New ETF Tracking IPOs Launching Today (FPX)
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As an index, it’s kicked the living daylights over the S&P 500 over just about any time period you care to choose, turning in 24.5% in 2005 and a mere 8.22% so far this year. As an investment, it would be an interesting candidate for a long-term cost averaging play – an investment on Dec 31, 1999 was still underwater at the end of 2005 – but as a trade? Well, knock yourself out.
Certainly one of the most annoying aspects of the product is that it is one of those disciplined, totally transparent, rules-based blah blah blah but good luck tracking down a clear explanation of what those rules are. As near as can be figured from the website of the index provider, IPOX Schuster LLC:
* IPOs come into the IPOX Composite at their seventh trading day after going public and automatically exit after 1000 days, or roughly four years trading. Admission is, however:
* “Subject to satisfying size, float and certain initial trading characteristics.
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