The IPOX® Week, November 23rd, 2020

  • Key IPOX Indexes soar to close week at fresh all-time Highs: IPOX 100 U.S. (FPX) gains +4.01% to +34.43% YTD.
  • IPOX International (FPXI) adds +1.68% to 55.42% YTD.
  • IPOX SPAC (SPAC) jumps +3.83% on deal announcements.
  • IPOX launches the IPOX EV Index (IPEV).
  • Little deal flow lined up during shortened U.S. trading week.

Key IPOX Indexes soar to close week at fresh all-time Highs. Select IPOX Indexes staged a massive rally during U.S. options expiration week, significantly outpacing the benchmarks. In the U.S., e.g., the FANG-free, diversified IPOX 100 U.S. (ETF: FPX) rose +4.01% to +34.43% YTD, +2432 bps. YTD ahead of the S&P 500 (SPX), benchmark for U.S. stocks, finishing the week at an all-time High.

Abroad, the IPOX International (ETF: FPXI) also continued its strong showing, adding +1.68% to +55.42% YTD. Stocks in focus included software maker Appian (APPN US: +26.21%), Shanghai-based video games maker Bilibili (BILI US: +22.70%), car maker Tesla (TSLA US: +19.86%), media firm ViacomCBS (VIAC: +12.55%) and New Fortress Energy (NFE: +11.91%).

IPOX® SPAC Index (SPAC): The Index added +3.83% to +12.04% since its 07/20 launch. SPAC news include 1) 4 SPACs Announced Merger Agreement/LOI: a) Roth CH with plastic recycling firm PureCycle; b) CIIG Merger with BlackRock-backed electric bus maker Arrival; c) Trident with lottery platform Lottery.com; and d) Longview with medical imaging company Butterfly Networks. 2) 4 SPACs Completed Business Combinations: a) B. Riley Principal II with energy storage provider Eos Energy (EOSE); b) Orisun with Chinese agile office space manager and provider Ucommune (UK); c) Fortress Value with rare earth minerals miner MP Materials (MP); and d) CF Finance with alternative asset management firm GCM Grosvenor (GCMG). 3) 2 SPACs reportedly in talks: a) GigCapital3 with fleet electrification company Lightning eMotors; and b) Forum Merger III with EV startup Electric Last Mile Solution (ELMSi). 4) e-scooter rental startup Bird and boutique investment bank Perella Weinberg explore “going public” via SPAC merger. 5) 15 new SPACs IPO’d.

Select IPOX® Indexes Price Returns (%) Last week 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global Super Liquid (IPGL50) (USD) 2.89 27.93 55.84
IPOX® International (IPXI)* (USD) (ETF : FPXI) 1.68 31.37 55.42
IPOX® Indexes: United States
IPOX® Composite (IPXC) (USD)  2.43 24.65 31.69
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) 4.01 29.60 34.43
IPOX® ESG (IPXT) (USD)  3.02 34.31
IPOX® SPAC Index (SPAC) (USD)  3.83
IPOX® EV Index (IPEV) (USD)  5.06
IPOX® Indexes: Europe/Nordic
IPOX® 100 Europe (IPOE)* (USD) (ETF: FPXE) 1.52 30.97 22.05
IPOX® Nordic Core (IPND) (EUR) 1.68 38.52 43.92
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 0.49 4.41 42.03
IPOX® China Core (CNI) (USD) 0.93 26.31 71.25
IPOX® Japan (IPJP)** (JPY) -3.38 7.91 20.72

* 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 (IPOZ0). Source: Bloomberg. For IPOX Alternative Strategies Returns, please contact [email protected]

IPOX-linked ETFs (FPX, FPXI, FPXE) Movers (Last Week in %):
APPIAN CORP 26.21 AI INSIDE INC -25.21
BILIBILI INC 22.70 HELIOS TOWERS PLC -14.10
TESLA INC 19.86 IRHYTHM TECH -13.99
SOLAREDGE TECH 16.42 THERMO FISHER -7.69
SMILEDIRECTCLUB 15.94 INARI MEDICAL INC -7.62

IPOX EV Index (IPEV): IPOX is pleased to note the addition of the IPOX EV Index (IPEV) to its line-up. The portfolio focuses on New Generation Automotive and includes firms linked to AI/automotive driving, ride sharing, auto sales and energy storage, e.g. For further information, please contact: [email protected] (Phil Portanova).

IPO Deal-flow Review and Outlook: At least 17 firms IPO’d across last week, with the average (median) equally weighted deal adding +33.10% (+10.56%) based on the final offer price and respective close. The U.S. IPO market ended 2 weeks of drought since the election with upsized, above-range breast cancer biotech Olema (OLMA US: +157.37%) and Chinese cosmetic company Yatsen (YSG US: +90.76%) “going public”. Lab sterilization services provider Sotera (SHC US: +9.13%) and biomedical company Maravai (MRVI US: +10.56%) also rose on billion dollar offers. Abroad, Korean microbiome company KoBioLabs (348150 KS: +153.33%) more than doubled while “The Amazon of Russia” Ozon (OZON US) readies its listing, as well as Swedish digital savings and investment platform Nordnet (SAVE SS). Other IPO news include: 1) online marketplace Wish (ContextLogic), installment payment company Affirm, New Residential Investment mortgage lending unit spinoff NewRez, home rental Airbnb, and kid’s gaming platform Roblox submitted IPO filings. 2) European Veterinary group IVC Evidensia, Bain’s portfolio company food hygiene and cleaning provider Diversey, online education startup Udemy, Russian’s largest dollar-store retailer Fix Price, and trading platform Robinhood weigh IPO.

Track global deal flow live on: https://bit.ly/32zolmG

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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