IPOX® PORTFOLIO STOCKS IN FOCUS: The IPOX® 100 U.S. (ETF: FPX) continued to be led by “Internet of Things” cloud management firm Samsara (IOT: +9.90%), which extended its post-earnings run to a second week and has now gained a massive +145.94% YTD. Other notable upside movers included online travel and booking services marketplace IPOX® heavyweight Airbnb (ABNB US: +9.90%). The company added to recent gains after being selected to S&P 500 index membership (ETF: SPY) after the close the previous Friday. We also note the good week for software solutions provider Gitlab (GTLB US: +6.47%) after strong earnings while sports betting firm De-SPAC Draftkings (DKNG US: +7.46%) rose towards a fresh all-time high on start of the NFL season. Amid a tough week for U.S. Industrials (XLI US: -2.91%), we continue to watch with interest renewed gains in IPOX® heavyweight Spin-off HVAC equipment maker Carrier Global (CARR US: +1.24%, $49b market cap) with positive sentiment from its landmark $13 billion acquisition of Germany’s Viessmann Climate Solutions driving significant (hedge fund) stake building. U.S. electric car maker Rivian (RIVN US: -0.90%) beat old-economy incumbent General Motors (GM US: -1.76%) for another week with its market cap differential shrinking to just $23 billion. Big weakness in the Russell 2000 (RTY US: -3.16%) pressured respective IPOX® 100 U.S. holdings (ETF: FPX), including factory automation technology maker Symbotic (SYM US: -15.05%), medical equipment maker Transmedics Group (TMDX US: -15.26%), industrial Core & Main (CNM US: -10.16%), semiconductor maker Allegro Microsystems (ALGM US: -9.35%) and FL-based infrastructure construction firm Mastec (MTZ US: -7.77%). Across non-U.S. domiciled exposure tracked in the IPOX® International (ETF: FPXI) and IPOX® 100 Europe (ETF: FPXE), for example, we note another all-time high in IPO M&A drug maker Novo Nordisk (NVO US: +3.22%), alongside its GINDEX® U.S. counterpart Eli Lilly (LLY US: +5.27%), while 07/2022 China-domiciled home products store operator Miniso Group (MNSO US: +3.97%) dodged the weakness across most other China-linked exposure for one more week to close at a weekly post IPO-high, extending its YTD gain to a massive +148.74%. Unusual weakness across services sector exposure pressured the IPOX® MENA (IPEV) to retreat from its YTD high with companies including software maker Elm (ELM AB: -7.70%), rental car operator Theeb Rent A Car (THEEB AB: -6.82%) and stock exchange operator Saudi Tadawul Group (TADAWULG AB: -3.64%) in focus.

GLOBAL IPO DEAL FLOW REVIEW AND OUTLOOK: Just one notable IPO started trading last week. The H-share offering of Chinese biotech ImmuneOnco Biopharmaceuticals (1541 HK, $943m market cap) added +6.75% measured by the difference between the final offering price and Friday’s close. Most focus during this week is on the IPO of UK-based chip maker Arm Holdings (ARM US) which is set to debut on Thursday on NASDAQ. With an initial expected public float of less than 10%, books now solidly covered and big-brand names lined up as cornerstone investors, the deals looks priced well for first day investors and “manufactured” to have a strong opening, with secondary share selling presenting an overhang risk over the medium term. We note that one of the year’s largest IPOs, the 05/2023 IPO of U.S. consumer staple Kenvue (KVUE US, $41b market cap), has broken deal Thursday before recovering into the weekend. The IPO of ARM Holdings comes ahead of another well anticipated deal set to commence trading post- Futures and Option expiration week, the IPO of grocery delivery platform operator Instacart (CART).

THE IPOX® SPAC (SPAC): The Index of 50 constituents trading at both the pre- and post-consummation stage fell -1.00% to +15.65% YTD during the Labor Day shortened trading week. IPOX® SPAC Leaders recording significant moves last week included quantum computing firm IonQ (IONQ US: +10.45%), while mobile medical services and transportation provider DocGo (DCGO US: -19.22%) plunged as the New York City comptroller rejected the now re-honored $432 migrant contract. Other SPAC news from last week: 1) 4 SPACs Announced Merger Agreement include DHC Acquisition (DHCA US: -1.67%) wit Wyoming-based AI avatars personalized customer engagement services firm Brand Engagement Network (BEN). 2) 1 SPAC Approved/Completed Business Combination with Rosecliff Acquisition Corp I (RCFL US: +13.58%) approved merger with AI-driven wound care predictive diagnostic platform Spectral MD (MDAI US: 9/11). 3) 2 SPACs announced liquidation. 4) No new SPAC launched last week in the U.S.