The IPOX® Week, November 4, 2019

  • IPOX Indexes finish Fed week towards Top of weekly equity performance rankings. Select firms hit by weak earnings.
  • Broad IPOX International (ETF: FPXI), IPOX Europe (ETF: FPXE) close in on Multi-Year/All-Time Highs. FPXI ETF turns 5.
  • IPO Deal-flow Review & Outlook: REIT IPOs soar in Asia-Pacific debut. After a quiet Halloween, GFL Environmental (GFL CN) leads busy week for global IPOs

IPOX Indexes finish Fed week towards Top of weekly equity performance rankings. Select firms hit by weak earnings. Broad IPOX International (ETF: FPXI), IPOX Europe (ETF: FPXE) close in on Multi-Year/All-Time Highs. “FPXI” ETF turns 5. Amid stable yields, solid earnings, lower risk (VIX: -2.77%), a smooth FED and calmer news around global trade, the IPOX Indexes followed the big Momentum in equities to start November with strong gains. In the U.S., e.g., the IPOX 100 U.S. (ETF: FPX) added +1.86% to +24.99% YTD, ahead of most U.S. equities. Big gains extended to international exposure, with the IPOX International (ETF: FPXI) and IPOX Europe (ETF: FPXE) rising strongly. Sailing was not smooth, however, with select firms recording big declines after earnings, including online furniture seller Wayfair (W US: -29.15%),

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

social networker Pinterest (PINS US: -19.33%) or Copenhagen-traded IPOX heavyweight windfarm operator Orsted (ORSTED DC: -6.79%). The big surge in biotech Swiss-based CRISPR Therapeutics (CRSP US: +27.70%), online music platform operator Spotify (SPOT US: +21.72%), German (iPhone) batter maker Varta (VAR1 GY: +18.87%) and China infrastructure play China Tower (788 HK: +7.88%) more than offset the big relative declines in aforementioned exposure, however. The corporate action related to the merger agreement between IPOX heavyweight car makers Spin-off Fiat Chrysler (FCAU: +19.88%) and Peugeot (UG FP: -6.00%) also contributed to the strong showing on the week.

IPOX ETFs Performance update: “FPXI” ETF set to celebrate 5 years of real-time trading on Tuesday, November 5th, 2019: The IPOX 100 U.S. (IPXO)-linked First Trust U.S. Equity Opportunities Fund (ETF: FPX) finished the week at +25.68% 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 +28.02% and +24.81% YTD, respectively.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 2.02 -11.37 23.28
IPOX® International (IPXI)* (USD) 1.80 -13.41 24.39
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) 1.86 -8.80 24.99
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) -0.54 -13.46 23.13
IPOX® Nordic (IPND) 1.68 -15.45 26.39
IPOX® 100 Europe (IPOE)* (USD) 1.15 -16.60 21.42
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 2.16 -3.21 0.79
IPOX® China (CNI) (USD) 1.96 -22.83 22.05
IPOX® Japan (IPJP)** (JPY) 1.64 -13.70 3.09

* 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: REIT IPOs soar in Asia-Pacific debut. After a quiet Halloween, GFL Environmental (GFL CN) leads busy week for global IPOs. At least 13 firms debuted in the accessible markets last week**, with the average (median) equally weighted company adding +4.62% (+5.36%) based on the difference between the final offering price and Friday’s close. Focus last week was on two blockbuster REIT offerings, including Warburg-Pincus-backed logistic REIT ESR (1821 HK: +5.36%) and Korean conglomerate Lotte REIT (330590 KS: +27.20%), while the world’s first space-travel company Virgin Galactic (SPCE US: -18.24%) slumped after pursuing a reverse IPO early in the week. U.S. IPO activity is set to pick up this week, set to mark one of the busiest weeks since summer, as companies rush to go public before Thanksgiving. Canadian waste management tycoon GFL (GFL US), cryptocurrency bank Silvergate (SI US) and Chinese PitchBook-wannabe 36Kr (KRKR US) are amongst deals to watch. Other IPO news include: a) $2 trillion Aramco is expected to launch a 2% float in Saudi Arabia on December 11th, b) Chinese crypto mining giants Bitmain and Canaan filed for IPO, c) Mongolian state-owned coal behemoth Tavan Tolgoi to raise $1 billion in H.K., d) Tyro Payments preps for Australia listing despite recent IPO cancellations, e) Thai Siam Cement to list its packaging unit SCG, f) African Export-Import Bank postponed London IPO whilst African tower operator IHS Tower set to revive listing plans and g) Yandex and Uber co-owned  Russian taxi service Yandex.Taxi mulls IPO.
**term applies

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

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