The IPOX® Week, April 27, 2020

  • Ahead of big week for global earnings, IPOX Indexes extend gains; Strong Europe propels IPOX International ETF (ticker: FPXI) into positive territory YTD.
  • Trending opposite of U.S. benchmarks, IPOX 100 U.S. (ETF: FPX) rises for 3rd week in a row.
  • “Hot” Market for Biotech IPOs; DraftKings (DKNG US) listed.

IPOX Indexes extend gains, strong Europe propels IPOX International ETF (FPXI) into positive territory YTD: Amid lower equity risk (VIX: -5.82%), firm U.S. bonds and further COVID-19 containment progress, the IPOX Indexes continued their strong Momentum from the previous week to trade mostly higher across the board. On the International Level (ex. U.S.), e.g., the IPOX International (ETF: FPXI) added +1.31% to +0.35% YTD, now a massive +2239 bps. YTD ahead of the International Market. Strong gains among Europe-domiciled firms – currently accounting for 45.02% of the portfolio – and consisting of payment processor Adyen (ADYEN NA: +11.10%), food ordering platform operator Hellofresh (HFG GY: +7.58%), Spin-off Siemens Healthineers (SHL GY: +6.68%), IPO M&A Large Pharma Sanofi (SAN FP: +5.05%) and French lottery services operator FDJ (FDJ FP: +4.81%), e.g., drove the strong showing of the “FPXI” Fund. IPOX Indexes extend gains, strong Europe propels IPOX International ETF (FPXI) into positive territory YTD: Amid lower equity risk (VIX: -5.82%), firm U.S. bonds and further COVID-19 containment progress, the IPOX Indexes continued their strong Momentum from the previous week to trade mostly higher across the board. On the International Level (ex. U.S.), e.g., the IPOX International (ETF: FPXI) added +1.31% to +0.35% YTD, now a massive +2239 bps. YTD ahead of the International Market. Strong gains among Europe-domiciled firms – currently accounting for 45.02% of the portfolio – and consisting of payment processor Adyen (ADYEN NA: +11.10%), food ordering platform operator Hellofresh (HFG GY: +7.58%), Spin-off Siemens Healthineers (SHL GY: +6.68%), IPO M&A Large Pharma Sanofi (SAN FP: +5.05%) and French lottery services operator FDJ (FDJ FP: +4.81%), e.g., drove the strong showing of the “FPXI” Fund.

Investing in the New Generation of Int’l Stocks with “FPXI”:

Trending opposite of U.S. benchmarks, IPOX 100 U.S. (ETF: FPX) rises for 3rd week in a row. With 21/100 fund holdings set to report earnings this week, the diversified IPOX 100 U.S. (ETF: FPX) gained +0.83% last week, while the main U.S. benchmarks declined.

Significant IPOX Holdings set to report earnings this week:

Name Ticker ETF Date
TRANSUNION TRU UN FPX 4/28 (Aft-mkt U.S.)
DELIVERY HERO DHER GY FPXI 4/28
POSTAL SAVINGS BK. 1658 HK FPXI 4/28
YUM CHINA YUMC UN FPXI 4/28 (Aft-mkt U.S.)
ARCOSA ACA UN FPX 4/28 (Aft-mkt U.S.)
MEDPACE MEDP UW FPX 4/28 (Aft-mkt U.S.)
SPOTIFY SPOT UN FPX 4/29 (Bef-mkt U.S.)
TESLA TSLA UW FPX 4/29 (Aft-mkt U.S.)
ORSTED ORSTED DC FPXI 4/29
BLACKLINE BL UW FPX 4/30 (Aft-mkt U.S.)
FISERV FISV UW FPX 4/30 (Aft-mkt U.S.)
GILEAD SCIENCES GILD US FPX 4/30 (Aft-mkt U.S.)
KINSALE CAPITAL KNSL UW FPX 4/30 (Aft-mkt U.S.)
MERCARI 4385 JT FPXI 4/30
BLACK KNIGHT BKI UN FPX 5/1 (Bef-mkt U.S.)
Long-only IPOX® Indexes Price Returns (%) Last Week 2019 2020 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 0.68 27.93 -1.73
IPOX® International (IPXI)* (USD) (ETF: FPXI) 1.31 31.37 0.35
IPOX® Indexes: United States
IPOX® Composite U.S. (USD) 0.55 24.64 -8.30
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) 0.83 29.60 -11.41
IPOX® ESG (IPXT) (USD) -0.25
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 2.99 34.55 1.98
IPOX® Nordic (IPND) 1.21 38.52 -3.12
IPOX® 100 Europe (IPOE)* (USD) 2.27 30.97 -8.30
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 0.57 4.41 -5.33
IPOX® China (CNI) (USD) -0.49 26.31 2.82
IPOX® Japan (IPJP)** (JPY) 0.55 37.91 -15.31

* 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 (IPOM0). Source: Bloomberg L.P. & Refinitiv/Thomson Reuters. For IPOX Alternative Strategies Returns, please contact [email protected]

NOW TRADING: 0.25 tick IPOX 100 U.S. Index Futures (Front month: IPOM0). Whether you are a risk manager or speculator, CME Group – the world’s largest exchange operator – now offers efficient and cost-effective access to the IPOX 100 U.S. Index (ETF: FPX) via emini IPOX 100 U.S. Index Futures (Front month: IPOM0). Contact [email protected] for further info and Free Data & Resources.

IPOX’s biggest Winners and Losers (Last Week in %):
HAPAG-LLOYD 49.31 XP -14.62
SNAP 23.27 BIOGEN -13.06
CARVANA 18.17 SAFEHOLD -10.38
BIONTECH 17.01 PROGYNY -9.83
BILL.COM HOLDINGS 15.96 SOLARWINDS -9.01
PING AN HEALTHCARE 15.83 KINSALE CAPITAL -8.99
FREEE KK 13.48 AMERICOLD REALTY -8.55
1 LIFE HEALTHCARE I 12.54 STONECO -8.38
TRADE DESK INC 12.30 ARCOSA -7.47
PINDUODUO 11.49 SLACK TECHNOLOGIES -7.26

IPO Deal-flow Review and Outlook: “Hot” Market for Biotech IPOs; DraftKings (DKNG US) listed. 2 firms continued the hot streak of global biotech IPOs last week with the average equally weighted deal surging by +55.63% based on the difference between the final IPO price and Friday’s close: San Francisco-based oncology firm $742 million ORIC Pharmaceuticals (ORIC US: +61.06%) surprised the U.S. market with its 50% upsized IPO which also priced at the top of the range, while H.K.’s largest IPO of 2020 so far, biotech $ 2.4 billion Akeso (9926 HK: +50.19%) surged, after being 639x oversubscribed. We also note the listing of Fantasy sports and sports betting operator DraftKing (DKNG US) through a reverse-IPO. No upcoming IPOs are currently scheduled for this week. Other IPO news include 1) Brazilian parking services provider Allpark scheduled to pursue a stock market listing in Mid-May; 2) Australian fuel and convenience brand Caltex continues with retail property IPO plan; 3) U.S. retailer debt-heavy, Private-equity owned Albertsons set to go public during May.

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