX® International Index
The IPOX® International Index (IPXI) 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.
IPOX® Global 50 Index
The IPOX® Global 50 Index (IPGL50) is an applied market cap-weighted index portfolio measuring the performance of the top 50 companies ranked monthly by market cap in the IPOX® Global Composite Index, subject to defined liquidity and exposure criteria.
The IPOX® Global 50 Index has historically captured ca. 50% total market cap created through Global New Listings activity over the past four years, respectively.
The IPOX® Canada Index
The IPOX® Canada Index (ICDX) is an applied market-cap weighted index measuring the performance of the top Newly Public Canadian companies primarily through IPO, Spin-off and IPO M&A. The index is reconstituted and readjusted quarterly.
IPOX® Nordic Index
The IPOX® Nordic Index (IPND) is an applied market cap-weighted index portfolio measuring the performance of companies domiciled and traded in Denmark, Finland, Norway and Sweden ranked quarterly by market cap in the IPOX® Global Composite Index,
IPOX® MENA Index
The IPOX® MENA Index (IPEV) is an applied market cap-weighted index portfolio measuring the performance of companies domiciled and traded in the MENA region (e.g. United Arab Emirates, Saudi Arabia) ranked quarterly by market cap in the IPOX® Global Composite Index.
IPOX® Japan Index
The IPOX® Japan Index (IPJP) is an applied market cap-weighted index measuring the performance of the top Japan domiciled companies ranked quarterly in the IPOX® Global Composite Index,
IPOX® China Index
The IPOX® China Index (CNI) is an applied market cap-weighted index measuring the performance of the top 60 companies ranked quarterly in the IPOX® China Composite Index.
IPOX® SPAC Index
The IPOX® SPAC Index (SPAC) is designed to track the aftermarket performance of Special Purpose Acquisition Companies (SPACs) which pursued initial public offerings (IPO) in the U.S. The index is an applied market-cap weighted index measuring the performance of the top publicly traded SPACs. The index is actively reconstituted and adjusted.
IPOX® U.S. Composite Index
The IPOX® U.S. Composite Index (IPXC) is a dynamically re-balanced total market cap-weighted index portfolio measuring the performance of all U.S. listed New Listings by applying the IPOX® Indexes Technology. The IPOX® U.S. Composite Index has historically captured ca. 99% of total market cap created through New Listings by companies in the United States over the past four years, respectively.
IPOX® U.S. ESG Index
The IPOX® U.S. ESG Index (IPXT) is an applied market cap-weighted index portfolio measuring the performance of the top 100 U.S. companies that have the highest environmental, social and governance (ESG) rating using an IPOX proprietary rating system. The index holdings are ranked quarterly by market cap in the IPOX® U.S. Composite Index, a sub-index of the IPOX® Global Composite Index – subject to defined liquidity and exposure criteria. The IPOX® U.S. ESG Index provides investors an ESG-oriented investment opportunity to newly traded companies.
IPOX® Health Innovation Index
The IPOX® Health Innovation Index (IPHI) is a diverse and dynamic portfolio consisting of leading companies in the healthcare and biotechnology sectors. The index captures the performance of both established and emerging players focused on innovative solutions, novel therapies, and cutting-edge medical technologies.
IPOX® Bond Indexes
The IPOX® Bond Indexes are a series of innovative fixed income benchmarks that provide investors with targeted exposure to the corporate debt securities of companies in the IPOX® Universe, including New Listings (IPOs, Direct Listings, and Spin-offs) and firms that have acquired IPOX® holdings ("IPO M&A"). These indexes aim to capture the unique return dynamics and potential outperformance of bonds issued by these growth-oriented and innovative companies.
GINDEX® Growth Infusion Index
The GINDEX® Growth Infusion Index (GNDX) is an applied market-cap weighted index measuring the performance of companies that have previously acquired 100% Interest in a firm that has gone public through IPO, Direct Listing, and Spin-off in the United States (“IPO M&A”).
GINDEX® International Index
The GINDEX® Growth Infusion International Index (GNDXI) is an applied market-cap weighted index measuring the performance of companies that have previously acquired 100% Interest in a firm that has gone public through IPO, Direct Listing, and Spin-off in all world regions, except the U.S. (“IPO M&A”).
Diversified Portfolio Index
The Diversified Portfolio Index™ (DPXI) is a diversified portfolio allocation solution designed to capture all major asset classes, industry sectors, world geography and market capitalization. The DPIX™ is structured as a standard portfolio to contain ETFs (exchange traded funds) selected to represent all major asset classes with respective weightings include U.S. securities (40%), International stocks (10%), Bonds (30%), REITs (10%), Commodities (5%) and Precious Metals (5%).
IPOX® provides the benchmark publishing and services for the DPIX™ index.