The IPOX® Week, March 11, 2019

  • IPOX launches https://ipox.com/
  • IPOX Indexes consolidate after big run-up. IPOX 100 U.S. (ETF: FPX) holds key technical support level.
  • IPO Deal-flow Review & Outlook: Shockwave Medical (SWAV US) and Futu (FHL US) surge in debuts. Blackstone and Thomson Reuters affiliate electronic marketplaces operator Tradeweb files for IPO, adds to list of high-profile firms set to go public.

IPOX launches IPOX.com. Check out our new https://ipox.com/ web presence for extended features including live IPOX Indexes quotes and charts, more educational materials, as well as the dynamically updated IPOX Deal Calendar which helps you to stay on top of global IPO action.

IPOX Indexes consolidate after big run-up. IPOX 100 U.S. (ETF: FPX) holds key technical support level. Amid a drop in U.S. yields re-enforced by weak global macro data and a surge in equity risk (VIX: +18.28%), the IPOX Indexes consolidated ahead of U.S. Futures and Options expiration. Declines extended across the IPOX Indexes universe: In the U.S., e.g., the IPOX 100 U.S. (ETF: FPX), declined by -2.82% to +14.55% YTD, ahead of the weak Russell 2000 (RTY: -4.26%), but lagging the S&P 500 (SPX: -2.16%) which closed the week below its 200-day moving average. In the cross-section, 85% of IPOX 100 U.S. (ETF: FPX) holdings fell, with the average stock shedding -3.62%, lagging the applied market-cap weighted index. Most upside focus amongst IPOX holdings was on specialty exposure little susceptible to macro headwinds, including U.S. fitness club operator Planet Fitness (PLNT US: +4.69%) or Danish drug maker Ascendis Pharma (ASND US: +74.02%), while the sharp drop in Chinese electric car maker NIO (NIO US: -29.82%) after earnings weighed on the IPOX China (CNI, IPXUCHCP), e.g.

IPOX® 100 U.S. Investing with the “FPX” ETF since 2006

IPOX-linked Products Performance Update: The IPOX 100 U.S. (IPXO)-linked, 5-star (10 year) $1.1 billion First Trust U.S. Equity Opportunities ETF (FPX) declined to +14.68% YTD, the IPOX International (IPXI)-linked 5-star First Trust International Equity Opportunities ETF (FPXI) slipped +12.05% YTD and the IPOX 100 Europe (IPOE)-linked First Trust IPOX® Europe Equity Opportunities ETF (FPXE) declined to close the week at +12.67% YTD. Amongst actively managed mutual funds, the 5-star Catalyst IPOX® Allocation Fund (OIPAX) fell to +12.58% YTD.

IPOX® Indexes Price Returns (%) (RT) Last Weerk 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) -2.35 -11.37 14.20
IPOX® International (IPXI)* (USD) -2.26 -13.41 11.55
IPOX® Indexes: United States
IPOX® Comp. U.S. (IPXC)* -2.97 -7.59 14.21
IPOX® 100 U.S. (IPXO)* -2.82 -8.80 14.55
IPOX® 30 U.S. (IPXT) -2.38 -10.28 11.66
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) -0.51 -13.46 11.17
IPOX® Nordic (IPND) -0.83 -15.45 11.55
IPOX® 100 Europe (IPOE)* (USD) -1.91 -16.60 10.41
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) -1.36 -3.21 2.60
IPOX® China (CNI) (USD) -4.24 -22.83 16.48
IPOX® Japan (IPJP)** (JPY) -2.27 -13.70 3.95

* Basis for ETFs: FPX US, FPX LN, FPXE US, FPXU FP, FPXI US, TCIP110 IT and CME-traded e-mini IPOX® 100 U.S. Futures (IPOH9). ** Live since 07/18. Please contact [email protected] for other IPOX® Indexes.

IPO Deal-flow Review & Outlook: Shockwave Medical (SWAV US) and Futu (FHL US) surge in debuts. Blackstone and Thomson Reuters affiliate electronic marketplaces operator Tradeweb files for IPO, adds to list of high-profile firms set to go public. Six firms debuted last week across accessible global regions, with the average (median) equally-weighted firm adding a large +33.15% (+25.01%) based on the difference between the final offer price and Friday’s close. Santa Clara-based medical devices firm Shockwave (SWAV US: +85.94%) skyrocketed on the upsized, above-range offer, making it the best performing IPO in U.S. healthcare YTD. Strong initial returns extended to H.K.-based online brokerage firm Futu (FHL US: +27.67%) which downsized its IPO after securing a $70m private placement from General Atlantic Singapore. The Tencent, Sequoia and Matrix Partners-backed company is the first sizable Chinese IPO in the U.S. YTD. We note more U.S. IPO filings including Alibaba-backed social media influencer incubator and e-commerce platform operator Ruhnn (RUHN US), Israeli cybersecurity startup Tufin (TUFN US) and Electronic bond and derivative trading platform Tradeweb Markets (TW US). The New York-based trading platform is co-owned by index calculator Refinitiv, the financial and risk unit spin-off of Thomson Reuters, and affiliated with PE giant Blackstone, the Canada Pension Plan and Singapore sovereign fund GIC. Focus during the upcoming week is on the H.K. market with four deals set to commence trading. Visit: https://ipox.com/ipox-deals/ for details.

Select IPOs traded (week: 03/04/2019) Domicile
Futu Holdings Ltd China
Lightspeed POS Inc Canada
Shockwave Medical Inc United States
Select IPOs expected (week: 03/11/2019) Domicile
China Risun Group Ltd China
International Alliance Financial Leasing Co Ltd Hong Kong
Sankei Real Estate Inc Japan

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