The IPOX® Week, April 29, 2019

  • IPOX Indexes rise toward month-end. IPOX 100 U.S. (ETF: FPX) closes at fresh all-time high. Select IPO M&A in focus.
  • 32% of IPOX 100 U.S. Index weight set to report this week.
  • IPO Deal-flow Review & Outlook: Chinese brokerage veteran Shenwan Hongyuan (6806 HK) slipped after H.K. debut. U.S. set for busy IPO week. Ahead of Uber and Slack, Beyond Meat (BYND US) IPO lined up.

IPOX Indexes rise toward month-end. IPOX 100 U.S. (ETF: FPX) closes at fresh all-time high. Select IPO MA& in focus.  Amid solid U.S. economic data, a firm US Dollar supporting U.S. yields and mixed earnings for select U.S. large caps elevating (Nasdaq) risk (VIX: +5.29%), the IPOX Indexes closed the week with strong gains.  Most upside focus was on IPOX Developed Markets exposure, which rose and outperformed respective benchmarks. In the U.S., e.g., the IPOX 100 U.S. (ETF: FPX) added +2.32% to +22.58% YTD to finish the week at an all-time high, ranking as the best performing diversified U.S. equity benchmark last week, and reversing weakness during April option expiration week. In the IPOX 100 U.S. (ETF: FPX), 76% of portfolio holdings rose on the week, with most upside focus on specialty holdings including biotech Allogene Therapeutics (ALLO US: +15.03%), cloud storage provider Dropbox (DBX US: +14.59%) or application software maker Coupa Software (COUP US: +13.31%). We note another fresh all-time high in IPO M&A chocolate maker Hershey (HSY US: +7.03%) after blockbuster results. The firm had entered the IPOX 100 U.S. (ETF: FPX) portfolio through its acquisition of IPOX U.S. holding Amplify Snack Brands (BETR US).  Driven by significant outsized earnings surprises by portfolio holdings, including casino and gaming solutions provider Evolution Gaming Group (EVO SS: +25.26%), we continue to note big absolute and relative upside in the innovation-focused IPOX Nordic (IPND).

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

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) closed at a fresh record, up +22.79% 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 +15.35% YTD and +17.49% YTD, respectively. Amongst actively managed IPOX-linked funds, the Catalyst IPOX® Allocation Fund (OIPAX), a 2019 Thomson Lipper Award Winner, climbed to +21.16% YTD.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 1.25 -11.37 19.37
IPOX® International (IPXI)* (USD) 0.30 -13.41 14.36
IPOX® Indexes: United States
IPOX® Composite U.S. (IPXC)* 1.26 -7.59 18.91
IPOX® 100 U.S. (IPXO)* 2.32 -8.80 22.58
IPOX® 30 U.S. (IPXT) 1.60 -10.28 18.04
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 1.69 -13.46 19.50
IPOX® Nordic (IPND) 1.57 -15.45 18.64
IPOX® 100 Europe (IPOE)* (USD) 1.24 -16.60 15.99
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 1.37 -3.21 1.61
IPOX® China (CNI) (USD) -2.14 -22.83 15.16
IPOX® Japan (IPJP)** (JPY) 0.99 -13.70 4.19

* 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: Chinese brokerage veteran Shenwan Hongyuan (6806 HK) slipped after H.K. debut. U.S. set for busy IPO week. Ahead of Uber and Slack, Beyond Meat (BYND US) IPO lined up. 2 firms debuted across global regions last week, with the average equally-weighted firm declining by -3.42% based on the difference between the final offer price and Friday’s close. The largest offering in Asia this year, the H-share listing of Chines broker Shenwan Hongyuan (6806 HK: -11.85%) finished below offer. Meanwhile, amid solid demand, the very first IT firm listed in Saudi Arabia, Al Moammar Information Systems (MIS AB: +5.00%) rose. IPOs in the U.S. are set to gain center-stage with at least seven firms seeking to go public. Top of the list ranks Bill Gates backed plant-based meat producer Beyond Meat (BYND US), followed by Las Vegas-based Scientific Games (SGMS US: -4.85%) spin-off, casino game developer SciPlay (SCPL US) and Chinese startup membership-based e-commerce platform operator Yunji (YJ US). Last week, Uber (UBER US) updated its IPO filing, adding key IPOX 100 U.S. (ETF: FPX) holding payment processor PayPal (PYPL US: +2.79%) as a cornerstone investor, and valuing the firm at $84.0 billion. Office collaboration app Slack (SK US) also updated its schedule to list, following the direct listing path pursued by Spotify (SPOT US: -0.92%), while Starbucks’ (SBUX US: +1.87%) Chinese rival Luckin Coffee (LK US) also disclosed its U.S. IPO plan.

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