The IPOX® Week, June 17, 2019

  • Ahead of Futures & Options expiration and Fed meeting, most IPOX Indexes rise, IPOX U.S. lags slightly for first week in five.
  • IPOX Japan propelled by big rise in small-cap growth stocks.
  • IPO Deal-flow Review & Outlook: Cybersecurity unicorn CrowdStrike (CRWD US), pet product retailer Chewy (CHWY US) both soared on debut. “ESG-free” China International Tobacco (6055 HK) surges in H.K. debut. Busy week for U.S. IPOs ahead with Slack (WORK US) set to list shares directly.

Ahead of Futures & Options expiration and Fed meeting, most IPOX Indexes rise, IPOX U.S. lags slightly for first week in five. Amid stable yields and lower risk (VIX: -6.26%), most IPOX Indexes added to YTD gains last week. Most notable was the outstanding week for the IPOX International (ETF: FPXI) and IPOX Nordic (IPND), extending its YTD lead vs. the benchmarks, while the IPOX Japan (IPJP) and IPOX China (CNI) also outperformed, adding +1.84% and +2.47%, respectively. Amid a good week for large-cap U.S. Technology (NDX: +0.83%), the IPOX 100 U.S. (ETF: FPX) lagged the S&P 500 (SPX: +0.47%) for the first week in five, adding +0.32% to +24.52% YTD, however, managed to close at an All-Time Weekly High. In individual exposure, big upside was recorded by IPOX 100 U.S. (ETF: FPX) holdings software developer Alteryx (AYX US: +9.42%) and personal shopping website operator Stitch Fix (SFIX US: +7.01%), as well as IPOX International (ETF: FPXI) holding Germany’s battery maker Varta AG (VAR1 GY: +13.21%). We also note another great week for Japan-traded small-cap growth firms including AI technology developer Heroz (4382 JP: +19.20%), software maker PKSHA (3993 JP: +16.86%), net printing services provider Raksul (4384 JP: +10.31%) and e-commerce firm Mercari (4385 JP:  +9.56%). Weak earnings (forecasts) pressured metal manufacturer Elkem ASA (ELK NO: -19.16%) and brokerage firm AJ Bell (AJB LN: -9.27% after Invesco cut its stake), as well as data analysis service provider IPOE-held Elastic NV (ESTC US: -8.50%) after announcing the acquisition of Endgame Inc.

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

IPOX-linked Fund Performance: Amid continuous daily inflows to the fund, the IPOX 100 U.S. (IPXO)-linked, 5-star (10-years) $1.2 billion First Trust U.S. Equity Opportunities ETF (FPX) advanced to +24.80% 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) closed the week at +16.79% YTD and +21.21% YTD, respectively. Amongst actively managed IPOX-linked funds, the Catalyst IPOX® Allocation Fund (OIPIX) rose to +23.33% YTD, a fresh weekly All-Time High.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 0.19 -11.37 20.78
IPOX® International (IPXI)* (USD) 0.87 -13.41 15.27
IPOX® Indexes: United States
IPOX® Composite U.S. (IPXC)* 0.12 -7.59 16.45
IPOX® 100 U.S. (IPXO)* 0.35 -8.80 24.41
IPOX® 30 U.S. (IPXT) 0.35 -10.28 20.28
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 0.45 -13.46 22.00
IPOX® Nordic (IPND) 1.12 -15.45 21.99
IPOX® 100 Europe (IPOE)* (USD) -0.25 -16.60 18.03
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 0.35 -3.21 3.58
IPOX® China (CNI) (USD) 2.48 -22.83 5.48
IPOX® Japan (IPJP)** (JPY) 1.84 -13.70 2.22

* 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: Cybersecurity unicorn CrowdStrike (CRWD US), pet product retailer Chewy (CHWY US) both soar on debut. ESG-free China International Tobacco (6055 HK) surges in H.K. debut.  Busy week for U.S. IPOs ahead with Slack (WORK US) set to list shares directly. At least 10 firms debuted last week, with the average (median) equally weighted stock adding +27.81% (+25.87%) based on the difference between the final offering price and Friday’s close. Perceived high future growth firms ranked on top of the weekly performance rankings, including Silicon Valley’s cybersecurity unicorn CrowdStrike (CRWD US: +88.74%) and PetSmart’s’ pet product e-commerce company Chewy (CHWY US: +57.96%), while “ESG-free” China International Tobacco (6055 HK: +41.39%) had a great first week of trading in H.K. Focus this week is on the direct listing of workspace messaging and team collaboration enterprise software unicorn Slack (WORK US) this Thursday, while other IPOs include small-cap biotech Personalis (PSNL US) and Stoke Therapeutics (STOK US). More IPOs are also lined up outside the U.S., including Warburg Pincus-backed logistic real estate developer ESR Cayman (1821 HK), set to surpass Chinese security brokerage veteran Shenwan Hongyuan (6806 HK) to be the largest listing in Hong Kong YTD. While China’s state-owned shipbuilding conglomerate CSSC Group’s ship-leasing unit CSSC (HK) Shipping (3877 HK) readies its lPO, Japan is also set for its biggest IPO YTD with business card-based contact management unicorn Sansan (4443 JP) set to go public.

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