The IPOX® Week, May 18, 2020

  • FANG-free, diversified IPOX 100 U.S. (ETF: FPX) gains, while Markets fall, dodges concerted selling hitting U.S. benchmarks.
  • Big week for IPOX China, solid IPOX Europe (ETF: FPXE) drive IPOX International (ETF: FPXI) to weekly closing high.
  • Pick-up in IPO activity and filings. Zoom rival Pexip (PEXIP NO) soars in Oslo trading debut. SelectQuote (SLQT US) lined up.

FANG-free, diversified IPOX 100 U.S. (ETF: FPX) gains, dodges concerted selling hitting U.S. benchmarks, eyes big technical level: Amid strong earnings, most IPOX Indexes traded higher during U.S. options expiration week. In the U.S., e.g., supportive yields, higher risk (VIX: +13.97%) amid dismal economic data and concerted selling of the derivatives-heavy equity benchmarks did little to derail the positive momentum in the IPOX 100 U.S. (ETF: FPX), which added +0.52% to -5.68% YTD, now +568 bps. YTD ahead of the S&P 500 (SPX), benchmark for U.S. stocks. The broad-based index now eyes the 3412.06 level – it’s 200-day moving average – as a key test for further upside. Special situations and strong earnings drove

FANG-free IPOX 100 U.S (ETF: FPX) eyes big technical level:

the good showing in the IPOX 100 U.S. (ETF: FPX), including biotech Myokardia (MYOK US: +99.20%), healthcare software provider 1Life Healthcare (ONEM US: +31.52%), fertility benefits management company Progyny (PGNY US: +15.76%), and communication services provider Zoom Video (ZM US: +12.50%). Spin-offs consumer staple Lamb Weston (LW US: -15.36%), computer services provider HPE (HPE US: -11.12%), and REIT Vici Properties (VICI US: -10.47%) performed worst.

Big week for the IPOX China, solid IPOX Europe (ETF: FPXE) drive IPOX International (ETF: FPXI) to weekly closing high. We note a big week for the IPOX China (CNI) which closed Friday at a multi-year high, adding +3.37% to +12.41% YTD. Strength here and in the IPOX Europe (ETF: FPXE) helped to propel the IPOX International (ETF: FPXI) to a weekly all-time high. Ahead of more earnings for Technology firms across Asia-Pacific (BABA US, PDD US, SE US, ZTO US), individual “FPXI” holdings in focus included Chinese ecommerce platform Pinduoduo (PDD US: +12.27%), biotech HK-traded Wuxi Biologics (2269 HK: +8.25%), logistics firm ZTO Express (ZTO US: +7.00%) and Amsterdam-listed Financial Prosus (PRX NA: +6.66%), while global energy Riyadh-traded Saudi Arabian Oil Co. (ARAMCO AB: +1.29%) traded firm after re-iterating its dividend, currently at 4.48% p.a.

Long-only IPOX® Indexes Price Returns (%) Last Week 2019 2020 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 2.01 27.93 5.66
IPOX® International (IPXI)* (USD) (ETF: FPXI) 0.94 31.37 8.42
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) 0.52 29.60 -5.68
IPOX® ESG (IPXT) (USD) -0.80
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 0.38 34.55 8.14
IPOX® Nordic (IPND) -0.27 38.52 4.51
IPOX® 100 Europe (IPOE)* (USD) -0.05 30.97 -3.27
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 0.34 4.41 2.18
IPOX® China (CNI) (USD) 3.37 26.31 12.41
IPOX® Japan (IPJP)** (JPY) 0.79 37.91 -11.62

* 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]

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IPOX’s biggest Winners and Losers (Last Week in %):

Pick-up in IPO activity and filings, SelectQuote (SLQT US) lined up. At least 5 IPOs debuted across the global regions last week with the average (median) equally-weighted deal adding +36.64% (+46.03%) based on the difference between the final offering price and their respective Friday’s close. Video conferencing firm Pexip (PEXIP NO: +46.03%) surged in Oslo, while Swiss oncology biotech ADC Therapeutics (ADCT US: +56.05%) and Chinese medical device maker Peijia Medical (9996 HK: +67.97%) continued the biotech IPO rally. Brazilian parking services provider Allpark (ALPK3 BZ: -9.05%), however, fell on first Brazilian IPO since the COVID-19 pandemic. Insurance policy comparison firm SelectQuote (SLQT US) and cancer drug developer Kintor Pharmaceutical (9939 HK) are lined up. Other IPO news include: 1) Chinese online grocery delivery platform Dada Nexus files 2) J&J-backed Genscript spin-off Legend Biotech and more biotechs to list 3) German analytics database firm Exasol revives Frankfurt IPO 4) PE-owned market-intelligent platform ZoomInfo Technologies to proceed with IPO 5) Online used car seller Vroom files confidentially for IPO.

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