The IPOX® Week, June 28th, 2021

  • IPOX® Indexes surge across the board, outperform benchmarks. IPOX® Japan sets fresh all-time high Friday.
  • IPOX® SPAC gains +0.83% to -1.99% last week. IPOX® ESG adds +2.35%.
  • Access unique European Growth: IPOX® 100 Europe ETF launches in Europe: Tickers: FPXE LN and EFPX IM.
  • 33 IPOs go public as strong global deal flow continues. SentinelOne, Krispy Kreme and Acciona lined up.

Summary: Global equities surged after quarterly U.S. Futures and Options expiration week, amid rising U.S. yields, a plunge in equity risk (VIX: -24.40%), with well-bid U.S. Financials, higher Chinese and European equities and big earnings in select stocks providing additional support. The IPOX® Indexes benefited across the board and rose more than when compared to the benchmarks: In the U.S., e.g., the IPOX® 100 U.S. (ETF: FPX) added +2.92% to +7.47% YTD. Big gains extended to markets abroad with the IPOX® International (ETF: FPXI) adding +2.82% to -0.08% YTD and the IPOX® 100 Europe (ETF: FXPE) gaining +2.98% to +4.45% YTD, outpacing their benchmarks by between +125 bps. (ETF: FPXI) and +161 bps. (ETF: FPXE)., respectably. Strong earnings by online flee market operator IPOX® heavyweight Mercari (4385 JP: +9.56%) helped to propel the IPOX® Japan (IPJP) to a fresh all-time high Friday.

IPOX® 100 Europe Investing since 2004:

IPOX® 100 Europe ETF now trading in europe:  We are pleased to note the launch of the ETF linked to the IPOX® 100 Europe Index (ETF: EPFX IM, FPXE LN) by First Trust in Europe, offering European investors a cost-efficient and liquid UCITS format to capture the unique asset allocation potential of European IPOs and Spin-offs via a diversified, asset allocation focused pioneering index approach. For further information, please contact IPOX® on [email protected].

IPOX® HOLDINGS:  A select list of mid-cap specialty exposure led some of the IPOX® outperformance last week, including H.K. biotech 03/2019 IPO CanSino Biologics (6185 HK: +17.75), U.S. dating website operator 02/2021 IPO Bumble (BMBL US: +16.84%), U.S. traded Israel-based Marine Shipping services provider 01/2021 IPO ZIM Integrated Shipping (ZIM US: +15.59%), Swedish biotech U.S.-traded 03/2021 IPO Olink Holding (OLK US: +14.44%), U.S. apparel manufacturer 03/2020 IPO Levi Strauss (LEVI US: +11.35%), U.S. sporting goods store operator 10/2020 IPO Academy Sports & Outdoors (ASO US) and top performing application software maker 09/2020 Direct Listing Asana (ASAN US: +8.53%). Fintech SPAC Sofi Technologies (SOFI US: -19.70%), Swedish online wealth management platform operator 11/2020 IPO Nordnet (SAVE SS: -9.02%) and health care services provider 04/2021 IPO agilon health (AGL US: -8.90%) ranked towards the bottom of the weekly performance rankings amongst IPOX® portfolio holdings.

Select IPOX® Indexes Price Returns 2020 Last Week YTD
IPOX® Indexes: Global/International
IPOX® Global Super Liquid (IPGL50) (USD) 66.63 3.20 3.87
IPOX® International (IPXI) (USD) (ETF : FPXI) 72.15 2.82 -0.08
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) 47.32 2.92 7.47
IPOX® ESG (IPXT) (USD) 42.29 2.35 9.02
IPOX® SPAC (SPAC) (USD) 48.52 0.83 -1.99
IPOX® Indexes: Europe/Nordic
IPOX® Europe (IPOE) (USD) (ETF: FPXE) 35.14 2.98 4.45
IPOX® Nordic Core (IPND) (EUR) 59.89 1.56 12.84
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 47.50 2.13 2.43
IPOX® China Core (CNI) (USD) 88.02 3.36 -5.18
IPOX® Japan (IPJP) (JPY) 25.75 3.52 6.77

* Basis for CME-traded e-mini IPOX® 100 U.S. Futures (IPOU1).

IPOX® SPAC INDEX (SPAC) added +0.83% to -1.99% YTD and +45.58% since its 7/30/2020 launch. SPAC news include (select): 1) 8 SPACs Announced Merger Agreements (partial): a) Pershing Square Tontine confirmed to buy 10% Universal Music Group from Vivendi; b) 890 5th Avenue Partners with internet media firm BuzzFeed; and c) Northern Genesis C with autonomous truck developer Embark Trucks. 2) 6 SPACs Approved Business Combinations (partial): a) Thoma Bravo Advantage with app monetization platform ironSource (IS: 6/29); b) FTAC Olympus with online payment provider Payoneer (PAYO: 6/28) and c) Forest Road with health and fitness companies Beachbody and Myx Fitness (BODY: 6/28). 3) SPAC reportedly in talks (partial): a) M3 Bridade II with messaging company Syniverse; b) Far Peak with Thiel-backed crypto exchange Bullish Global and c) Isos with bowling alley operator Bowlero. 4) 4 new SPACs launched last week in the U.S.

IPO Deal-flow Review and Outlook: At least 33 IPOs went public last week, with the average (median) equally weighted deal adding +14.16% (+10.00%). The largest deal belonged to China Full Track Alliance (YMM US: +3.89%), while data platform Confluent (CFLT US: +28.19%), doctor social network Doximity (DOCS US: +111.08%) and car wash provider Mister Car Wash (MCW US: +37.87%) rose most. Deals abroad traded mixed, including Swedish wind and solar farms developer OX2 (OX2 SS: -8.65%) and German online bike marketplace Bike24 (BIKE GR: +5.60%), whose website is currently sold out of most sizes for higher-end road bikes, reflecting global bike shortage. Ahead of the shortened U.S. trading week, the global IPO market is gearing up for another strong week with at least 28 IPOs lined up, including cybersecurity firm SentinelOne (S US), doughnuts maker Krispy Kreme (DNUT US), Spain’ Acciona renewable energy unit spin-off (ANE SM), Australia’s PEXA Group (PXA AU) and Chinese bubble tea chain Nayuke (2150 HK). Other IPO news include: a) Elon Musk teased about Starlink IPO again; b) Chinese EV maker XPeng readies H.K. home-coming IPO; c) sustainable shoe maker Allbirds, eyewear maker Warby Parker, and customer engagement platform Brazed filed confidentially.

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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