The IPOX® Week, November 9th, 2020

  • Big earnings and receding U.S. election uncertainty drive IPOX Indexes to massive gains. IPOX ETFs hit fresh all-time Highs.
  • IPOX 100 U.S. ETF (FPX): +12.93% to +34.33% YTD. IPOX International ETF (FPXI): +10.47% to +54.83% YTD. IPOXO 100 Europe ETF (FPXE): +10.99% to +23.06% YTD.
  • CME Group records first trades in IPOX Futures.
  • After Ant Financial, little deal flow lined up, but filings pile up.

Big earnings and receding U.S. election uncertainty drive IPOX Indexes to massive gains. IPOX ETFs hit fresh all-time Highs. In what we interpret as one of the most powerful up moves in its history, the IPOX Indexes soared during U.S. presidential election week, even outperforming the surging benchmarks. Gains were broad-based and – most notably – extended across global regions with all IPOX-linked ETFs closing the trading week at fresh all-time Highs. Outperformance was driven by explosive gains in IPOX portfolio holdings generally untracked in the benchmarks. In the U.S., e.g., the broad-based, FANG-free IPOX 100 U.S., underlying for the $1.7 billion “FPX” ETF, added +12.93% to +34.33% YTD, propelling the index to the top of the weekly U.S. equity indexes performance rankings. Helped by a weakening U.S. dollar, big gains extended to

IPOX 100 U.S. ETF (FPX) finishes week at fresh all-time High:

non-U.S. domiciled exposure with the IPOX International, tracked by the $0.5 billion “FPXI” ETF, surging by +10.47% to +54.83% YTD, while the IPOX 100 Europe (ETF: FPXE), composed of unique European growth firms trading in Europe and the U.S., added +10.99% to +23.06% YTD. Just 12 of 229 unique portfolio holdings in the IPOX ETFs fell last week with “off-white” owner shopping platform operator London-based Farfetch (FTCH US: +51.01%), online marketing solutions provider The Trade Desk (TTD US: +44.64%), business and cash management software maker Appian (APPN US: +43.10%), medical devices maker Inspire Medical (INSP US: +40.66%) and ride hailing services provider UBER (UBER US: +34.30%) amongst its biggest winners. Infrastructure software maker 09/2019 IPO Ping Identify (PING US: -16.79%) plunged after reporting disappointing quarterly earnings.

IPOX Futures record first trades: In IPOX Business News, we are pleased to note the first trades in IPOX Futures (IPOZ0) on CME’s Globex Platform. Please contact [email protected] (Phil Portanova) for market making opportunities and product & data support.

Select IPOX® Indexes Price Returns (%) Last Week 2019 2020 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 11.35 27.93 55.29
IPOX® International (IPXI)* (USD) (ETF: FPXI) 10.47 31.37 54.83
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) 12.93 29.60 34.33
IPOX® ESG (IPXT) (USD) 9.46
IPOX® SPAC (SPAC) (USD) 2.79
IPOX® Indexes: Europe/Nordic
IPOX® 100 Europe (IPOE)* (USD) 10.99 30.97 23.06
IPOX® Nordic (IPND) 8.17 38.52 47.21
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 7.55 4.41 41.69
IPOX® China (CNI) (USD) 8.70 26.31 67.81
IPOX® Japan (IPJP)** (JPY) 6.29 37.91 24.24

* 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 (IPOM0). Source: Bloomberg L.P. & Refinitiv/Thomson Reuters. For IPOX Alternative Strategies Returns, please contact [email protected]

IPOX-linked ETFs (FPX, FPXI, FPXE) Movers (Last Week in %):
FARFETCH LTD 51.01 PING IDENTITY HOLDING -16.79
TRADE DESK INC/THE 44.64 SOLAREDGE TECH. -7.83
APPIAN CORP 43.10 KARNOV GROUP AB -5.65
INSPIRE MEDICAL 40.66 ADEVINTA ASA -2.51
UBER TECHNOLOGIES INC 34.30 SAFEHOLD INC -1.96
ZILLOW GROUP INC 33.63 BRAVIDA HOLDING AB -1.66
FIVERR INTERNATIONAL 29.08 INTEGRAFIN HOLDINGS -1.44
PINDUODUO INC 27.28 CALISEN PLC -1.05
DENALI THERAPEUTICS 26.79 NORTONLIFELOCK INC -0.88
CLOUDFLARE INC 24.05 KOJAMO OYJ -0.68

IPO Deal-flow Review and Outlook: Only 4 firms IPO’d last week, with the average (median) equally weighted deal adding +2.73% (+4.46%) based on the final offer price and respective close. Amid the suspension of the Ant Group IPO, the two larger IPOs traded mix: Biotech JW Therapeutics (2126 HK: +13.03%) and Brazilian online coupon and cash rebates provider Meliuz (CASH3 BZ: -4.10%). IPO activity is expected to slow during the upcoming week. Other IPO news include: 1) Airbnb IPO filing imminent; 2) IPO plans by online lender Upstart, “Amazon of Russia” Ozon, TikTok rival Kuaishou, pet store chain Petco, British reinsurance underwriter Conduit, Lone Star-owned building materials supplier Stark Group and EQT owned German enterprise software developer SUSE.

IPOX® SPAC Index (SPAC) update: The Index added +2.79% to +4.92% since its July 30 launch. SPAC news include: 1) 1 SPAC Completed Mergers: Healthcare Merger with acute care telemedicine platform SOC Telemed (TLMD); 2) 1 SPAC Announced Acquisition Targets: a) InterPrivate with Porsche-backed lidar startup Aeva; 3) 2 SPACs in talks of merger a) Churchill Capital IV eyes to buy stake in DirecTV; b) Foley Trasimene II with Blackstone/CVC-backed payment processor Paysafe Group; and 4) 1 new SPACs IPO’d.

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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