The IPOX® Week, September 27th, 2021

  • IPOX® 100 U.S. (ETF: FPX) trumps U.S. benchmarks post expiration.
  • IPOX® adds IPOX® GINDEX™ (GNDX) to innovative index product line-up.
  • IPOX® SPAC sheds –0.65%. 6 new SPACs launched in the U.S. last week.
  • Brisk U.S. IPO activity as most deals are well received. More IPOs lined up.

WEEKLY Summary:  A week of big swings for U.S. equities past Futures and Option expiration week amid higher U.S. yields, a stable Dollar and more China weakness left the FANG-free IPOX® 100 U.S. (ETF: FPX) on top of the weekly U.S. equity performance rankings. The unique proxy for U.S. innovation and underlying for the $2.2 billion “FPX” ETF added +1.50% to +10.34% YTD, extending it’s lead vs. the “SPY” ETF to +26432 bps. since launch on 04/14/2006. Gains extended to companies across

IPO Investng with the Ipox® 100 ETF (ETF: FPX) since 2006

sectors and sizes, such as ride sharing and food delivery platform operator Uber Technologies (UBER US: +17.31%), U.S. social networker Snap (SNAP US: +11.17%), IL-based electrical components manufacturer Atkore (ATKR US: +11.15%), AI lending platform operator Upstart Holdings (UPST US: +8.10%) and recently added Chicago-based specialty insurance provider Ryan Specialty Group (RYAN US: +6.84%). Amid a big (perceived) corporate action involving the buy-out of U.K. gambling company Entain (ENT LN: +12.42%), digital sports and entertainment services provider DraftKings (DKNG US: -15.04%) ranked towards the bottom of the weekly IPOX® 100 U.S. (ETF: FPX) performance rankings. Sentiment was notably weaker for IPOX® exposure linked to non-U.S. domiciled firms with weakness in the IPOX® 100 Europe (ETF: FPXE) and IPOX® China (CNI) weighing on the IPOX® International (ETF: FPXI).

IPOX® adds IPOX® GINDEX (GNDX) to INNOVATIVE index product line-up: IPOX® is pleased to note the live launch of the IPOX® GINDEX (GNDX), an innovative and highly liquid benchmark index focusing exclusively on IPO(X) M&A. For further information, including licensing, please contact [email protected].

IPOX® SPAC INDEX (SPAC) fell -0.65% to -7.82% YTD and +36.91% since its 07/30/2000. SPAC new include: 1) 2 SPACs Announced a merger agreement: a) G Squared Ascend with logistics freight solution platform Transfix and b) Cartesian Growth with investment firms Tiedeman Group and Alvarium Investment. 2) 3 SPACs approved business combinations: a) Union Acquisition II with Latin American software maker Procaps (PROC: 9/30); b) Amplitude Healthcare Acquisition with biotech Jasper Therapeutics (JSPR: 9/27) and c) Fusion Acquisition with fintech start up MoneyLion (ML). 3) SPACs reportedly in talks: a) Summit Healthcare Acquisition with Singapore business combinations: a) Union Acquisition II with Latin American software maker Procaps (PROC: 9/30); b) Amplitude Healthcare Acquisition with biotech Jasper Therapeutics (JSPR: 9/27) and c) Fusion Acquisition with fintech startup MoneyLion (ML). 3) SPACs reportedly in talks: a) Summit Healthcare Acquisition with Singapore biotech Mirxes. 4) 6 new SPACs launched in the United States.

Select IPOX® Indexes Price Returns 2020 Last WEEK YTD
IPOX® Indexes: Global/International
IPOX® Global Super Liquid (IPGL50) (USD) 66.63 0.53 0.68
IPOX® International (IPXI) (USD) (ETF: FPXI) 72.15 -0.63 -2.00
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) 47.32 1.50 10.34
IPOX® GINDEX (GNDX) (USD) n/a 1.66 n/a
IPOX® ESG (IPXT) (USD) 42.29 1.08 14.83
IPOX® SPAC (SPAC) (USD) 48.52 -0.65 -7.82
IPOX® Indexes: Europe/Nordic
IPOX® Europe (IPOE) * (USD) (ETF: FPXE) 35.14 -0.34 12.35
IPOX® Nordic Core (IPND) (EUR) 59.89 -1.83 21.48
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 47.50 -0.36 3.10
IPOX® China Core (CNI) (USD) 88.02 -4.47 -32.20
IPOX® Japan (IPJP) (JPY) 25.75 -0.64 19.09

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

GLOBAL Deal-flow Review and Outlook:   At least 23 IPOs launched with the average equally weighted deal adding +17.30% based on the difference between the respective final offering price and Friday’s close. The U.S. market dominated with 13 IPOs with both PE- and VC-backed deals surging, including Welsh Carson-backed investment accounting software Clearwater Analytics (CWAN US: +40.94%), Tiger-backed restaurant software company Toast (TOST US: +39.45%), General Atlantic-backed client engagement and payment platform EngageSmart (ESMT US: +33.85%) and Sequoia-backed CRM solution provider Freshworks (FRSH US: +29.86%). Aboard, French media conglomerate Vivendi music unit spin-off Universal Music Group (UMG NA: +26.73%), French private equity firm Antin Infrastructure Partners (ANTIN FP: +26.25%) and vehicle glass repair firm Cary Group (CARY SS: +24.36%) all rose. Swedish battery charger manufacturer Ctek (CTEK SS: +98.87%) ranked as the best performing IPO of last week. IPO activity is set to continue to be brisk with deals including Advent-backed hair care product Olaplex (OLPX US), Swiss minimally invasive cardiac devices maker Occlutech (OCTECSDB SS), French real estate healthcare unit Icade Sante (IS FP) and UK COVID test maker Oxford Nanopore Technologies lined up towards month-end. Other IPO news include a) ADNOC Drilling unit upsized and scheduled to list in early October; b) Kakao Pay to delay IPO until November; c) Hong Kong insurance giant FWD files for U.S. IPO.

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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