The IPOX® Week, May 04, 2020

  • After big run-up, IPOX Indexes consolidate. IPOX heavyweight 12/2019 IPO Saudi Aramco (ARAMCO AB) gains.
  • IPOX 100 U.S. (ETF: FPX) in focus as 34% of portfolio holdings are set to report earnings.
  • Lyra Therapeutics (LYRA US) adds to long list of recent biotech IPOs; little deal flow seen.

After big run-up, IPOX Indexes consolidate. The IPOX Indexes finished the week mixed to lower, motivated by profit taking after the big run-up amid slightly higher U.S. yields, risk (VIX US: +3.51%) and generally solid earnings. In the U.S., e.g., the IPOX 100 U.S. (ETF: FPX) fell -2.68% to -12.20% YTD, outpacing the S&P 500 (SPX) and Russell 2000 (RTY) by +13 bps. and +115 bps. on the week, respectively. Here, 55/100 firms fell with the average (median) equally-weighted stock declining by -0.18% (-1.00%), better than when compared to the applied market-cap weighted IPOX 100 U.S. (ETF: FPX). With earnings season in full swing, the distribution of individual stock returns was significant with life science equipment maker Avantor (AVTR US: +19.73%) and car vending machine operator 04/2017 IPO Carvana (CVNA US: -17.61%) leading the way. A massive 34 IPOX 100 U.S. (ETF) holdings are set to report earnings this week, including:

Name Ticker ETF Date
TOPBUILD BLD UN FPX 5/5/2020 (Bef-mkt)
CARVANA CVNA UN FPX 5/6/2020 (Aft-mkt)
EVERBRIDGE EVBG UQ FPX 5/6/2020 (Aft-mkt)
FRONTDOOR FTDR UW FPX 5/6/2020 (Bef-mkt)
LIVONGO HEALTH LVGO UW FPX 5/6/2020 (Aft-mkt)
PAYPAL PYPL UW FPX 5/6/2020 (Aft-mkt)
AVALARA AVLR UN FPX 5/7/2020 (Aft-mkt)
BILL.COM BILL UN FPX 5/7/2020 (Aft-mkt)
CORTEVA CTVA UN FPX 5/7/2020 (Bef-mkt)
FIDELITY NATIONAL FIS UN FPX 5/7/2020 (Bef-mkt)
IRHYTHM IRTC UW FPX 5/7/2020 (Aft-mkt)
ROKU ROKU UW FPX 5/7/2020 (Aft-mkt)
TRADE DESK TTD UQ FPX 5/7/2020 (Aft-mkt)
ARVINAS ARVN UW FPX 5/8/2020 (Bef-mkt)
SWITCH SWCH UN FPX 5/8/2020 (Bef-mkt)

IPOX Markets abroad: In the IPOX International (ETF: FPXI), e.g., the impact of profit taking in select exposure after earnings including windfarm operator 06/2016 IPO Orsted (ORSTED DC: -3.98%) and online food services provider Hellofresh (HFG GY: -4.09%) outweigh big strength in IPOX heavyweight 12/2019 IPO Saudi Aramco (ARAMCO AB:+5.50%).

Investing in the New Generation of Int’l Stocks with “FPXI”:

Long-only IPOX® Indexes Price Returns (%) Last Week 2019 2020 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) -2.12 27.93 -1.63
IPOX® International (IPXI)* (USD) (ETF: FPXI) -0.96 31.37 2.29
IPOX® Indexes: United States
IPOX® Composite U.S. (USD) -2.95 24.64 -9.24
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) -2.68 29.60 -12.20
IPOX® ESG (IPXT) (USD) -3.00
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) -0.04 34.55 2.66
IPOX® Nordic (IPND) -1.20 38.52 -1.70
IPOX® 100 Europe (IPOE)* (USD) -0.33 30.97 -6.25
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) -1.31 4.41 -2.59
IPOX® China (CNI) (USD) -1.16 26.31 5.02
IPOX® Japan (IPJP)** (JPY) -0.65 37.91 -14.81

* 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]

NOW TRADING: 0.25 tick IPOX 100 U.S. Index Futures (Front month: IPOM0). Whether you are a risk manager or speculator, CME Group – the world’s largest exchange operator – now offers efficient and cost-effective access to the IPOX 100 U.S. Index (ETF: FPX) via emini IPOX 100 U.S. Index Futures (Front month: IPOM0). Contact [email protected] for further info and Free Data & Resources.

IPOX’s biggest Winners and Losers (Last Week in %):
AIB GROUP 26.58 CARVANA CO -17.61
AVANTOR 19.73 APELLIS PHARMA -13.15
DWS GROUP 19.40 ZOOM VIDEO -12.75
GSX TECHEDU 17.23 MYOKARDIA -12.22
SINCH 16.08 CRISPR THERAPEUTICS -10.28
FLOOR & DECOR 15.48 FREEE KK -9.88
KINSALE CAPITAL 15.29 BILIBILI -9.37
STONECO 15.04 GAZTRANSPORT -9.25
BILL.COM HOLDINGS 14.34 MEDPACE -9.13
COOR SERVICE 13.16 SAMHALLSBYGGNADSB. -8.89

IPO Deal-flow Review and Outlook: ENT-specialist Lyra Therapeutics (LYRA US) surprises market with speed-up IPO. Pipeline remains quiet for May. Only 1 firm traded across the global regions last week as MA-based, clinical-stage ENT (ear, nose and throat)-focused Lyra Therapeutics (LYRA US: +16.00%) followed the recent biotech trend to tap the U.S. IPO market on rather short notice. Other markets remained quiet as Continental European and most Asian Markets were closed for Labor Day holidays. London-based gambling software provider GAN (GAN US) is expected to trade in the U.S. this week. Other IPO news include: 1) Fortive withdraws its transportation and mobility unit Vontier’s $1 billion IPO plan; 2) $5 billion-worth construction software company Procore postpones IPO; 3) Mongolia shelves its state-owned coal mine Erdenes Tavan Tolgo’s Hong Kong IPO listing; 4) South Korea’s Shinsegae proceeds with its e-mart retail chain REIT; 5) Norwegian Zoom rival Pexip set to list in Oslo by end of Q2; and 6) Chinese bitcoin mining equipment manufacturer Ebang files for U.S. IPO.

Lime Brokerage LLC is not affiliated with these service providers. Data, information, and material (“content”) is 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. 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. Lime Brokerage LLC does not endorse, offer or recommend any of the services nor information provided by any of the above service providers and any service or information used to execute any trading strategies are solely based on the independent analysis of the user.

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