SchusterWatch #841 (5/11/2026)
6th week of gains: IPOX® 100 U.S. (FPX) soars anew as benchmarks break out.
IPOX® International (FPXI): China, Europe and Japan surge after holiday.
>20% Movers: Sandisk, DigitalOcean, Nanobiotix, Kioxia, CSG, Yageo.
More IPOs lined up – Key deals set to price: Cerebras, Fervo Energy, GMR.
WEEKLY OVERVIEW: Momentum in the main benchmarks caught up with IPOX® last week, with most IPOX® Indexes gaining for a sixth consecutive week and finishing at fresh record highs. Specifically, stellar earnings and the fast-and-furious semiconductor trade once again trumped profit-taking and periodic geopolitical jitters.
UNITED STATES: The IPOX® 100 U.S. (IPXO), underlying index for the First Trust U.S. Opportunities ETF (ticker: FPX) soared +2.29% to +14.38% YTD, in line with the S&P 500 (SPX), benchmark for U.S. Stocks. 48% of holdings rose, with the average (median) equally weighted stock adding +0.91% (+0.55%), lagging the applied market-cap weighted index anew. Strong earnings and the renewed surge in semiconductor-related exposure drove the strong showing, with most upside focus on software maker DigitalOcean (DOCN US: +59.45%), memory chip maker Sandisk (SNDK US: +31.62%) and crypto play Circle Internet Group (CRCL US: +14.01%). We note another post-IPO high in coconut water maker The Vita Coco (COCO US: +7.27%), while lacklustre earnings pressured last year’s most significant IPO, Chicago-based medical products distributor P/E-backed Medline (MDLN US: -11.69%). During this season so far, 75% of holdings have been beating on earnings and sales, underlining IPOX® 100 U.S. (ETF: FPX) strength.
ACTIVE IPOX® SOARS: We note continued strength in the actively managed All-Cap Momentum IPOX® Alpha Plus (IPXT) Strategy, which soared +5.41% last week to a record +27.52% YTD.
GLOBAL/INTERNATIONAL: Big gains across the regional legs propelled the super-liquid IPOX® Global 50 (IPGL50) to another record, adding +4.89% to +23.93%, a massive +1655 bps. YTD ahead of the world market. In the cross section, the IPOX® International (ETF: FPXI) soared +4.45% to +22.84% YTD. A diversified mix of firms led the portfolio to a fresh weekly all-time high, including hardware plays Taiwan’s Yageo (2327 TT: +22.71%) and Japan’s Kioxia (285A JP: +22.19%), Europe’s key tech play, Italy’s Technoprobe (TPRO IM: +8.52%), Latam Airlines (LATAM US: +8.27%) and Canada’s e-commerce up-and-comer Groupe Dynamite (GRGD CN: +6.61%) also jumped after strong earnings. European firms in focus were French biotech Nanobiotix (NANO FP: +28.48%), while Czech defense play CSG (CSG NA: -14.32%) and Europe’s largest IPO YTD, which continued its dismal post-IPO showing after additional short-seller reports.
THE IPOX® SPAC INDEX: The Index surged +3.60%, bringing YTD performance to +17.25%. Late-stage pharma NewAmsterdam Pharma (NAMS US: +36.23%) was the best performer after encouraging trial data and earnings. Battery firm Amprius Technologies (AMPX US: -19.98%) declined most on mixed earnings. 3 SPACs announced merger targets, including Drug Made in America Acquisition (DMAA US) with AI analytics company Power Analytics Global Corp. A Paradise Acquisition completed its merger with drug-enhanced sports competition firm Enhanced Games (ENHA US). In deSPAC activity, 2019 deSPAC payment processor Repay (RPAY US: -19.98%) rejected Forager Capital’s takeover offer, while Stanley Martin Homes completed its acquisition of 2023 deSPAC homebuilder United Homes Group (UHG US). 3 new SPAC IPOs launched in the U.S.
ECM REVIEW: 16 companies went public last week, raising $1.7 billion. New listings gained an average +52.31% from offer price to Friday’s close (Median: +16.00%). U.S. deal flow led activity, with defense satellite firm Hawkeye 360 (HAWK US: +27.69%) raising $478 million, followed by inflammation biotech Odyssey Therapeutics (ODTX US: -8.78%, $279 million), with IPOX® Associate Muehlbauer noting in Reuters coverage that the biotech IPO window is “open again”. Other U.S. listings included beverage company Suja Life (SUJA US: -15.24%, $187 million), stroke therapy medical device maker Mobia Medical (MOBI US: -21.67%, $150 million) and exploration-stage miner Rare Earths Americas (REA US: +23.32%, $63 million). In Hong Kong, home care medical device maker Cofoe Medical Technology (1187 HK: -7.50%, $135 million) and sports injury specialist Star Sports Medicine (1609 HK: +104.06%, $106 million) both debuted, while Sweden-based semiconductor firm Silex Microsystems (SILEX SS: +246.98%, $217 million) ranked as the week’s strongest sizable IPO. Activity this week is led by AI inference chip maker Cerebras (CBRS US), targeting a $3.4 billion Nasdaq IPO, with Reuters citing IPOX® Associate Muehlbauer. Blackstone Digital Infrastructure Trust (BXDC US, $1.75 billion) is also in focus, with Reuters quoting IPOX® CEO Schuster on support for AI- and energy-linked issuance. Other U.S. deals include Fervo Energy (FRVO US, $1.25 billion), Global Medical Response (GMRS US, $750 million), EagleRock Land Resources (EROK US, $320 million) and Riku Dining Group (RIKU US, $25 million).
