The IPOX® Week, November 30th, 2020

  • Key IPOX Indexes soar anew to record fresh all-time Highs:
  • IPOX 100 U.S. (FPX) rises to +40.62% YTD; Big gains in NYSE-Listings drive IPOX 100 U.S. past Nasdaq 100 YTD.
  • IPOX International (FPXI) rises to +57.17% YTD.
  • IPOX SPAC (SPAC) rises +8.34% in big ever for IPOX strategy.
  • Evergrande Services (6666 HK) and Nuix (NXL AU) on deck.

Key IPOX Indexes soar anew to record fresh all-time Highs: The IPOX Indexes topped the weekly global equity performance rankings anew, with corporate actions linked to select IPOX Holdings and exposure to firms seemingly insulated from the COVID-19 inflicted global economic vows driving outperformance. In the U.S., e.g., the broad-based IPOX 100 U.S., tracked by the $2 billion “FPX” ETF, surged +5.36% to +40.62% YTD, now a massive +2935 bps. ahead of the S&P 500 (SPX), benchmark for U.S. stocks, YTD. Here, big gains in NYSE-listed IPOs and Direct Listings drove the index past the FANG-dominated hard-to-beat Nasdaq 100 (NDX) YTD, with software makers Palantir (PLTR US: +52.40%) and perceived takeover target Slack Technologies (WORK US: +39.09%) in focus, while big gains in IPO M&A electric car maker Tesla (TSLA US: +19.64%) ahead of its S&P 500 (SPX) index inclusion set for next month helped. Mortgage provider Rocket Cos. (RKT US: -3.39%) recorded losses. In non-U.S. domiciled exposure, we note a fresh-all-time closing High in the IPOX International, tracked by the $1 billion “FPXI” ETF, with the portfolio adding +1.13% last week, to +57.17% YTD. Here, big gains in Saudi-traded 03/20 IPO health services provider Dr. Sulaiman Al-Habib (SULAIMAN AB: +15.58%), online luxury fashion marketplace “off-white” owner Farfetch (FTCH US: +14.06%) and Japans leading logistics prover SG Holdings (9143 JP: +12.38%) more than offset losses in select China-linked consumer and healthcare exposure including Wuxi Biologics (2263 HK: -8.70%), Ping An Healthcare and Technology (1833 HK: -8.59%) and “hot pot” restaurant operator Haidilao International (6862 HK: -7.91%).

IPOX® SPAC Index (SPAC) has huge week: The managed Index added a massive +8.34% to +21.38% since its July 30 launch with APEX Technology (APXT US: +39.90%) and GORES Metropoulos (GMHI US: +20.71%) driving the good showing. SPAC news include: 1) 4 SPACs Announced Merger Agreement/LOI include: a) AGBA Acquisition with units of Hong

IPOX® SPAC Index (SPAC) since live launch:

Select IPOX® Indexes Price Returns (%) Last week 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global Super Liquid (IPGL50) (USD) 2.08 27.93 59.08
IPOX® International (IPXI)* (USD) (ETF : FPXI) 1.13 31.37 57.17
IPOX® Indexes: United States
IPOX® Composite (IPXC) (USD) 4.02 24.65 36.99
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) 5.36 29.60 40.62
IPOX® ESG (IPXT) (USD) 3.54 38.73
IPOX® SPAC Index (SPAC) (USD) 8.34
IPOX® EV Index (IPEV) (USD) 7.79
IPOX® Indexes: Europe/Nordic
IPOX® 100 Europe (IPOE)* (USD) (ETF: FPXE) 3.99 30.97 24.80
IPOX® Nordic Core (IPND) (EUR) 2.01 38.52 46.80
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 2.59 4.41 44.33
IPOX® China Core (CNI) (USD) 2.78 26.31 72.13
IPOX® Japan (IPJP)** (JPY) 2.48 7.91 23.71

* 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

IPOX-linked ETFs (FPX, FPXI, FPXE) Movers (Last Week in %):
APPIAN CORP 55.02 WUXI BIOLOGICS -8.70
PALANTIR TECH. 52.40 PING AN HEALTHCARE -8.59
NANO-X IMAGING LTD 42.35 PEXIP HOLDING ASA -8.56
SLACK TECHNOLOGIES 39.09 HAIDILAO INTERN. -7.91
TESLA INC 19.64 ONCOPEPTIDES AB -7.61

Kong-listed Financial Convoy; b) INSU Acquisition with digital insurance provider Metromile; c) Apex Technology with Microsoft 365 data management provider AvePoint; and d) GigCapital2 with Telehealth providers UpHealth and Cloudbreak. 2) SPACs Completed Business Combination include Kensington Capital with EV battery maker QuantumScape (QS). 3) 1 SPAC reportedly terminated proposed merger include: a) GreenVision terminated combination agreement with Accountable Healthcare America (AHA). 4) 7 new SPACs IPO’d.

IPO Deal-flow Review and Outlook: At least 11 firms IPO’d across the global markets last week, with the average (median) equally weighted deal adding +29.67% (+33.33%) based on the final offer price and respective close. Upsized, above-range “the Amazon of Russia” Ozon (OZON US: +33.33%) surged during the shortened U.S. trading week. Abroad, Swedish pension savings and investment platform Nordnet (SAVE SS: +8.23%), quadruple its valuation compared to its market value when taken private in late 2016. Chinese real estate developer Evergrande’s property services unit Evergrande Services (6666 HK) and Macquarie-backed Australian’s software company Nuix (NXL AU) are lined up. Other IPO news include: 1) JD.com and Saudi Arabis’s Sabic weigh IPO for its logistic unit and specialty chemicals business respectively. 2) SoftBank-backed real estate brokerage Compass in talk of IPO. 3) Russian online cinema Ivi and German online luxury retailer Mytheresa file for U.S. IPO.

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

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