The IPOX® Week, March 15th, 2021

  • IPOX® Indexes stage big rally ahead of expiration.
  • a) IPOX® 100 U.S. (FPX) surges +6.69% to +7.96% YTD.
    b) IPOX® International (FPXI) adds +2.32% to -1.65 YTD.
    c) IPOX® 100 Europe (FPXE) gains +4.77% to -1.68% YTD.
  • IPOX® SPAC (SPAC) rises +1.96% to +57.91% since 07/31.
  • Key New Listings fade on second day of respective trading. Vantage Towers and SK Bioscience line up for debut

IPOX® 100 U.S. (ETF: FPX) leads the way: IPOX® Indexes stage big rally ahead of expiration. Amid rates anxiety over inflation fears and ever-volatile China-linked equities driving the daily sentiment swings in U.S. Technology stocks, the IPOX® Indexes closed last with significant gains across the board.  Ahead of U.S. Futures and Options expiration week, top of the list ranked the IPOX® 100 U.S. (ETF: FPX), benchmark for the performance U.S. New Listings by applying the IPOX® Indexes Technology. The index extended its YTD gain by +6.69% to +7.96% YTD, now +7.58% YTD ahead of the Nasdaq 100 (NDX), gauge for U.S. Technology, while also outpacing the S&P 500 (SPX) by +297 bps. YTD. Gains were broad-based with 93/100 companies in the IPOX® 100 U.S. (ETF: FPX) closing the week in positive territory. Strong Momentum extended to

markets abroad with significant upside recorded by the IPOX® Nordic (IPND), a broad-based portfolio of New Listings domiciled across Europe’s Nordic region, one of the most dynamic and innovative global growth regions. A somewhat unusual mix of IPOX® Portfolio Holdings set fresh weekly multi-year or all-time Highs into the week-end and included value play multimedia company ViacomCBS (VIAC US: +28.14%), IPO M&A luxury brands owner Capri Holdings (CPRI US: +13.33%), Oslo-based specialty chemicals maker Elkem (ELK NO: +11.37%), U.S. engineering services provider IPO M&A Jacobs Engineering (J US: +9.47%), communications equipment maker IPO M&A Corning (GLW US: +8.78%), as well as rising Santa Barbara-based innovative audio products manufacturer 08/2018 IPO Sonos (SONOS US: +9.95%). Disappointing earnings or corporate actions pressured several respective IPOX® Portfolio Holdings such as personal styling platform operator Stich Fix (SFIX US: -26.21%), Buffett-backed Brazil-based payment processor StoneCo (STNE US: -6.36%), Chinese real estate services provider Powerlong Commercial (9909 HK: -10.00%) and 05/20 IPO JDE Peets (JDEP NA: -5.04%), the Amsterdam-traded coffee and tea beverages producer and supplier.

Select IPOX® Indexes Price Returns (%) 2020 Last Week YTD
IPOX® Indexes: Global/International
IPOX® Global Super Liquid (IPGL50) (USD) 66.63 5.70 5.70
IPOX® International (IPXI) (USD) (ETF : FPXI) 72.15 2.32 -1.65
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) 47.32 6.69 7.96
IPOX® ESG (IPXT) (USD) 42.29 4.81 6.41
IPOX® SPAC (SPAC) (USD)** 48.52 1.96 6.31
IPOX® Indexes: Europe/Nordic
IPOX® 100 Europe (IPOE) (USD) (ETF: FPXE) 35.14 4.77 -1.68
IPOX® Nordic Core (IPND) (EUR) 59.89 5.49 4.83
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 47.50 2.25 -1.19
IPOX® China Core (CNI) (USD) 88.02 0.61 2.42
IPOX® Japan (IPJP)(JPY) 25.75 2.79 -0.47

* Basis for CME-traded e-mini IPOX® 100 U.S. Futures (IPOH1). Source: Bloomberg. Prices exclude dividends. **since July 30, 2020.

IPOX® SPAC (SPAC). The index advanced +1.96% last week to +6.31% YTD, extending its gain to +57.91% since its 7/30/2020 live launch. SPAC news include: 1) 5 SPACs Announced Merger Agreement/LOI include (partially): a) dMY Technology Group III with quantum computing startup IonQ, b) NewHold Investment with Bill Gates-backed security screening company Evolv and c) Motion Acquisition with healthcare transportation provider Ambulnz. 2) 3 SPAC Completed Business Combination include: a) InterPrivate Acquisition with Porsche-backed lidar startup Aeva (AEVA, ticker change on 3/15); b) Colonnade Acquisition with lidar sensor maker Ouster (OUST) and c) CF Finance II with smart window manufacturer View (VIEW). 3) Deals reportedly in talk include: a) 890 Fifth Avenue Partners with digital media company BuzzFeed, b) Southeast Asia’s ride-share and food delivery firm Grab with Altimeter Growth; and c) Richard Branson’s small satellite launch services provider Virgin Orbit, 4) Another 24 new SPACs flooded the market on the week.

IPO Deal-flow Review and Outlook:  14 IPOs launched across the accessible global regions last week with the average (median) equally weighted deal adding +8.53% (+3.06%) based on the difference between the final offering price and respective Friday’s close. SoftBank-backed Korean e-commerce titan Coupang (CPNG US: +38.49%) surged on upsized above-range offer amid unprecedented investor interest, while gaming platform Roblox (RBLX US: +54.89%) also made a blockbuster debut via a Direct Listing with Momentum in both stocks declining sharply on their 2nd trading day. Vodafone’s tower infrastructure spin-off Vantage Towers (VTWR GR) and SK Chemical’s vaccine developer spin-off SK Bioscience (302440 KS) are lined up to go public for this week. Other IPO news include: 1) NoSQL database software developer Couchbase, payment platform Flywir, Chinese IoT platform developer Tuya file for IPO; 2) EQT to spin out European Linux distributor SUSE. 3) Language-learning app Babbel (Lesson Nine) prepares Frankfurt listing.

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