Stoxx and Dow Jones, the index providers, have launched a range of investable indexes in Europe that track the performance of initial public offerings in the very short term, when returns are typically at their highest.

The indexes are available in three-month and one-year versions, as well as a five-year product. They are backdated to December 31 2001 and have gained 167%, 127% and 82% respectively since then, compared with 12% for the broad-market Dow Jones Stoxx 600 index.