Research the opportunity.
We combine quantitative analysis and company research to understand global new listings and the transactions that shape them. Our IPO calendar and publications bring that work into everyday view.
ABOUT IPOX®
The next generation of public markets.
Since 2004, IPOX® has brought independent research and a systematic approach to global new listings. We design indexes that help make an evolving market understandable, measurable and accessible.
2004Founded in Chicago
GlobalA world of new listings
IndependentResearch at our core
OUR PHILOSOPHY
New listings deserve a distinct perspective.
An IPO is a beginning. The years that follow tell a much fuller story about a company’s place in public markets.
Our philosophy is to study newly public companies as a distinct equity universe for a defined period after listing. That perspective extends to spin-offs and selected companies involved in IPO-related mergers and acquisitions.
By following this changing universe through transparent index methodologies, we connect the evolution of public markets with a consistent framework for research, benchmarking and product design.
THE IPOX® APPROACH
How we put that perspective to work.
Build with discipline.
Eligibility, size, liquidity and rebalancing rules turn a changing opportunity set into clearly defined benchmarks. Each IPOX® index has its own methodology, designed for its market and purpose.
Connect research with access.
We license our indexes to financial institutions for use in ETFs, mutual funds, structured products and benchmarking. This connects specialist research with practical ways to follow the new listings market.
SINCE 2004
Our history
Since our founding in Chicago in 2004, more than $4 billion worth of IPOX®-linked products, including a number of 5-star funds, have been launched worldwide.
Celebrating 20 years of FPX.
On May 28, 2026, Dr. Josef Schuster rang the opening bell at the New York Stock Exchange to mark 20 years of the First Trust U.S. Equity Opportunities ETF (FPX), which tracks the IPOX® 100 U.S. Index.
The anniversary marked two decades of bringing the IPOX® approach to U.S. new listings to investors through FPX.
OUR FOUNDER
Dr. Josef Schuster
Founder & chief architect of the IPOX® Indexes
Dr. Josef Schuster founded Chicago-based IPOX® Schuster LLC in 2004 and is the chief architect of the IPOX® Indexes. His work connects academic research on new listings with the practical design of financial benchmarks.
Before establishing IPOX®, he studied European IPOs with the Financial Markets Group at the London School of Economics and Political Science, where he completed his MSc and PhD. That research provided the foundation for the IPOX® approach.
He contributes to the public discussion of global IPO markets through research, interviews and market commentary.
FREQUENTLY ASKED QUESTIONSAsk our team
Questions, answered.
A closer look at our work, the new listings market and the indexes we create.
What does IPOX® stand for?
IPOX® stands for Initial Public Offering Indexes. IPOX® Schuster LLC is the firm behind the IPOX® index family.
What counts as a new listing?
The opportunity extends beyond a traditional IPO. Depending on the index, it can include spin-offs and select acquirers of recently listed companies. Each methodology sets out its eligible universe.
Why look beyond the first day of trading?
The opening trade captures only one moment. Our research examines how companies develop in public markets over the years that follow. For example, the IPOX® 100 U.S. Index draws on a rolling universe of recent IPOs, spin-offs and related corporate activity.
How are the indexes constructed?
Each index follows a defined methodology covering eligibility, constituent selection, weighting and rebalancing. These rules vary across the family. Start with the relevant index page for its profile and factsheet, and consult the rulebooks for the detailed methodology.
Can I invest directly in an IPOX® index?
An index is a benchmark, rather than a security you can buy directly. Third-party providers offer products linked to IPOX® indexes, including the First Trust US Equity Opportunities ETF (FPX). The provider’s documentation explains each product’s objectives, fees and risks. Linked ETFs are shown on the relevant index pages.
What can I find in the IPO calendar?
Our IPO calendar brings together upcoming listings, with company profiles, listing dates, exchanges, deal details and status updates where available. Use its filters and calendar views to explore the pipeline across markets.
How can my firm work with IPOX®?
We work with financial institutions on index licensing, research and custom portfolio solutions. Request a meeting to discuss a market, product or benchmarking requirement with our team.
CONNECT WITH IPOX®
Request a meeting Let’s talk about what’s next.
Explore our indexes, discuss licensing or meet the team behind the research.