The IPOX® Week, April 8, 2019

  • IPOX Europe (ETF: FPXE) leads IPOX Indexes to strong week.
  • After hitting an all-time high Wednesday, IPOX U.S. (ETF: FPX) rises, but lags as U.S. Market plays catch-up.
  • IPO Deal-flow Review & Outlook: Electronic trading platform Tradeweb Markets (TW US) debuts strongly. IPOX Europe (ETF: FPXE) in focus as attractive European IPOs & Novartis (NVS US) Spin-off Alcon (ALC US) commence trading.

IPOX Europe (ETF: FPXE) leads IPOX Indexes to strong week. Most IPOX Indexes gained during the first full week of trading of the new quarter, supported by a favorable mix of news related to global trade, slightly higher U.S. yields underpinning a firm U.S. economic outlook and supportive risk (VIX: -6.49%). Amid attractive deal flow lined up to commence trading in Europe, top of the list ranked the IPOX Europe (ETF: FPXE) which extended its gain by +1.59% to +15.48% YTD last week, as select European small- and mid-caps rose strongly. Gains extended to other regions, including the U.S. where – after its best quarter this century – the IPOX U.S. (ETF: FPX) rose +0.87% to +21.55% YTD, lagging the S&P 500 (SPX) – benchmark for U.S. stocks – by -109 bps. After hitting a fresh All-time high on Wednesday, big profit taking in high-beta exposure contributed to the weak (relative) showing. Across the IPOX Indexes universe, notable upside was recorded by social networker Italian tire manufacturer Pirelli (PIRC IM: +9.62%), Financial Axa Equitable (EQH US: +8.44%), energy solutions provider Sunrun (RUN US: +8.39%), social networker Snap (SNAP US: +7.44%) or global ETF provider Amundi (AMUN FP: +7.40%). Weakness in high-beta stocks including Brazilian payment processor Stoneco (STNE US: -12.67%), software makers Zscaler (ZS US: -10.98%) and Anaplan (PLAN US: -10.47%), cell diagnostics services provide Guardant Health (GH US: -8.74%) or database software maker MongoDB (MDB US: -7.73%) weighed on portfolio returns.

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

IPOX-linked Funds Performance Updates: The IPOX 100 U.S. (IPXO)-linked, 5-star (10-years) $1.1 billion First Trust U.S. Equity Opportunities ETF (FPX) added to +21.61% 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 +16.56% YTD and +17.60% YTD, respectively. Amongst actively managed funds, the Catalyst IPOX Allocation Fund (OIPAX), a 2019 Thomson Lipper Award Winner, rallied to +19.34% YTD.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 0.47 -11.37 18.19
IPOX® International (IPXI)* (USD) 0.75 -13.41 14.66
IPOX® Indexes: United States
IPOX® Comp. U.S. (IPXC)* 1.29 -7.59 19.33
IPOX® 100 U.S. (IPXO)* 0.87 -8.80 21.55
IPOX® 30 U.S. (IPXT) 0.82 -10.28 18.31
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 1.90 -13.46 17.16
IPOX® Nordic (IPND) 2.40 -15.45 17.06
IPOX® 100 Europe (IPOE)* (USD) 1.59 -16.60 15.48
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) -0.42 -3.21 3.35
IPOX® China (CNI) (USD) 1.41 -22.83 14.50
IPOX® Japan (IPJP)** (JPY) -0.35 -13.70 5.40

* 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: IPOX Europe (ETF: FPXE) in focus as attractive European IPOs & Novartis (NVS US) Spin-off Alcon (ALC US) commence trading. At least 6 firms debuted last week across accessible global regions, with the average (median) equally-weighted firm adding (declining) +11.05% (-1.59%) based on the difference between the final offer price and Friday’s close. Tradeweb (TW US: +35.48%) jumped on its upsized, above-range deal, while Silk Road (SILK US: +79.00%) continued the recent success of hot medical devices IPOs and Alibaba (BABA US)-backed Chinese social media influencers incubator Ruhnn (RUHN US: -31.92%) plunged. With Novartis Spin-off Alcon (ALC US) set to start trading Tuesday, Swiss orthopedic implant maker Medacta (MOVE SW: +2.45%) opened Europe’s IPO season as Middle Eastern payment processor Network International (NETW LN), Rothchild owned Swedish legal information provider Karnov (KAR SS), and Swiss train maker Stadler Rail are set to raise over €3 billion this week. Berlin-based pan-African e-commerce platform Jumia (JMIA US), former Amazon engineers founded software unicorn PagerDuty (PD US) and Israeli cybersecurity firm Tufin (TUFN US) are also set to debut in U.S.

Track Priced & Upcoming IPOs on https://ipox.com

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