The IPOX® Week, April 15, 2019

  • “FPX” ETF celebrates 13th listing anniversary with market-beating returns, underlying IPOX 100 U.S. (IPXO) closes out trading week at fresh All-Time High.
  • Takeover announcements for IPOX Holdings continue to roll in.
  • IPO Deal-flow Review & Outlook: U.S. & European IPOs surge on strong demand for specialty firms. Ride-hailing giant Uber officially files to list on the NYSE.

“FPX” ETF celebrates 13th listing anniversary with market-beating returns, underlying IPOX 100 U.S. (IPXO) closes out trading week at fresh all-time high. Ahead of U.S. options expiration week, most IPOX Strategies remained buoyed, as supportive trade & global economic news drove up U.S. yields while a good start to U.S. earning season pushed risk lower (VIX: -6.32%). In the U.S., e.g., the IPOX 100 U.S.  (ETF: FPX) – underlying for the “FPX” ETF – outpaced all other main equity benchmarks to close the week at a fresh All-Time High, gaining +0.50% to +22.16% YTD, in line with the S&P 500 (SPX), yardstick for U.S. stocks. Strength extended to other regions, particularly Europe, with the IPOX 100 Europe (ETF: FPXE) adding +0.69% to +16.28% YTD, outpacing the regional benchmarks as well. Big gains in specialty holdings contributed to the strong showing anew, including Softbank-held biotech Guardant Health (GH US: +10.77%), software maker Okta (OKTA US: +9.69%) or car vending machine operator Carvana (CVNA US: +9.07%), while weakness in U.S. healthcare & biotech stocks, including Regenxbio (RGNX US: -10.51%), Akzea Therapeutics (AKCA US: -9.19%) or Takeda (TAK US: -5.27%) weighed heavily on portfolio returns. Takeover announcements for IPOX Holdings continued to roll in as IPOX 100 Europe (ETF: FPXE) Holding Helsinki-based cable TV services provider DNA (DNA FH: +8.56%) announced a buy-out offer from Norway’s Telecom carrier Telenor (TEL NO: -0.55%).

“FPX” ETF celebrates 13-year Listings Anniversary!

Performance Update for IPOX-linked Funds: The IPOX 100 U.S. (IPXO)-linked, 5-star (10-years) $1.2 billion First Trust U.S. Equity Opportunities ETF (FPX) added to +22.24% YTD, while the IPOX International (IPXI)-linked 5-star First Trust International Equity Opportunities ETF (FPXI) and the IPOX 100 Europe (IPOE)-linked First Trust IPOX® Europe Equity Opportunities ETF (FPXE) closed the week at +17.10% YTD and +17.25% YTD, respectively. Amongst actively managed funds, the Catalyst IPOX Allocation Fund (OIPAX), a 2019 Thomson Lipper Award Winner, gained to +19.77% YTD.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 0.84 -11.37 19.19
IPOX® International (IPXI)* (USD) 0.49 -13.41 15.22
IPOX® Indexes: United States
IPOX® Composite U.S. (IPXC)* -0.02 -7.59 19.31
IPOX® 100 U.S. (IPXO)* 0.50 -8.80 22.16
IPOX® 30 U.S. (IPXT) 0.11 -10.28 18.44
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 0.70 -13.46 17.98
IPOX® Nordic (IPND) 0.43 -15.45 17.56
IPOX® 100 Europe (IPOE)* (USD) 0.69 -16.60 16.28
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) -0.57 -3.21 2.77
IPOX® China (CNI) (USD) 1.32 -22.83 16.01
IPOX® Japan (IPJP)** (JPY) -1.13 -13.70 4.21

* 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 (IPOM9). ** Live since 07/18. Please contact [email protected]  for other IPOX® Indexes.

IPO Deal-flow Review & Outlook: U.S. & European IPOs surge on strong demand for specialty firms. Ride-hailing giant Uber officially files to list on the NYSE. 7 firms debuted across accessible global regions, with the average (median) equally-weighted company adding +32.68% (+16.09%) based on the difference between the final offer price and Friday’s close. Software unicorn PagerDuty (PD US: 63.75%), Israeli cybersecurity firm Tufin (TUFN US: +50.00%) and African e-commerce platform operator Jumia (JMIA US: +74.48%) all surged. The European IPO market also showed signs of life with London-listed Middle Eastern payment processor Network International (NETW LN: +16.09%) and Swiss train maker Stadler (SRAIL SW: + 13.42%) debuting successfully. More U.S. unicorns are set to go public this week, including discovery platform Pinterest (PINS US), profitable cloud video conferencing software maker Zoom (ZM US), while Italy’s Nexi (NEXI IM) joins other global payment processors to become the biggest IPO in Europe YTD. Amid frenzied media coverage and weakness in incumbents Lyft (LYFT: -19.22%) and GrubHub (GRUB US: -8.13%), Uber released its long-awaited IPO prospectus Thursday. While Uber did not disclose the valuation its seeking, the company is reportedly seeking a valuation between $100 billion to $120 billion.

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