01Market Overview
Most IPOX® indexes traded higher toward month-end, reversing some of the recent underperformance versus the main benchmarks. Strong average earnings, big strength in IPO M&A and smoother sailing across global interest rate markets drove the supportive sentiment. Desolate China-linked equities continued to weigh on the performance of the respective portfolios.
02U.S. Markets
The IPOX® 100 U.S. (IPXO), the key U.S. IPO benchmark, added +0.03% to +3.41% YTD last week as the index gave up big intraweek gains for the second week in a row toward the weekend, succumbing to deteriorating sentiment in the S&P 500 (SPX: -0.57%) and Nasdaq 100 (NDX: -1.98%) after big earnings misses in select industry heavyweights raised more questions about the sustainability of the rally in AI-linked stocks.
60% of portfolio holdings declined, with the average (median) equally weighted stock adding +0.85% (+1.15%), beating the applied market-cap-weighted IPOX® 100 U.S. (IPXO) for another week and highlighting the impact of big gains across select small caps, such as wireless satellite network operator Viasat (VSAT US: +25.30%), IPO M&A security software firm Gen Digital (GEN US: +17.08%) and clinical-stage MBX Biosciences (MBX US: +15.20%).
Friday’s plunge in social networker Reddit (RDDT US: -36.41%), weakness in SpaceX (SPCX US: -8.66%), Medline (MDLN US: -5.78%) and crypto play Circle (CRCL: -15.56%) soured risk sentiment, which now spilled over into slumping pre-IPO prices for upcoming AI behemoth Anthropic (ANT US: -10.63%), which is scheduled to enter the public markets later this month.
In focus / IPOX® U.S. Composite
S&P 500 replication with the IPOX® U.S. Composite
IPOX® U.S. Composite Index versus the S&P 500 Net Total Return Index. Net total returns, December 31, 2024–October 30, 2026.
Big strength in the portion of the portfolio earmarked for IPO M&A had also propelled the 950-member IPOX® U.S. Composite Index (IPXC) to close at a fresh all-time high on Thursday. Since December 2024, the super-liquid, highly diversified and broad-based portfolio, consisting of firms pursuing corporate actions defined as IPOs, spin-offs, de-SPACs and IPO M&A in the U.S., has provided an innovative alternative to the overcrowded S&P 500 (SPX) trade, delivering a high active share and higher returns at lower volatility in the process.
03International Markets
The IPOX® International (IPXI) traded well supported last week, as the negative impact of another desolate week for China-linked stocks (CNI: -2.33% to -21.62% YTD) was offset by strong gains in the IPOX® 100 Europe (IPOE: +2.61% to +1.13% YTD) and IPOX® Japan (IPJP: +1.75% to +55.02% YTD).
Stocks making notable fresh weekly post-IPO highs included household appliances maker SharkNinja (SN US: +5.92%) and Swiss-based pharma maker Sandoz (SDZ SW: +2.13%), while perceived IPO M&A speculation helped Paris-based biotech Nanobiotix (NANO FP: +9.08%) record another good week.
The big decline in Brazilian stocks had relatively little impact on IPOX®: while utility Eneva (ENEV3 BZ: -18.36%) fell sharply, more heavily weighted, Brasília-based life insurer Caixa Seguridade Participações (CXSE3 BS: -0.32%), yielding 6.55%, suffered only minor losses on the week.
04Performance Monitor
SELECT IPOX® STRATEGIES - PRICE RETURNSAs of October 30, 2026
SELECT IPOX® STRATEGIES - PRICE RETURNS As of October 30, 2026
| IPOX® Strategy | Week | YTD | 1Y |
|---|---|---|---|
| IPOX® Health Innovation | +4.85% | +9.82% | +12.96% |
| IPOX® 100 Europe† | +2.61% | +1.13% | +2.16% |
| IPOX® Composite U.S. | +2.26% | +10.46% | +9.91% |
| IPOX® Japan | +1.75% | +55.02% | +57.33% |
| GINDEX® Growth Infusion U.S. | +1.25% | +17.48% | +19.62% |
| IPOX® Global 50 Super Liquid | +0.73% | +16.00% | +12.36% |
| IPOX® 100 U.S.* † | +0.03% | +3.41% | +1.73% |
| IPOX® Global High Dividend 7% | −0.05% | +11.48% | +13.91% |
| IPOX® International | −0.25% | +5.67% | +2.46% |
| IPOX® Alpha Plus Active | −0.50% | +14.57% | +5.14% |
| GINDEX® Growth Infusion International | −1.10% | +4.76% | +12.76% |
| IPOX® Greater China | −2.33% | −21.62% | −25.83% |
Source: IPOX®
* Basis for CME-traded e-mini IPOX® 100 U.S. Futures (IPOZ6).
† Also available in UCITS format in Europe in EUR (EFPX IM), USD (IPXE LN), and GBP (FPX LN/FPXE LN).
05ECM Review
21 firms went public globally last week, raising a combined $5.5 billion. New listings gained an average of +15.30% from offer price to Friday’s close (median: -0.73%).
Electronic components manufacturer Suzhou Dongshan Precision Manufacturing (2384 HK: -10.14%) raised $1.26 billion. London-listed tungsten miner Abenójar Tungsten (ABT LN: -7.73%) raised $192 million.
The U.S. biotech window remained active. Inflammation drug developer Bambusa Therapeutics (BBTX US: -6.31%) raised $168.89 million, while Parkinson’s cell therapy developer Aspen Neuroscience (ASPE US: -0.73%) raised $140.63 million. In Reuters’ coverage of the two IPO roadshows, IPOX® Associate Lukas Muehlbauer highlighted clinical catalysts as a source of specialist demand, while noting that investor appetite remains selective as higher financing costs challenge companies still years from revenue.
Elsewhere, semiconductor materials firm Mi Material Holding (MIM SP: -16.11%) raised $108.96 million, Japanese real estate firm Toggle Holdings (652A JP: -9.90%) raised $86.54 million and sports nutrition equipment retailer N4 Group (ALN4 FP: -5.50%) raised $37.03 million.
Precision engineering firm TEK4 Group (TEK4 LN: +65.00%) rose sharply in the aftermarket after raising $32.93 million. Industrial turbomachinery maker TNE Korea (0053F0 KS: +8.30%) also traded above offer after raising $27.08 million.
06Outlook
At least 5 IPOs are lined up in accessible markets this week, targeting combined proceeds of around $218 million. Regional banking firm Narragansett Bancorp (NARA US, $90.99 million) leads the calendar, with its Nasdaq debut scheduled for November 2.
South Korea’s Youngkwang (359410 KS, $28.78 million), a ship and plant equipment maker, is also scheduled to list on November 2. AI infrastructure software provider Lablup (0147B0 KS, $31.02 million) follows on November 3, with both listings on KOSDAQ.
In Japan, information and communications firm Allganize Holdings (656A JP, $28.92 million) is expected to debut on the Tokyo Stock Exchange on November 4. Real estate data provider Estie (658A JP, $38.48 million) is lined up for November 6 on the same exchange.
See also
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