Investing in IPOs | Joachim De Zutter
The First Trust US Equity Opportunities ETF (FPX) ETF (formerly named IPOX-100 Index Fund) invests in the 100 largest U.S. initial public offerings ("IPOs") in the IPOX Global Composite Index.
Morningstar gave the ETF a 5 star rating.
In April 2014 Morningstar calculated a 5 year trailing Sharpe ratio equal to 1.65, standard deviation equal to 16.48 and return equal to 29.36.

The Long-Run Performance of Initial Public Offerings by Jay R. Ritter