The IPOX® Week, November 11, 2019

  • IPOX Nordic (IPND), IPOX China (CNI) build on big Momentum. Earnings pressure IPOX 100 U.S. (ETF: FPX).
  • Amid surge in Investor Interest, IPOX International (ETF: FPXI) celebrates 5th trading anniversary; Creations top +108 % YTD.
  • IPO Deal-flow Review & Outlook: Waste management tycoon GFL cancelled the largest Canadian IPO in two decades amid continuous valuation cut. Global IPOs trade mixed. IPO activity slows down amid upcoming Thanksgiving holiday.

IPOX Nordic (IPND), IPOX China (CNI) build on big Momentum. Weak earnings pressure IPOX 100 U.S. (ETF: FPX). Amid surge in Investor Interest, IPOX International Index (ETF: FPXI) celebrates 5th trading anniversary.  A big miss on earnings by select exposure pressured the IPOX 100 U.S. (ETF: FPX) last week, leaving the index stuck in its current trading range, while the broad-based U.S. equity benchmarks continued their unabated rally to historic highs, amid a surge in U.S. yields. Abroad, we note another big week for Europe- and China-linked exposure with the IPOX Nordic (IPND) and IPOX China (CNI) closing at respective weekly records. Trading

IPOX® International Investing with the “FPXI” ETF since 2016:

was brisk with earnings driving the skew in weekly portfolio returns:  While ride hailing services operator Uber (UBER US: -13.90%), cable services provider Altice USA (ATUS US: -16.49%) or wireless enabled devices market Roku (ROKU US: -16.76%) sank and pressured the IPOX 100 U.S. (ETF: FPX), while companies including drug maker IPO M&A Takeda (TAK US: +7.56%), medical equipment maker Siemens Healthineers (SHL GY: +9.98%) or medical devices maker IPOX 100 Europe (ETF: FPXE)-held Inmode (INMD US: +25.98%) surged after earnings. Amid positive trial results, select recent U.S. biotech IPOs tracked in IPOX traded sharply higher, including clinical stage biopharma 05/2019 IPO NextCure (NXTC US: +203.07%) and 07/18 IPO Constellation Pharma (CNST US: +118.75%).

IPOX ETFs Update – Amid it 5th year trading anniversary, FPXI creations rise to +108% YTD. The IPOX 100 U.S. (IPXO)-linked First Trust U.S. Equity Opportunities Fund (ETF: FPX) finished the week at +23.78% YTD, while the IPOX International (IPXI)-linked First Trust International Equity Opportunities Fund (ETF: FPXI) and the IPOX 100 Europe (IPOE)-linked First Trust IPOX® Europe Equity Opportunities Fund (ETF: FPXE) closed at +27.12% and +24.75% YTD, respectively.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) -0.64 -11.37 22.49
IPOX® International (IPXI)* (USD) 0.05 -13.41 24.45
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) -1.45 -8.80 23.18
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 2.26 -13.46 25.39
IPOX® Nordic (IPND) 1.05 -15.45 27.71
IPOX® 100 Europe (IPOE)* (USD) 0.01 -16.60 21.48
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 0.93 -3.21 1.74
IPOX® China (CNI) (USD) 2.03 -22.83 24.52
IPOX® Japan (IPJP)** (JPY) -0.96 -13.70 2.10

* 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 (IPOZ9). ** Live since 07/18.

IPO Deal-flow Review & Outlook: Waste management tycoon GFL Environmental cancelled the largest Canadian IPO in two decades amid continuous valuation cut. Global IPOs trade mixed. IPO activity slows down amid upcoming Thanksgiving holiday. At least 13 firms debuted in the accessible markets last week**, with the average (median) equally weighted company adding +4.33% (+0.00%) based on the difference between the final offering price and Friday’s close. Canadian waste management tycoon GFL cancelled $2.1 billion IPO due to below-range price support. Small-cap biotech start-up 89bio also postponed the deal. Other traded mixed. With virtually no U.S. IPO activity ahead of Thanksgiving, focus is on deals across Asia-Pacific with Thai Singha Estate’s hotel portfolio S Hotels and Resorts (SHR TB) and China baby milk formula maker Feihe (6186 HK) set to start trading. Other IPO news last week included: a) Brazil’s brokerage firm XP Investimentos preps U.S. IPO by year-end, b) following its own blockbuster Stockholm IPO this September, Swedish private equity firm EQT (EQT SS) said to revive plans to list its outsourcing company VFS Global, and c) Spanish venture capital firm Balboa Ventures set to be the first IPO in Madrid this year.
**term applies

Track Priced & Upcoming IPOs on https://ipox.com/ipox-deals/


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