The IPOX® Week, June 29, 2020

  • Ahead of quarter-end, IPOX Indexes trade mixed, outperform. IPOX International (IPXI) closes at fresh weekly all-time high.
  • IPOX 100 U.S. (ETF: FPX) drops -0.88% to +2.45% YTD. IPOX International (ETF: FPXI) gains +0.09% to +25.81% YTD. IPOX 100 Europe (ETF: FPXE) adds +0.28% to +6.84% YTD.
  • Dun & Bradstreet, Lemonade & SK Biopharma lined up.

Ahead of quarter-end, IPOX Indexes trade mixed, outperform. IPOX International (IPXI) closes at fresh weekly all-time high. Following U.S. Futures and Options expiration, the IPOX Indexes traded mixed. In respect of 1) COVID-19 overhang pushing U.S. yields lower (while U.S. equity risk fell on the week [VIX: -1.11%]) and 2) lackluster trading in U.S. tech (NDX: -1.59) with sentiment in social media shifting from Facebook (FB US: -9.60%) /Twitter (TWTR US:-13.08%) to IPOX Heavyweight Snap (SNAP US: +2.17%), e.g., the diversified, FANG-free IPOX 100 U.S. (ETF: FPX) fell -0.88% to +2.45% YTD, extending the YTD gain vs. the S&P 500 (SPX), benchmark for U.S. stocks, by +198 bps. to a large +931 bps. Here,

70/100 portfolio holdings fell on the week, with the average (median) equally-weighted stock declining by -1.64% (-2.25%), lagging the applied market-cap weighted IPOX 100 U.S. (ETF: FPX). Amid Russell Indexes rebalancing, notable moves amongst existing IPOX Portfolio Holdings included infrastructure software maker Fastly (FSLY US: +35.83%), streaming music provider Spotify (SPOT US: +14.55%) and online marketing solutions firm ZoomInfo (ZI US: +13.67%), while online betting sites operator Draftkings (DKNG US: -20.62%), biopharma Alector (ALEC US: -20.57%) and real estate services firm Safehold (SAFE US: -14.93%) fell. Abroad, we

IPOX International Investing with the “FPXI” ETF since 2015:

note another solid week for the IPOX International (ETF: FPXI) and IPOX 100 Europe (ETF: FPXE) which both closed at a fresh weekly all-time high. Companies in focus here included IPOX 100 Europe (ETF: FPXE) holding biotech Biontech (BNTX US: +20.97%) which gained on COVID-19 treatment hopes, while global food delivery platform operator IPOX International (ETF: FPXI) holding Just Eat Takeaway (TKWY NA: +7.16%) regained some lost momentum as investors are warming up to its pending Grubhub (GRUB US: +8.22%) deal. IPOX 100 Europe (ETF: FPXE) holding Aston Martin (AML LN: -28.81%) sank after announcing a significantly sized secondary offering.

Select IPOX® Indexes Price Returns (%) Last Week 2019 2020 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) -0.80 27.93 20.78
IPOX® International (IPXI)* (USD) (ETF: FPXI) 0.09 31.37 25.81
IPOX® Indexes: United States
IPOX® Composite U.S. (IPXC) (USD) -2.02 24.65 5.62
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) -0.88 29.60 2.45
IPOX® ESG (IPXT) (USD) -1.96
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) -0.26 34.55 16.94
IPOX® Nordic (IPND) 2.54 38.52 22.68
IPOX® 100 Europe (IPOE)* (USD) 0.28 30.97 6.84
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) -1.23 4.41 14.22
IPOX® China (CNI) (USD) -0.10 26.31 28.88
IPOX® Japan (IPJP)** (JPY) 0.26 37.91 -1.12

* 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 %):
FASTLY 35.83 ASTON MARTIN LAGONDA -28.81
BIONTECH 20.97 DRAFTKINGS -20.62
SPOTIFY TECHNOLOGY 14.55 ALECTOR -20.57
FARFETCH LTD 14.08 SOLAREDGE -15.67
ZOOMINFO TECHNOLOGIES 13.67 TRAINLINE -15.50
SCHRODINGER 12.76 SAFEHOLD INC -14.93
KARUNA THERAPEUTICS 11.40 IRHYTHM TECHNOLOGIES -14.22
DOCUSIGN INC 10.01 VIELA BIO INC -13.11
BILL.COM HOLDINGS 9.57 TOPBUILD CORP -12.36
GDS HOLDINGS 8.99 INSPIRE MEDICAL -12.00

IPO Deal-flow Review and Outlook: Grocer Albertsons (ACI US) falls in NYSE debut, while Chinese software maker Agora (API US) more than doubles. Data provider Dun & Bradstreet and insurtech Lemonade lined up. At least 7 sizable IPOs commenced trading across the global regions last week, with the average (median) equally-weighted deal surging +55.90% (+18.75%) based on the difference between the final offering price and their respective Friday’s close. Cerberus-backed grocer Albertsons (ACI US: -3.44%) stumbled on below-range, downsized IPO while Chinese real-time communication API developer Agora (API US: +152.5%) more than doubled on above-range offer. Japan’s first sizable IPO since the pandemic, local shopping info provider Locoguide (4497 JP: +198.50%), almost tripled. This week, PE-owned business data and analytics veteran Dun & Bradstreet (DNB US) and Softbank-backed insurtech unicorn Lemonade (LMND US) are set to kick off the U.S. July IPO blitz. Abroad, Korea’s biggest IPO since 2017, SK Group spin-off SK Biopharmaceuticals (326030 KS), Thailand’s largest rubber producer Sri Trang Agro Industry’s glove-business spin-off Sri Trang Gloves (STGT TB), and 989x oversubscribed Chinese medical device company Kangji Medical (9997 HK) are in focus. Other IPO news include: 1) Celebrity gym F45 to “go public” in Q3 via reverse merger and 2) PE-backed Polish online auction marketplace Allegro seeks €10b valuation in potential Warsaw IPO.

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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