The IPOX® Week, July 15, 2019

  • Select IPOX Indexes extend gains during quiet trading week. For the 15th time this year, IPOX 100 U.S. (ETF) closes respective trading day at All-Time High.
  • IPO Deal-flow Review & Outlook: Asia Pacific markets led the way in IPO Deal Count last week. “Red-hot” U.S. IPO market set for strong weekly IPO deal flow. Abroad, AB InBev and Swiss Re halt unit IPOs.

Select IPOX Indexes extend gains during quiet trading week. IPOX 100 U.S. (ETF: FPX). For the 15th time this year, IPOX 100 U.S. (ETF) closes respective trading day at All-Time High.  Most IPOX Indexes extended the positive momentum from June, with select Indexes finishing the week at or near fresh All-Time Highs. Amid higher U.S. yields and lower risk (VIX: -6.70%), e.g., the super-liquid, diversified IPOX Global (IPGL50) added +0.86% to +26.39% YTD, a fresh weekly All-Time High. In the U.S., the FANG-free, diversified IPOX 100 U.S. (ETF: FPX) closed the week at a fresh record for the 15th time this year and adding +0.94% to +29.34% YTD on the week, extending the YTD performance lead vs. the S&P 500 (SPX) – benchmark for U.S. stocks – to +912 bps. Ahead of U.S. earnings, big upside in specialty small- and mid-caps drove the good showing, including payment processor Square (SQ US: +10.79%), high-end specialty outdoor products maker Yeti (YETI US: +10.19%), security software provider CrowdStrike (CRWD US: +9.36%) or ride share platform operator Lyft (LYFT US: +8.18%). In non-U.S. domiciled exposure, we note significant weekly upside in Brazil-linked exposure, including payments processor Pagseguro Digital (PAGS US: +7.43%) and insurance services providers Hapvida Participacoes E Invest (HAPV3 BS: +5.44%), all held in the IPOX International (ETF: FPXI). Amid downgrades, weakness in German medical equipment maker Spin-off Siemens Healthineers (SHL GY: -6.43%) weighted in respective returns.

International Investing with the 5-star “FPXI” ETF since 2016

IPOX-linked Funds Performance Update: The IPOX 100 U.S. (IPXO)-linked, 5-star (10-years) $1.25 billion First Trust U.S. Equity Opportunities ETF (FPX) advanced to +29.98% YTD, while the IPOX International (IPXI)-linked 5-star (3-years) First Trust International Equity Opportunities ETF (FPXI) and the IPOX® 100 Europe (IPOE)-linked First Trust IPOX® Europe Equity Opportunities ETF (FPXE) rose to +24.57% YTD and +24.93% YTD, respectively. Amongst the range of actively managed IPOX-linked mutual funds, the award-winning Catalyst IPOX® Allocation Fund (OIPAX) climbed to +26.97% YTD.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 0.86 -11.37 26.39
IPOX® International (IPXI)* (USD) 0.58 -13.47 21.66
IPOX® Indexes: United States
IPOX® Composite U.S. (IPXC)* 0.05 -7.59 20.41
IPOX® 100 U.S. (IPXO)* 0.94 -8.80 29.34
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) -0.48 -13.46 24.40
IPOX® Nordic (IPND) 0.22 -15.45 24.46
IPOX® 100 Europe (IPOE)* (USD) 0.11 -16.60 21.57
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 0.32 -3.21 6.55
IPOX® China (CNI) (USD) -1.34 -22.83 14.49
IPOX® Japan (IPJP)** (JPY) -1.44 -13.70 0.29

* 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 (IPOU9). ** Live since 07/18. Please contact [email protected] for other IPOX® Indexes.

IPO Deal-flow Review & Outlook: Asia Pacific markets led the way in IPO Deal Count last week. “Red-hot” U.S. IPO market set for strong weekly IPO deal flow. Abroad, AB InBev and Swiss Re halt unit IPOs. At least 8 firms debuted last week in markets open to global investors, with the average (median) equal-weighted stock adding (declining) +2.9% (-0.71%) based on the difference between IPO price and Friday’s close. While Hong Kong’s electrical and mechanical engineering firm Analogue (1977 HK: +35.83%) finished with big gains, Indonesia conglomerate Sinar Mas Group and Japanese insurance company MS&AD (8725 JP) co-owned life insurance firm Sinarmas MSIG (JIWA IJ: 0.00) stumbled to close the week flat. In Europe, Vienna’s third and by far the largest listing this year, Austrian banking group Addiko (ADKO AV: +4.62%) climbed above its below-range IPO price. U.S. IPO market is about to welcome another wave of deals this week including Tencent-backed Chinese live streaming unicorn DouYu (DOYU US), Huatai Securities (HTSC LI)-owned turnkey asset management platform (TAMP) AssetMark (AMK US), Brazilian medical education firm Afya (AFYA US) and Sequoia-backed customer experience management company Medallia (MDLA US). Outside the euphoric U.S. IPO market, this year’s biggest IPO was halted as the world’s largest brewer AB InBev struggled to price its $9.8 billion Hong Kong IPO for its Asia Pacific unit Budweiser Brewing (1876 HK). Swiss Re also pulled the £3 billion IPO plan for its UK life insurance unit ReAssure due to weak demand and market condition.

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

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