The IPOX® Week, August 17th, 2020

  • Japan Tech propels IPOX Asia-Pacific and IPOX Japan to all-time High, other IPOX Indexes consolidate. Track SPACs with the IPOX® SPAC (SPAC) benchmark index.
  • IPOX 100 U.S. (ETF: FPX) falls -0.81% to +11.72% YTD. IPOX International (ETF: FPXI) sheds -1.09% to +39.05% YTD. IPOX 100 Europe (ETF: FPXE) drops -0.37% to +16.72% YTD.
  • After rush of deals, IPO market set for quiet week.

Now track SPACs live with the IPOX® SPAC Index (BBG: SPAC). IPOX is pleased to note the launch of the IPOX® SPAC, a benchmark focusing on Special Purpose Acquisition Vehicles. The index rose +1.37% last week, outperforming the S&P 500 (SPX).

Japan Tech propels IPOX Asia-Pacific and IPOX Japan to all-time High, other IPOX Indexes consolidate. Amid the background of rising global yields on declining COVID-19 anxiety, steady global risk (VIX: -0.72%), global asset allocation into the lagging and derivatives heavy benchmarks ahead of monthly U.S. equity options expiration and profit-taking following a generally solid earnings season, the IPOX Indexes traded mixed last week. In the U.S., e.g., the IPOX 100 U.S. (ETF: FPX), benchmark for the performance of large U.S. domiciled IPOs and Spin-offs, shed -0.81% to +11.72% YTD, lagging the S&P 500 (SPX) by -145 bps. last week. (Relative) weakness extended to non-U.S. domiciled IPOX-linked exposure, including the IPOX International (ETF: FPXI) and IPOX 100 Europe (ETF: FPXE) which both declined. Sentiment across (developed) Asia-Pacific IPOX exposure was positive, however, with

the IPOX Asia-Pacific (IPTA) and IPOX Japan (IPJP) both closing the week at the highest level on record, respectively. Big gains in Japan-traded small- and mid-caps after earnings drove the excellent showing with Tokyo-traded application software maker AI Inside (4488 JP: +25.74%), IT Services provider Change (3962 JP: +24.07%) and contact lense manufacturer Menicon (7780 JP: +16.73%) recording big weekly upside. We also note another strong week for IPOX International (ETF: FPXI) portfolio holdings hot pot restaurant operator H.K.-traded Haidilao International (6862 HK) and ingredients supplier Yihai International (1579 HK: +6.83%). China-based biotech Cansino (6185 HK: -20.00%), U.S marketing solutions provider Zoominfo (ZI US: -15.66%), German online food service provider HelloFresh (HFG GY: -14.11%) and ridesharing platform operator Uber (UBER US: -8.84%) ranked amongst the worst performing respective IPOX Portfolio holdings last week.

Select IPOX® Indexes Price Returns (%) Last Week 2019 2020 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) -0.43 27.93 31.90
IPOX® International (IPXI)* (USD) (ETF: FPXI) -1.09 31.37 39.05
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) -0.81 29.60 11.72
IPOX® ESG (IPXT) (USD) 0.63 13.99
IPOX® SPAC (SPAC) (USD) 1.37
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) -1.34 34.55 23.11
IPOX® Nordic (IPND) -0.99 38.52 35.70
IPOX® 100 Europe (IPOE)* (USD) -0.37 30.97 16.72
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 1.98 4.41 25.81
IPOX® China (CNI) (USD) -2.26 26.31 41.05
IPOX® Japan (IPJP)** (JPY) 2.37 37.91 8.58

* 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]

IPOX-linked ETFs (FPX, FPXI, FPXE) Movers (Last Week in %):
CARDLYTICS INC 23.57 ADC THERAPEUTICS SA -17.87
HAIDILAO INTERNATIONAL 17.59 KOOLEARN TECHNOLOGY -16.06
TESLA INC 13.63 ZOOMINFO TECH -15.66
ZEALAND PHARMA A/S-ADR 12.26 IRHYTHM TECHNOLOGIES -14.41
CORTEVA INC 10.62 HELLOFRESH SE -14.10
CALISEN PLC 9.70 BIONTECH SE -10.86
PIRELLI & C SPA 9.51 BIOHAVEN PHARMA -9.99
NEOEN SA 8.67 PING AN HEALTHCARE -9.98
SCATEC SOLAR ASA 8.61 PING IDENTITY HOLDING -9.90
TOPBUILD CORP 8.10 SOLARWINDS CORP -9.46
CARDLYTICS INC 23.57 ADC THERAPEUTICS SA -17.87

IPO Deal-flow Review and Outlook: German COVID-19 vaccine developer CureVac tripled on debut. IPO market set to slow. At least 8 companies IPO’d across the global regions last week, with the average (median) equally-weighted deal adding +40.34% (+2.57%) based on the difference between offer price and respective Friday’s close. U.S.-traded IPOs surged on debut with Tübingen/Germany-based COVID-19 vaccine developer low float CureVac (CVAC US: +249.38%) more than tripling in its U.S. debut based on final offer. Insurtech unicorn Duck Creek (DCT US: +48.15%) and Tencent & SoftBank-backed Chinese online broker KE Holdings (BEKE US: +65.00%) also soared significantly, while Philippine’s first REIT IPO AyalaLand REIT (AREIT PM: -10.74%) debuted poorly. The IPO market is set for a quiet week with some biotech offerings in the U.S. lined up, including Harmony Biosciences (HRMY US) and Inhibrx (INBX US). Other IPO news Include: 1) data-analytics unicorn Palantir Technologies proceeds with direct-listing over IPO, 2) Airbnb IPO still intact, 3) Malaysian home furnishing retailer Mr DIY revived IPO plan for Malaysia’s largest offer since 2017, 4) Chinese fintech unicorn Lufax confidentially files for U.S. IPO, and 5) SoftBank-backed AI startup SenseTime eyes China & HK dual listing.

Track global deal flow live on: https://bit.ly/2WMvnT9

Lightspeed Financial Services Group LLC is not affiliated with these third-party market commentators/educators or service providers. Data, information, and material (“content”) are provided for informational and educational purposes only. This content neither is, nor should be construed as an offer, solicitation, or recommendation to buy or sell any securities or contracts. Any investment decisions made by the user through the use of such content is solely based on the users independent analysis taking into consideration your financial circumstances, investment objectives, and risk tolerance. Lightspeed Financial Services Group LLC does not endorse, offer nor recommend any of the services or commentary provided by any of the market commentators/educators or service providers and any information used to execute any trading strategies are solely based on the independent analysis of the user.

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