The IPOX® Week, March 25, 2019

  • FANG-free diversified IPOX 100 U.S. (ETF: FPX) gains during tough week for most U.S. equities.
  • Other IPOX Indexes trade mixed.
  • IPO Deal-flow Review & Outlook: 166-year-old iconic blue jeans maker Levi Strauss (LEVI US) surges on debut. Ride-sharing giant Lyft (LYFT US) readies largest IPO YTD.
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FANG-free diversified IPOX 100 U.S. (ETF: FPX) gains during tough week for most U.S. equities. Amid the plunge in U.S. yields driven by more global economic uncertainty, gyrations in the EUR and big daily equity sentiment swings driving a jump in risk (VIX: +31.60%) affecting U.S. small-caps (RTY: -3.07%) most, the IPOX Indexes finished FED week mixed. For example, while the IPOX Indexes focusing on European- (IXTE, IPOE) or China (CNI)-domiciled exposure fell, the FANG-free diversified IPOX 100 U.S. (ETF: FPX) rose last week, adding +0.08% to +19.02% YTD, now a large +730 bps. YTD ahead of the S&P 500 (SPX: -0.77%), benchmark for U.S. stocks. 44/100 IPOX 100 U.S. (ETF: FPX) stocks rose on the week, with the average (median) firm declining by -0.90% (-0.84%), underperforming the applied market-cap weighted index. More corporate actions contributed to the strong showing, including the buy-out of IPOX heavyweight payment processor Worldpay (WP US: +11.92%) and follow-on buying in select specialty stocks having recently reported strong earnings, including application software maker MongoDB (MDB US: +13.80%) or medical technology provider Glaukos (GKOS US: +10.88%). Big profit taking in Softbank-held biotech Guardant Health (GH US: -19.36%) or ecommerce platform operator Stitch Fix (SFIX US: -14.19%) weighed on otherwise good IPOX 100 U.S. (ETF: FPX) momentum towards the week-end, which had propelled the Total Return version of the IPOX 100 U.S. (IPXUOTR) to an all-time high on Thursday.

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

Fund Performance Update: The IPOX 100 U.S. (IPXO)-linked, 5-star (10-years) $1.1 billion First Trust U.S. Equity Opportunities ETF (FPX) added to +19.14% YTD, the IPOX International (IPXI)-linked 5-star First Trust International Equity Opportunities ETF (FPXI) and IPOX 100 Europe (IPOE)-linked First Trust IPOX® Europe Equity Opportunities ETF (FPXE) rallied to +15.05% YTD and +17.30% YTD, respectively. The Catalyst IPOX Allocation Fund (OIPAX), a 2019 Thomson Reuters Lipper Award winning actively managed mutual fund, finished the week at +17.00% YTD.

IPOX® Indexes Price Returns (%) (RT) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 0.40 -11.37 17.35
IPOX® International (IPXI)* (USD) -0.05 -13.41 12.90
IPOX® Indexes: United States
IPOX® Comp. U.S. (IPXC)* -1.09 -7.59 15.96
IPOX® 100 U.S. (IPXO)* 0.08 -8.80 19.02
IPOX® 30 U.S. (IPXT) 0.66 -10.28 16.01
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) -0.62 -13.46 13.63
IPOX® Nordic (IPND) -1.40 -15.45 13.75
IPOX® 100 Europe (IPOE)* (USD) -1.26 -16.60 12.80
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 0.90 -3.21 4.90
IPOX® China (CNI) (USD) -1.97 -22.83 11.89
IPOX® Japan (IPJP)** (JPY) 0.37 -13.70 5.97

* 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 (IPOH9). ** Live since 07/18. Please contact [email protected] for other IPOX® Indexes.

IPO Deal-flow Review & Outlook: 166-year-old iconic blue jeans maker Levi Strauss (LEVI US) surged on debut. Ride-sharing giant Lyft (LYFT US) readies largest IPO YTD. At least six companies debuted last week across accessible global regions, with the average (median) equally-weighted firm adding +26.02% (+29.20%) based on the difference between final offer price and Friday’s close. Priced above range, San Francisco-based jeans maker Levi’s (LEVI US: +30.12%) returned to public with strong demand. Interactive Brokers and Xiaomi-backed Chinese online brokerage Up Fintech (TIGR US: +35.25%) also soared on its above-range offer. With less public attention, Aon Plc’s HR platform, now Blackstone-owned Alight postponed its $800 million IPO, denting sentiment. While Levi’s listing marked the largest in U.S. so far this year, the long-awaited Lyft (LYFT US) is set to break the record Friday. The ride-hailing decacorn, valued at over $20 billion, is expected to launch on Nasdaq, aiming to raise over $2 billion. Durham, NC-based early-stage biotech company Precision BioSciences (DTIL US) and late-stage French biopharma Genfit (GNFT US) are scheduled to launch on Nasdaq as well. Hong Kong and South Korea’s IPO markets are also expected to rebound with a total of seven IPOs this week.

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