The IPOX® Week, November 18, 2019

  • IPOX 100 U.S. (ETF: FPX US) back on top of weekly U.S. Equity performance rankings as earnings season winds down.
  • IPOX Europe (ETF: FPXE US) gains as IPOX Nordic (IPND) soars to record. Line (LN US) propels IPOX Japan (IPJP).
  • IPO Deal-flow Review & Outlook: Weak initial showing of deals in Asia. French lottery operator FDJ set to list in Paris.

IPOX 100 U.S. (ETF: FPX US) back on top of weekly U.S. Equity performance rankings as earnings season winds down. IPOX 100 Europe (ETF: FPXE US) gains as IPOX Nordic (IPND) soars to record. Line (LN US) propels IPOX Japan (IPJP).  The IPOX Indexes finished U.S. equity options expiration week on top of the weekly performance rankings, with the IPOX 100 U.S. (ETF: FPX) breaking out of the current 3400-3500 trading range to close the week at 3509.94, adding +2.73% to +26.55% YTD. With the exception of the IPOX China (CNI), strength extended to all other world regions, including the IPOX 100 Europe (ETF: FPXE US) which benefited anew from soaring Nordic exposure with the IPOX Nordic (IPND) finishing the week at all-time high. Propelled by the corporation action linked to social networker Line (3938 JP: +16.53%), we note a good week for the IPOX Japan (IPJP). Other IPOX exposure recording big upside included wireless enabled devices maker Roku (ROKU US: +29.00%), web browser maker Opera (OPRA US: +20.09%) or Japans rotating sushi restaurant operator Sushiro Global (3563 JP: +13.98%), while IPO M&A IPOX

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

heavyweight consumer staple Tyson Foods (TSN US: +9.32%) surged towards an all-time high as pork prices continued to climb, as African swine fever is reshaping global meat markets. Amid the winding down of the effect of lock-up expirations, we note some stabilization in the hard-hit ride hailing platform operators including Uber (UBER US: -0.81%) and Lyft (LYFT US: -0.44%).

ETF Performance Update: All IPOX-linked ETFs record strong gains which outpaced the benchmarks last week: For example, the IPOX 100 U.S. (IPXO)-linked First Trust U.S. Equity Opportunities Fund (ETF: FPX) added to +27.25% YTD last week, 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 +26.65% YTD, respectively.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 1.21 -11.37 23.97
IPOX® International (IPXI)* (USD) 0.47 -13.41 25.04
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) 2.73 -8.80 26.55
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 0.84 -13.46 26.45
IPOX® Nordic (IPND) 1.60 -15.45 29.76
IPOX® 100 Europe (IPOE)* (USD) 1.75 -16.60 23.60
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 2.66 -3.21 4.45
IPOX® China (CNI) (USD) -2.52 -22.83 21.38
IPOX® Japan (IPJP)** (JPY) 2.58 -13.70 4.73

* 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: Weak initial showing of deals in Asia. French lottery operator FDJ set to list in Paris. At least 10 firms debuted in the accessible markets last week**, with the average (median) equally-weighted company dropping by -2.44% (-0.84%) based on the difference between the final offering price and Friday’s close. While the two larger deals, Thai’s S Hotels and Resorts (SHR TB: -26.15%) and China’s baby milk formula producer Feihe (6186 HK: -0.93%) fell on respective debut, the delayed U.S. traded biopharma 89bio (ETNB US: +68.75%) soared based on final offer. Amid a less packed IPO schedule, French lottery operator Française des Jeux (FDJ FP) and Japanese fabless company MegaChips spin-off SiTime (SITM US) are among companies to watch this week. Single-tenant commercial properties REIT Alpine (PINE US), Chinese bitcoin miner Canaan (CAN US) and London-based special effect firm DNEG (DNEG LN) and are also lined up to complete their IPO before Thanksgiving, respectively. Other IPO news last week included: a) Chinese insurance giant Ping An Insurance to list its unicorn fintech unit OneConnect (OCFT US) by month-end on the NYSE, b) Alibaba (9988 HK) unveiled its ambitious $13 billion secondary offer in Honk Kong with shares set to start trading on November 26th, c) PE firm Advent announced plans to exit its £2.5billion-valued industrial supplies group Rubix through an IPO, d) German renewable power producer SUMMIQ prep for year-end listing, e) CRO PPD filed for confidential IPO after PE buyout, f) B2B payment unicorn Bill.com filed for an IPO, and g) another unicorn, SoftBank-backed insurance startup Lemonade postponed its IPO plan amid investor jitters.
**term applies

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

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