The IPOX® Week, November 22nd, 2021

  • IPOX® 100 U.S. (IPXO) drops during U.S. options expiration week. Dollar & China weight.
  • IPOX® Europe (IPOEE) closes Friday at all-time High. IPOX® EV soars +3.91%.
  • IPOX® SPAC (SPAC) sheds -0.16%. 12 new SPACs launched in the U.S. last week.
  • India’s Paytm (PAYTM IN: -27.00%) plunges in debut. U.S. Thanksgiving cools IPO market.

Weekly Summary:  Amid stable U.S. yields, higher risk (VIX: +9.94%) and another week of big gains for the U.S. dollar, the IPOX® Indexes finished monthly U.S. options expiration week mixed.  In the U.S., e.g., the IPOX® 100 U.S. (ETF: FPX) shed -1.62% to +12.21% YTD, tracking U.S. small-caps lower, while more declines across China- and Brazil-linked exposure and adverse currency moves continued to pressure the IPOX International (ETF: FPXI). Driven by big gains in some key portfolio holdings, we note another strong week for the IPOX® Europe (IPOEE), underlying for the UCITS-conform “EFPX” ETF and 5-star NASDAQ-listed “FPXE” ETF with the Europe-traded version extending the lead vs. the broad European market to a strong +798 bps. since its June launch.

IPOX® Europe (IPOEE) Investing with the “EFPX” ETF since Launch:

More explosive gains across a diversified mix of EV-makers and respective best-of-breed platform stocks propelled the narrower and super-liquid IPOX® EV Index (IPEV) by a massive +3.91% to +41.47% YTD.

IPOX® Portfolio Holdings in focus: Europe-domiciled stocks tracked in the IPOX® Europe (IPOEE) stood out and included German Covid-19 vaccine maker BioNTech (BNTX US: +21.67%), Swedish application software firm CINT Group (CINT SS: +11.26%), IPOX® heavyweight medical equipment maker Siemens Healthineers (SHL GY: +10.82%) and German online food-services provider HelloFresh (HFG GY: +10.52%). China, Brazil, and Canada-domiciled firms continued to lag with Canadian payment solutions provider Lightspeed Commerce (LSPD US: -21.66%), China key real estate services provider Country Garden Services (6098 HK: -14.22%) and Brazil-domiciled payment processor PagSeguro Digital (PAGS US: -15.78%) and pet store operator Pet Center Commercio (PETZ3 BS: -11.02%) pressuring the respective IPOX® Indexes.

IPOX® SPAC INDEX (SPAC):  The Index fell -0.16% to -5.99% YTD and +39.63% since Its 7/30/2020 launch. SPAC news include: 1) 5 SPACs Announced Merger Agreement include: a) Blue Safari Group Acquisition (BSGA US: +3.61%) with Singapore-based bitcoin mining firm Bitdeer, b) Archimedes Tech SPAC Partners (ATSPT US: +0.81%) with voice recognition company SoundHound and c) Waldencast Acquisition Co. (WALD US: +1.74%) with two cosmetic and skincare companies OBAGI and Milk Makeup; 2) 4 SPACs Approved Business Combinations include: a) Virtuoso Acquisition with car data marketplace Wejo (WEJO: +13.01%) and b) Leo Holdings III (LIII US: -4.65%) with indoor agriculture company Local Bounti (LOCL: 11/22); 3) 1 SPACs terminated merger agreement include Khosla Venture (KVSA US: +0.30%) with drug discovery biotech Valo Health. 4) SPACs Reportedly In talk Include 10X Capital (VCXA US: +5.62%) with bitcoin miner PrimeBlock; 5) 12 new SPACs launched last week in the U.S.

Select IPOX® Indexes Price Returns 2020 Last Week YTD
IPOX® Indexes: Global/International
IPOX® Global Super Liquid (IPGL50) (USD) 66.63 -0.81 1.69
IPOX® International (IPXI) (USD) (ETF: FPXI) 72.15 -1.17 -6.04
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) 47.32 -1.62 12.21
IPOX® M&A (GNDX) (USD) n/a -0.94 n/a
IPOX® ESG (IPXT) (USD) 42.29 -1.94 11.57
IPOX® SPAC (SPAC) (USD) 48.52 -0.16 -5.99
IPOX® EV (IPEV) (USD) n/a 3.91 41.47
IPOX® Indexes: Europe/Nordic
IPOX® Europe (IPOE) * (USD) (ETF: FPXE) 35.14 0.68 12.96
IPOX® Nordic Core (IPND) (EUR) 59.89 0.00 27.83
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 47.50 0.45 1.89
IPOX® China Core (CNI) (USD) 88.02 -2.53 32.43
IPOX® Japan (IPJP) (JPY) 25.75 0.57 16.75

* Basis for CME-traded e-mini IPOX® 100 U.S. Futures (IPOZ1). *also available In UCITS format in Europe in EUR (EFPX IM,), USD (IPXE LN), and GBP (FPX LN).

WEEKLY GLOBAL Deal-flow Review and Outlook:  17 IPOs launched globally last week, with the average equally-weighted deal adding +17.82% based on the difference between the respective final offering price and Friday’s close. U.S. salad chain Sweetgreen (SG US: +89.29%), German solar EV maker Sono (SEV US: +65.33%) and customer engagement platform Braze (BRZE US: +44.86%) surged in their debut in the U.S. Abroad, property and casualty insurer Definity Financial (formerly known as Economical Mutual Insurance) (DFY CN: +24.55%) rose on the largest Canadian IPO YTD, while Indian key digital payments firm Paytm (PAYTM IN: -27.00%), India’s largest IPO in history, plunged on its debut. Russia’s second-largest bourse SPB Exchange (SPBE RM: +9.59%) also rose in its debut in Moscow. The IPO market is set for a slowdown amid U.S. Thanksgiving week, with no significant deal flow seen in the U.S. Abroad, Indonesia state-owned Telkom Indonesia’s subsidiary tower operator Dayamitra Telekomunikasi/Mitratel (MTEL IJ) is expected to launch the countries third largest IPO in history. Other IPO news include: a) Greek yogurt maker Chobani, IoT firm Samsara, Brazilian steakhouse chain Fogo de Chao (re-IPO) filed; b) NetEase’s music unit spin-off Cloud Village revived $1B Hong Kong IPO plan and c) Chinese AI giant SenseTime close to $1B Hong Kong offer.

Lightspeed Financial Services Group LLC is not affiliated with these third-party market commentators/educators or service providers. Data, information, and material (“content”) are 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 or contracts. 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. Lightspeed Financial Services Group LLC does not endorse, offer nor recommend any of the services or commentary provided by any of the market commentators/educators or service providers and any information used to execute any trading strategies are solely based on the independent analysis of the user.

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