IPOX Composite Index

IPOX® 週
www.ipoxschuster.com
Jul 8, 2011
 Summary
待ちに待っていた米国の収益シーズンが始まり世界証券は米
国雇用状況で感情が悪化する前の木曜まで強気の勢いが続い
た。米国 IPO 予定は季節的に少なくチャイナ A シェア IPO の
初期リターンは劇的に高くなっており、又アジア太平洋小型
企業が多数上場予定している。
[週 7/11/2011 ]
 Highlights
IPOX Indexes:
 IPOX グローバル全体は IPOX グローバル 30 (IPGL30) が
今年現在のリターンを+1.70% 上げて+7.95%とし、ベン
チマークの MSCI World (MXWD) を 1.66％上回った。広
範な IPOX グローバル 100 (IPGL100) の 100 社中 58 社が
上昇、比重を等しくする IPOX 銘柄平均 +0.74% (中央値
+0.47%)で引け、二週続けて時価総額毎のインデックスよ
り大幅に低くなった。
 IPOX 地域別では、IPOX U.S. (IPXO: +2.48% で今年現在
+12.28％) と IPOX アジア太平洋全体(IPTA: +3.76% で今
年現在+16.37%) が最も際立ったものとなり、IPOX U.S.
金曜日に下落する前の木曜日には過去最高値となった。セ
ミコンダクターAeroflex (ARX:-17.16%) の金曜日の急落
は、弱気な見通しが発表された後はスピンオフの
Motorola Mobility (MMI: -7.91%)等他のセミコンダクター
企業に圧力をかけた。 IPOX で比重の高い Banco
Santander Brazil (BSBR: -4.87%) が更に下落したことは、
南米市場は今年不安定感があることを示している。
Initial Returns in China A Share IPOs
Key IPO Debuts: (Week 07/04/2011):
Company
Tifa Finance Tbk PT
Danske Andelskassers
IF Bancorp Inc
SHW AG
State Investors Bancorp
Mauna Kea Technologies
Hoegh LNG Holdings Ltd
Modern Education Group
Newton Resources Ltd
Company
Alkindo Naratama
China Print Power
Indo Straits Tbk PT
Sidomulyo Selaras
Ucar
Oiltanking Partners
Shunfeng Photo
Star Petrochem
Youbisheng Green
Zall Development
China Fiber Optic
Golden Shield
China Everbright
Legend Strategy
Prince Frog
Sun Art Retail
最も注目をひく展開は中国本土へのリスクをとる感情が回
復していることである。(上表参照).
Key IPOX Indexes Returns YTD:
IPGL50 (USD)
IPGL30 (USD)
IPXO (USD)
IPXT (USD)
IXTE (EUR)
IPTA (USD)
IPXUEM (USD)
IPXUBRIC (USD)
IPXUCHCP (USD)
CNI (USD)
IPXUCAUP (USD)
IPXULATT (USD)
Return
Week (%)
+1.07
+1.70
+2.48
+2.22
-0.67
+3.76
+0.44
+0.82
+2.44
+3.62
+0.48
-1.14
2011 Return
YTD (%)
+7.18
+7.95
+12.28
+11.62
-0.40
+16.37
-2.04
-5.75
+2.51
+3.66
-2.80
-8.60
+/- Benchmark
YTD
.
.
Significant +
Significant +
.
Significant +
.
Significant .
.
.
Significant -
Return / IPO (%)
55.00%
0.00%
16.70%
-0.38%
19.80%
34.62%
10.26%
1.54%
-10.86%
 世界小型 IPO で投資可能な 17 社が上場し、この週の
IPO 終値平均最終売り出し価格から +19.22% ( 中央値
+16.70%) となった。地域別では米国小型 U.S. S&L 銀行
で IF Bancorp (IROQ US: +16.70%) や State Investors
Bancorp (SIBC: +19.80%)が堅調なリターンをたたき出
し成功裡に終わった。.
 香港小型 IPO 市場が活発な週を控え、主要 IPO は複雑な
状況である。Newton Resources (1231 HK: -10.86%) は
下落したが、 Modern Education Group (1082 HK:
+1.54%) 僅かに上昇した。記載した通り、中国 IPO への
感情は引き続き改善している。チャイナ A シェア市場で
5 社が上場し、最終売り出し価格からの比較としては、
比重を等しくする IPO の平均+85.01% (中央値+84.25%)
となった。
Upcoming IPOs: (Week: 07/11/2011):

IPOX
Ticker
TIFA IJ Equity
DAB DC
IROQ US
SW1 GR
SIBC US
MKEA FP
HLNG NO
1082 HK
1231 HK

Ticker
ALDO IJ
6828 HK
PTIS IJ
SDMU IJ
ALUCR FP
OILT US
1165 HK
STAR IJ
YB1 GR
2098 HK
3777 HK
2123 HK
N/A
8160 HK
1259 HK
6808 HK
Day
Tue
Tue
Tue
TUe
Tue
Wed
Wed
Wed
Wed
Wed
Thu
Thu
Thu
Fri
Fri
Fri
Lead
Erdikha Elit
China Construction
Sinarmas
Makinta
Aurel
BCLY, CITI, JPM,
CHMRCH, DAIWA
Andalan Artha
BIW
BNP, BOCOM
BOC
Guotai Junan
All Major
N/A
N/A
All Major
中国関連土地開発株が先週急上昇し、香港 IPO9 社、インドネ
シア 4 社が注目となった。主には小売業で Wal-Mart の中国本
土での競合他社 Sun Art Retail (6808 HK) だった。 Tiger
Global をはじめとして数多くの米国有名ファンドに支持され、
当社は予測範囲の最高レベルで取引された。
Ask us how you can become an IPOX Licensing Partner – Contact: Dr. Josef Schuster – www.ipoxschuster.com - 001.312.264. 4410
email: [email protected]
IPOX-100® Global Index
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide access into the growth and innovativeness of the global economy and trends in Equity Capital Markets Activity in
developed countries within a disciplined and totally transparent index methodology. The IPOX-100 Global Index captures the
performance of the Top 100 largest and generally most liquid IPOs and spin-offs in developed and emerging countries ranked
quarterly by market capitalization in the underlying IPOX Global Composite Index. The Index has historically captured around 75%
of the total market capitalization in the IPOX Global Composite Index and applies certain diversification rules, such as a 10%
capping on the largest constituents and a minimum average daily equity turnover of approximately USD 10 million.
Summary Statistics
Top 10 Holdings
Number of Holdings
100
Total Market Cap (USDbn)
1418.49
Average Market Cap (USDbn)
14.18
Median Market Cap (USDbn)
9.22
Largest Constituent (USDbn)
123.44
Sector Breakdown
1. Philip Morris International
Consumer Discretionary
11.48 %
2. Ecopetrol SA ADR
Consumer Staples
12.77
3. Visa Inc
Energy
15.30
4. Glencore International PLC
Financials
20.18
5. General Motors Company
Health Care
4.72
Smallest Constituent (USDbn)
1.93
6. AIA Group Ltd
Industrials
Total Return (2010) (%)
7.67
7. BANCO SANTANDER BRASIL-ADS
Information Technology
12.76
8. OGX Petroleo E Gas Participa
Materials
11.86
9. Covidien Plc
Telecom Services
2.26
Utilities
3.95
Daily Equity Turnover (Index)
USD 3.5bn
Liquidity Adjustment
Ticker Symbol
YES
BBG <IPGL100> INDEX
Closing Index level (USD) (P)
10. Sands China Ltd.
4.74
615.44
Price Performance (%) (USD based)
Total Market Cap/Dispersion
IPOX-100
MSCI
Breakdown (USD)(% and #Co’s) Period
Global
MXWD
S&P 500
Giant
>
44.8
bn
26.56
5
5 days
Large
<
44.8
bn
53.58
48
2011 YTD
5.90
4.40
6.85
5.64
Mid
<
8.6
bn
19.86
47
2010
5.27
10.42
12.78
-6.46
Small
<
1.6
bn
0.00
0
2009
42.47
31.52
23.45
27.32
Micro
<
451
ml
0.00
0
2008
-50.75
-43.45
-38.49
-45.76
2007
29.52
9.59
3.53
10.47
2006
42.80
18.84
13.62
23.41
2005
20.69
8.85
3.00
4.45
Best weekly Performer (%)
1.34 %
0.04%
Dow Jones
Stoxx 50
1.75%
-1.92%
1. Longfor Properties Co.
15.72
1 year
22.61
23.78
25.56
19.58
2. Evergrande Real Estate
12.82
3 years
-1.92
0.03
1.80
-6.26
3. BBMG Corporation
10.69
5 years
4.77
1.21
1.21
-3.40
10 years
9.60
3.25
1.22
1.00
Worst weekly Performer (%)
1. Hypermarcas SA
-8.98
2. Motorola Mobility
-7.91
3. Duratex S.A.
-7.76
Exposure
VALUE
BLEND
GROWTH
IPOX-100 Global Base Date: 02/01/1999, annualized returns (p.a.)
Comparative Historical Volatility (%) Bloomberg
Days
IPGL100
MXWD
SPX
SX5L
10
12.28%
11.79%
11.58%
18.48%
50
13.74
13.62
13.99
20.65
100
12.77
13.54
13.88
19.85
LARGE
MID
SMALL
Areas of current exposure
Regional Markets Breakdown (%)
Asia-Pacific
31.33 %
Developed Markets
EU +Russia
51.79 %
32.35%
Americas
Emerging Markets
36.82%
48.21 %
© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives
Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses
of the carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] call (312) 264-4410.
IPOX-30® Global Index
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide access into the growth and innovativeness of the global economy and trends in Equity Capital Markets Activity worldwide within a disciplined and totally transparent index methodology. The IPOX-30 Global Index captures the performance of the
Top 30 largest and generally most liquid IPOs and spin-offs in domiciled in a developed and emerging country typically listed on a
developed markets exchange, ranked quarterly by market capitalization in the underlying IPOX Global Composite Index. The Index
has historically captured around 40% of the total market capitalization in the IPOX Global Composite Index and applies certain
diversification rules, such as a 10% capping on the largest constituents and minimum liquidity thresholds of USD25m average daily
equity turnover.
Summary Statistics
Top 10 Holdings
Number of Holdings
30
Sector Breakdown
1. Philip Morris International
Consumer Discretionary
12.99 %
15.46
Total Market Cap (USDbn)
749.32
2. Visa Inc
Consumer Staples
Average Market Cap (USDbn)
24.98
3. Glencore International PLC
Energy
Median Market Cap (USDbn)
16.12
4. General Motors Company
Financials
Largest Constituent (USDbn)
123.44
5. AIA Group Ltd
Health Care
9.65
6. BANCO SANTANDER BRASIL-ADS
Industrials
1.31
7. VTB Bank OJSC
Information Technology
14.48
8. Covidien Plc
Materials
10.31
9. Sands China Ltd.
Telecom Services
0.00
Utilities
3.26
Smallest Constituent (USDbn)
7.86
Total Return (2010) (%)
4.28
Daily Equity Turnover (Index)
USD 3bn
Liquidity Adjustment
Ticker Symbol
YES
BBG <IPGL30> INDEX
Closing Index level (USD) (P)
10. CaixaBank
4.44
28.11
664.83
Price Performance (%) (USD based)
Total Market Cap/Dispersion
IPOX-30 Global
MSCI
Breakdown (USD)(% and #Co’s) Period
(All Markets)
MXWD
S&P 500
Giant
>
44.8
Bn
33.96
4
5 days
Large
<
44.8
Bn
63.59
24
2011 YTD
7.95
4.40
6.85
5.64
Mid
<
8.6
Bn
2.44
2
2010
1.72
10.42
12.78
-6.46
Small
<
1.6
Bn
0.00
0
2009
41.51
31.52
23.45
27.32
Micro
<
451
Ml
0.00
0
2008
-46.47
-42.08
-38.49
-45.76
2007
29.16
7.09
3.53
10.47
2006
36.05
24.36
13.62
23.41
2005
28.02
13.14
3.00
4.45
Best weekly Performer (%)
1. Evergrande Real
1.70 %
0.04%
Dow Jones
Stoxx 50 (USD)
1.75%
-1.92%
12.82
1 year
23.25
23.78
25.56
19.58
2. Wynn Macau
6.90
3 years
-1.69
0.03
1.80
-6.26
3. DAI-ICHI LIFE
6.46
5 years
7.03
1.21
1.21
-3.40
10 years
10.48
3.25
1.22
1.00
Worst weekly Performer (%)
1. VTB Bank OJSC
-7.01
2. BANCO SANTANDER
-4.87
3. Enel Green Power SpA
-4.11
Exposure
VALUE
BLEND
GROWTH
IPOX-30 Global Base Date: 02/01/1999, annualized returns (p.a.)
Comparative Historical Volatility (%) Bloomberg
Days
IPGL30
MXWD
SPX
SX5L
10
14.49%
11.79%
11.58%
18.48%
50
14.51
13.62
13.99
20.65
100
13.14
13.54
13.88
19.85
LARGE
MID
SMALL
Areas of current exposure
Regional Markets Breakdown (%)
Asia-Pacific
23.66
Developed Markets
%
EU+Russia
63.43 %
29.93%
Americas
Emerging Markets
46.41%
36.57 %
j© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives
Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses
of the carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.
IPOX-100® U.S. Index (ETF: FPX)
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide access into the growth and innovativeness of the U.S. economy and trends in U.S. Equity Capital Markets Activity using
IPOs and spin-offs as a proxy within a disciplined and totally transparent index methodology. Based on the IPOX Global Composite
Index, the IPOX-100 U.S. applies certain diversification rules and liquidity adjustments, such as a 10% capping on the largest
constituents.
Summary Statistics
Top 10 Holdings
Number of Holdings
100
Total Market Cap (USDbn)
667.03
Sector Breakdown
1. Philip Morris International
Consumer Discretionary
15.89 %
2. Visa Inc
Consumer Staples
16.60
11.67
Average Market Cap (USDbn)
6.67
3. General Motors Company
Energy
Median Market Cap (USDbn)
2.65
4. Covidien Plc
Financials
8.24
Largest Constituent (USDbn)
123.44
5. Kinder Morgan Inc
Health Care
9.90
6. HCA Holdings Inc
Industrials
7. TE Connectivity Ltd.
Information Technology
Smallest Constituent (USDbn)
Total Return (2010) (%)
Daily Equity Turnover (Index)
0.95
19.08
USD 5.5bn
8. Lorillard Inc
Materials
1.28
YES
9. Discover Financial Services
Telecom Services
1.04
BBG <IPXO> INDEX, FPX
10. Mead Johnson Nutrition Co
Utilities
0.88
Liquidity Adjustment
Ticker Symbol
6.86
27.65
Closing Index level (USD) (P)
1166.87
Price Performance (%)
Total Market Cap/Dispersion
Breakdown (USD)(% and #Co’s)
Period
IPOX-100
(FPX)
Nasdaq-100
>
44.8
Bn
28.26
3
5 days
Large
<
44.8
Bn
31.67
13
2011 YTD
12.28
6.85
8.80
8.48
Mid
<
8.6
Bn
34.19
58
2010
17.27
12.78
25.31
19.22
Small
<
1.6
Bn
5.88
26
2009
43.73
23.45
25.22
53.54
Micro
<
451
Ml
0.00
0
2008
-44.29
-38.49
-34.72
-41.89
2007
14.39
3.53
-2.73
18.67
2006
19.70
13.62
17.05
6.79
2005
23.40
3.00
3.32
1.49
1. PHARMASSET
1.75%
Russell 2000
Index
Giant
Best weekly Performer (%)
2.48 %
S&P 500
3.04%
3.48%
13.45
1 year
35.54
25.56
37.45
33.79
2. Netsuite Inc
7.95
3 years
4.95
1.80
7.69
8.74
3. Bridgepoint Education
6.57
5 years
6.97
1.21
3.74
9.41
10 years
7.99
1.22
5.85
3.72
Worst weekly Performer (%)
1. Aeroflex Holding Corp
-17.16
2. Motorola Mobility
-7.91
3. Molycorp Inc
-5.50
Exposure
VALUE
BLEND
IPOX-100 U.S. Base Date: 01/03/1989, annualized returns (p.a.)
GROWTH
Comparative Historical Volatility (%) Bloomberg
Days
IPXO
SPX
RUT
NDX
10
12.37%
11.58%
11.87%
11.33%
30
18.02
16.11
20.78
18.86
50
16.23
13.99
20.01
16.49
MID
100
200
14.89
13.59
13.88
12.81
19.25
18.39
16.44
15.18
SMALL
400
17.12
16.50
23.11
18.30
LARGE
Areas of current exposure
Source: Bloomberg Analytics
© © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives
Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses
carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.
IPOX-30® U.S. Index
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide access into the growth and innovativeness of the U.S. economy and trends in U.S. Equity Capital Markets Activity using
IPOs and spin-offs as a proxy within a disciplined and totally transparent index methodology. Based on the IPOX Global Composite
Index, the IPOX-30 U.S. applies certain diversification rules and liquidity adjustments, such as a 10% capping on the largest
constituents.
Summary Statistics
Top 10 Holdings
Number of Holdings
30
1. Philip Morris International
Consumer Discretionary
17.71 %
2. Visa Inc
Consumer Staples
20.33
3. General Motors Company
Energy
4. Covidien Plc
Financials
5. Kinder Morgan Inc
Health Care
3.69
6. HCA Holdings Inc
Industrials
16.99
7. TE Connectivity Ltd.
Information Technology
8. Lorillard Inc
Materials
1.29
YES
9. Discover Financial Services
Telecom Services
1.70
BBG <IPXT> INDEX
10. Mead Johnson Nutrition Co
Utilities
1.44
Total Market Cap (USDbn)
488.57
Average Market Cap (USDbn)
16.29
Median Market Cap (USDbn)
7.70
Largest Constituent (USDbn)
123.44
Smallest Constituent (USDbn)
Total Return (2010) (%)
Daily Equity Turnover (Index)
USD 4.4bn
Liquidity Adjustment
Ticker Symbol
Sector Breakdown
Closing Index level (USD) (P)
8.20
4.74
12.03
6.40
26.17
1226.49
Price Performance (%)
Total Market Cap/Dispersion
Breakdown (USD)(% and #Co’s)
Period
IPOX-30 U.S.
Russell 2000
Index
Nasdaq-100
Giant
>
44.8
bn
15.54
3
5 days
1.75%
3.04%
3.48%
Large
<
44.8
bn
35.44
11
2011 YTD
11.62
6.85
8.80
8.48
Mid
<
8.6
bn
49.02
16
2010
14.92
12.78
25.31
19.22
Small
<
1.6
bn
0.00
0
2009
40.35
23.45
25.22
53.54
Micro
<
451
ml
0.00
0
2008
-42.55
-38.49
-34.72
-41.89
2007
12.30
3.53
-2.73
18.67
2006
24.77
13.62
17.05
6.79
2005
27.32
3.00
3.32
1.49
Best weekly Performer (%)
2.22 %
S&P 500
1.
Rackspace Hosting Inc
4.63
1 year
31.76
25.56
37.45
33.79
2.
Philip Morris
3.99
3 years
3.76
1.80
7.69
8.74
3.
General Motors
3.27
5 years
6.76
1.21
3.74
9.41
10 years
9.20
1.22
5.85
3.72
Worst weekly Performer (%)
1.
Motorola Mobility
-7.91
2.
Molycorp Inc
-5.50
3.
NXP Semiconductor NV
-5.34
Exposure
VALUE
BLEND
GROWTH
IPOX-30 U.S. Base Date: 01/03/1989, annualized returns (p.a.)
Comparative Historical Volatility (Bloomberg)
Days
IPXT
SPX
RUT
NDX
10
13.08%
11.58%
11.87%
11.33%
30
17.61
16.11
20.78
18.86
50
15.56
13.99
20.01
16.49
LARGE
100
14.30
13.88
19.25
16.44
MID
200
13.13
12.81
18.39
15.18
SMALL
400
16.77
16.50
23.11
18.30
Areas of current exposure
Source: Bloomberg Analytics
© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives
Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses
carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.
IPOX-30® Europe Index
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide access into the growth and innovativeness of the European economy and trends in European Equity Capital Markets
Activity within a disciplined and totally transparent index methodology. Based on the IPOX Global Composite Index, the IPOX-30
Europe has historically captured around 40% of the total market capitalization in the IPOX Composite Europe Index and applies
certain diversification rules, such as a 10% capping on the largest constituents and is adjusted for liquidity.
Summary Statistics
Top 10 Holdings
Number of Holdings
30
Sector Breakdown
1. Glencore International PLC
Consumer Discretionary
5.28 %
Total Market Cap (EURbn)
182.44
2. CaixaBank
Consumer Staples
0.00
Average Market Cap (EURbn)
6.08
3. Galp Energia SGPS SA
Energy
8.34
Median Market Cap (EURbn)
3.88
4. Eurasian Natural Resources Corp
Financials
Largest Constituent (EURbn)
38.75
5. Enel Green Power SpA
Health Care
6. Wacker Chemie AG
Industrials
7. Suez Environment SA
Information Technology
8. Amadeus IT Hldg SA
Materials
9. Bureau Veritas SA
Telecom Services
Smallest Constituent (EURbn)
1.42
Total Return (2010) (%)
9.02
Daily Equity Turnover (Index)
EUR 1.2bn
Liquidity Adjustment
YES
Ticker Symbol
BB <IXTE> INDEX
Closing Index Level (USD) (P)
10. ADP Promesses
19.15
0.00
17.90
5.64
28.41
Utilities
0.89
14.39
440.80
Price Performance (%)
Total Market Cap/Dispersion
Breakdown (EUR)(% and #Co’s)
Period
IPOX-30
Europe
MSCI Europe
Dow Jones
STOXX 50
DAX30
DAX
Giant
>
44.8
Bn
0.00
0
5 days
-0.67 %
-1.23%
-0.38%
Large
<
44.8
Bn
40.57
5
2011 YTD
-0.40
-0.29
-0.60
7.07
Mid
<
8.6
Bn
58.54
24
2010
6.42
3.90
0.04
16.06
Small
<
1.6
Bn
0.89
1
2009
29.69
21.56
23.76
23.85
Micro
<
451
Ml
0.00
0
2008
-55.26
-40.93
-43.43
-40.37
2007
13.68
3.33
-3.57
22.36
2006
26.09
15.97
10.39
22.05
2005
22.86
21.71
20.70
27.07
Best weekly Performer (%)
-0.23%
1. Wacker Chemie AG
2.37
1 year
11.02
10.07
6.34
22.65
2. Statoil Fuel & Retail ASA
1.73
3 years
-6.44
-1.25
-3.24
5.50
3. Glencore International PLC
1.68
5 years
-3.90
-2.63
-5.43
5.43
10 years
1.89
-0.83
-4.11
2.36
Worst weekly Performer (%)
1. Pandora A/S
-9.90
2. New World Resources PLC
-5.06
3. SMA Solar Technology AG
-4.61
Exposure
VALUE
BLEND
GROWTH
Areas of current exposure
IPOX-30 Europe Base Date: 01/03/1990
Country Breakdown (by applied market cap)
1.
Austria
1.45%
2.
Belgium
0.00
10.
9.
Italy
Netherlands
1.55 %
1.64
3.
Denmark
2.88
11.
Norway
0.00
4.
Finland
0.00
12.
Portugal
10.13
LARGE
5.
France
20.12
13.
Spain
21.21t
MID
6.
Germany
9.72
14.
Sweden
0.00
SMALL
7.
Greece
0.00
15.
Switzerland
0.00
8.
Ireland
0.00
16.
United Kingdom
31.31
© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives
Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses
carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.
JPMorgan IPOX® Europe 50 Index
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide access into the growth and innovativeness of the European economy and trends in European Equity Capital Markets
Activity within a disciplined and totally transparent index methodology. Based on the IPOX Composite Europe Index, the JP Morgan
IPOX Europe 50 is a market-cap weighted index measuring the performance of the top 50 companies ranked quarterly in the IPOX
Composite Europe Index. It has historically captured around 88% of total market cap of the IPOX Composite Europe Index and
applies certain diversification rules, such as a 10% capping of the largest constituents.
Summary Statistics
Top 10 Holdings
Number of Holdings
50
Sector Breakdown
1. Glencore International PLC
Consumer Discretionary
8.13 %
2. CaixaBank
Consumer Staples
0.00
4.40
3. Galp Energia SGPS SA
Energy
7.49
Median Market Cap (EURbn)
2.58
4. Eurasian Natural Resources Corp
Financials
Largest Constituent (EURbn)
38.75
5. Enel Green Power SpA
Health Care
Total Market Cap (EURbn)
220.16
Average Market Cap (EURbn)
18.60
1.49
Smallest Constituent (EURbn)
0.80
6. Wacker Chemie AG
Industrials
Total Return (2010) (%)
11.2
7. Suez Environment SA
Information Technology
8. Amadeus IT Hldg SA
Materials
9. Bureau Veritas SA
Telecom Services
Daily Equity Turnover (Index)
EUR 1.5bn
Liquidity Adjustment
Ticker Symbol
YES
BB <IPXUJPEU> INDEX
Closing Index level (EUR) (P)
10. ADP Promesses
15.80
5.67
30.79
Utilities
0.70
11.34
3290.43
Total Market Cap/Dispersion
Breakdown (EUR)(% and #Co’s)
Giant
>
44.8
bn
0.00
Large
<
44.8
bn
Mid
<
8.6
bn
Small
<
1.6
Micro
<
451
Period
JPM IPOX
IPXUJPEU
MSCI Europe
MSDLE15
Dow Jones
STOXX 50
-0.47 %
-1.23%
-0.38%
DAX30
DAX
0
5 days
34.46
5
2011 YTD
-1.16
-0.29
-0.60
7.07
59.66
35
2010
8.45
3.90
0.04
16.06
bn
5.88
10
2009
33.26
21.56
23.76
23.85
ml
0.00
0
2008
-54.43
-40.93
-43.43
-40.37
2007
14.53
3.33
-3.57
22.36
2006
31.13
15.97
10.39
22.05
2005
24.42
21.71
20.70
27.07
Best weekly Performer (%)
-0.23%
1. SuperGroup PLC
3.32
1 year
11.01
10.07
6.34
22.65
2. Mondi Plc
2.50
3 years
-4.64
-1.25
-3.24
5.50
3. Ashmore Group PLC
2.47
5 years
-2.21
-2.63
-5.43
5.43
10 years
3.13
-0.83
-4.11
2.36
Worst weekly Performer (%)
1. Renewable Energy
-11.55
2. Betfair Group PLC
-11.49
3. Pandora A/S
-9.90
Exposure
VALUE
BLEND
GROWTH
Base Date: 01/02/1990, annualized returns (p.a.)
Comparative Historical Volatility (%) Bloomberg
Days
IPXUJPEU
MSDLE15
SX5P
DAX
10
15.33%
15.87%
10.60%
12.38%
30
16.10
15.93
13.00
16.96
50
14.22
14.70
12.44
16.69
LARGE
100
14.47
14.68
13.68
17.98
MID
200
13.55
13.80
13.24
15.80
SMALL
400
18.30
17.19
17.06
17.78
Areas of current exposure
Source: Bloomberg Analytics
© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives
Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses
carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.
IPOX-30® Asia-Pacific Index
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide scalable access into the growth and innovativeness of the economy of the developed Asia-Pacific countries of Australia,
Hong Kong, Japan, New Zealand and Singapore and trends in Asian-Pacific Equity Capital Markets Activity within a disciplined and
totally transparent index methodology. Based on the IPOX Composite Asia-Pacific Index, the IPOX-30 Asia-Pacific has historically
captured around 40% of the total market capitalization in the IPOX Composite Asia-Pacific Index and applies certain diversification
rules, such as a 10% capping on the largest constituents.
Summary Statistics
Top 10 Holdings
Number of Holdings
30
Sector Breakdown
1. AIA Group Ltd
Consumer Discretionary
2. Sands China Ltd.
Consumer Staples
1.98
8.21
3. Belle International Holdings Ltd.
Energy
3.23
Median Market Cap (USDbn)
4.64
4. Wynn Macau
Financials
Largest Constituent (USDbn)
43.26
5. DAI-ICHI LIFE INSURANCE
Health Care
6. Otsuka Holdings Co Ltd
Industrials
7. SJM Holdings Ltd.
Information Technology
8. AVAGO TECHNOLOGIES
Materials
4.76
9. QR National Ltd
Telecom Services
0.00
Utilities
0.00
Total Market Cap (USDbn)
246.15
Average Market Cap (USDbn)
Smallest Constituent (USDbn)
1.51
Total Return (2010) (%)
29.87
Daily Equity Turnover (Index)
USD 0.6bn
Liquidity Adjustment
YES
Ticker Symbol
BB <IPTA> INDEX
Closing Index Level (USD) (P)
10. GCL-Poly Energy Holdings Ltd.
36.70 %
31.14
7.66
4.11
10.41
852.63
Price Performance (%)
Total Market Cap/Dispersion
Breakdown (USD)(% and #Co’s)
Period
IPOX-30
Asia-Pacific
MSCI Pacific
MXPC
Giant
>
44.8
Bn
0.00
0
5 days
Large
<
44.8
Bn
59.41
8
2011 YTD
16.37
-1.04
Mid
<
8.6
Bn
40.59
22
2010
28.13
Small
<
1.6
Bn
0.00
0
2009
48.12
Micro
<
451
Ml
0.00
0
2008
2007
Best weekly Performer (%)
3.76 %
HSI Index
HSI
2.15%
1.47
TOPIX
TPX
2.40%
-1.34
-2.72
13.08
5.32
-0.97
21.15
52.03
5.63
-49.21
-37.92
-48.27
-41.77
11.88
3.52
39.06
-12.22
2006
37.35
10.43
33.76
0.95
2005
22.56
20.65
4.55
40.24
14.09
1 year
47.05
17.22
13.35
1.55
2. Franshion Properties
8.08
3 years
13.58
-1.21
2.31
-12.01
3. Glorious Property Holdings
7.82
5 years
11.30
-1.28
6.66
-11.07
10 years
9.81
3.40
5.74
-3.54
1. KWG Property Holding Ltd.
Worst weekly Performer (%)
1. China Dongxiang
-15.79
2. United Laboratories
-12.02
3. Bosideng International
-2.50
Exposure
VALUE
BLEND
IPOX-30 Asia-Pacific Base Date: 01/02/1995
Country Breakdown (by applied market cap)
1.
Australia
2.
Hong Kong
59.64
1.20%
3.
Japan
26.87
4.
New Zealand
0.00 %
5.
Singapore
12.29
GROWTH
LARGE
MID
SMALL
Areas of current exposure
© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of
Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no
guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and
expenses carefully before investing. To receive more information on IPOX IPO Indexes and IPOX
Analytics, contact [email protected] or call (312) 264-4410.
IPOX® BRIC 25 Index
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide concentrated access into the growth and innovativeness of companies domiciled in Brazil, Russia, India and China
(BRIC) within a disciplined and totally transparent index methodology. Based on the IPOX Emerging Markets Composite Index, the
IPOX BRIC 25 Index has historically captured around 70% of total market cap created through IPO and spin-off activity of
emerging markets IPO and spin-off activity. The index includes stocks which are freely accessible to foreign investors only.
Summary Statistics
Top 10 Holdings
Number of Holdings
25
Sector Breakdown
1. BANCO SANTANDER BRASIL-ADS
Consumer Discretionary
1.66 %
Total Market Cap (USDbn)
262.22
2. OGX Petroleo E Gas Participa
Consumer Staples
Average Market Cap (USDbn)
10.49
3. United Company RUSAL Plc
Energy
16.92
4. Agricultural Bank of China Ltd
Financials
43.43
5. Cielo SA
Health Care
3.00
6. BM&F Bovespa S.A.
Industrials
1.77
7. Yandex NV
Information Technology
16.18
8. Evergrande Real Estate Group
Materials
12.34
9. Redecard - ON
Telecom Services
0.00
Utilities
2.63
Median Market Cap (USDbn)
7.86
Largest Constituent (USDbn)
42.30
Smallest Constituent (USDbn)
1.93
Total Return (2010) (%)
2.5
Daily Equity Turnover (Index)
USD 1.8bn
Liquidity Adjustment
Ticker Symbol
YES
BB < IPXUBRIC > INDEX
Closing Index Level (USD) (P)
10. Longfor Properties Co. Ltd.
2.06
575.08
Price Performance (%)
Total Market Cap/Dispersion
Breakdown (USD)(% and #Co’s) Period
IPOX BRIC 25
MSCI
MSEUBRIC
BONY
BKBRIC
Giant
>
44.8
bn
0.00
0
5 days
0.62%
-0.08%
Large
<
44.8
bn
64.62
9
2011 YTD
-5.74
1.09
-1.19
-1.89
Mid
<
8.6
bn
35.38
16
2010
0.02
16.36
7.25
9.32
Small
<
1.6
bn
0.00
0
2009
84.03
74.50
88.80
81.54
Micro
<
451
ml
0.00
0
2008
-61.50
-54.48
-60.27
-55.43
2007
29.94
34.48
56.12
66.91
2006
75.14
29.18
33.76
50.55
2005
11.91
30.31
4.55
36.90
Best weekly Performer (%)
0.82 %
MSCI
MXEF
0.11%
1. Longfor Properties
15.72
1 year
6.30
23.72
14.98
15.75
2. Country Garden
14.62
3 years
-5.76
4.41
-0.40
0.08
3. Evergrande Real Estate
12.82
Worst weekly Performer (%)
1. Hypermarcas SA
-8.98
2. BANCO SANTANDER
-4.87
3. China Longyuan
-4.52
Exposure
VALUE
BLEND
GROWTH
5 years
3.61
9.13
7.99
14.38
10 years
16.09
14.08
15.52
n.a.
IPOX BRIC 25 Base Date: 01/01/1999
Comparative Historical Volatility (%) Bloomberg
Days
IPXUBRIC
MXEF
MSEUBRIC
BKBRIC
10
15.87%
10.66%
13.24%
16.73%
50
19.33
14.63
15.16
18.62
100
16.78
14.75
15.14
17.98
LARGE
MID
SMALL
Areas of current exposure
IPOX BRIC 25 Country Breakdown (%)
Brazil
33.04%
China
47.74%
Russia
16.71 %
India
2.52%
© IPOX Schuster LLC.. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives
Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and
expenses carefully before investing. To receive information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.
IPOX® China 20 Index
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide concentrated access into the growth and innovativeness of the Chinese economy within a disciplined and totally
transparent index methodology. Based on the IPOX China Composite Index, the IPOX China 20 has historically captured around
60% of total market cap created through IPO and spin-off activity of companies domiciled in mainland China and trading abroad.
The index includes stocks which are freely accessible to foreign investors only.
Summary Statistics
Top 10 Holdings
Number of Holdings
20
Total Market Cap (USDbn)
120.28
Sector Breakdown
1. Agricultural Bank of China Ltd H
Consumer Discretionary
7.61 %
2. Want Want China Holdings Ltd.
Consumer Staples
9.90
Average Market Cap (USDbn)
6.01
3. Evergrande Real Estate Group Ltd.
Energy
0.00
Median Market Cap (USDbn)
4.50
4. Longfor Properties Co. Ltd.
Financials
Largest Constituent (USDbn)
15.92
5. Country Garden Holdings Co. Ltd.
Health Care
9.11
6. Sinopharm Group Co. Ltd. -
Industrials
9.54
7. China Longyuan Power Group
Information Technology
0.00
8. Chongqing Rural Commercial Bank
Materials
8.41
9. Fosun International Ltd.
Telecom Services
0.00
Utilities
6.10
Smallest Constituent (USDbn)
1.93
Total Return (2010) (%)
-6.23
Daily Equity Turnover (Index)
USD 1.5bn
Liquidity Adjustment
YES
Ticker Symbol
BB <CNI> INDEX
Closing Index Level (USD) (P)
10. China Rongsheng Heavy Industry
49.33
714.35
Price Performance (%)
Total Market Cap/Dispersion
Breakdown (USD)(% and #Co’s)
Period
IPOX China 20
MSCI China
MSEUSCF
FTSE Xinhua 25
XIN0I
HSCEI
Giant
>
44.8
bn
0.00
0
5 days
3.62 %
2.12%
Large
<
44.8
bn
28.84
3
2011 YTD
3.66
1.30
-0.37
0.50
Mid
<
8.6
bn
71.16
17
2010
-8.40
2.32
0.90
-0.80
Small
<
1.6
bn
0.00
0
2009
62.51
58.80
50.66
62.12
Micro
<
451
ml
0.00
0
2008
-55.37
-51.94
-50.80
-51.06
2007
42.02
63.10
53.62
55.94
2006
82.59
78.13
80.40
99.34
2005
-5.87
15.93
10.99
12.46
Best weekly Performer (%)
0.93%
1.43%
1. Longfor Properties Co. Ltd.
15.72
1 year
8.65
12.81
8.96
12.14
2. Country Garden Holdings
14.62
3 years
-0.93
4.33
0.81
4.14
3. Sino-Ocean Land Holdings
13.64
5 years
8.33
13.32
10.65
13.27
10 years
18.50
11.52
12.54
18.96
Worst weekly Performer (%)
1. Sany Heavy Equi.
-9.35
2. Sateri Holdings Ltd
-4.58
3. China Longyuan Power
-4.52
Exposure
VALUE
BLEND
GROWTH
IPOX China 20 Base Date: 01/01/1999
Comparative Historical Volatility (%) Bloomberg
Days
CNI
MSEUSCF
XIN0I
HSCEI
10
20.73%
15.80%
17.57%
19.64%
50
19.37
16.50
17.86
18.83
100
19.64
17.60
18.59
19.45
LARGE
MID
SMALL
Areas of current exposure
Listing Breakdown (%)
HK
100.00 %
US
0.00%
SG
0.00%
Regions of current exposure.
© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives
Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and
expenses carefully before investing. To receive information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.
IPOX® China 30 A Share Index
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide access into the growth and innovativeness of the economy and trends in domestic Chinese Equity Capital Markets
Activity within a disciplined and totally transparent index methodology. The IPOX China 30 A-Shares Index captures the
performance of the Top 30 largest and generally most liquid IPOs and spin-offs in domestic China ranked quarterly by market
capitalization in the underlying IPOX China Composite A-shares Index. The Index has historically captured around 50% of the total
market capitalization in the underlying IPXO China Composite A-shares Index and applies distinct diversification rules. (Floatadjusted) Market Cap is calculated by listed A-shares only. The index is available in USD and CNY.
Summary Statistics
Top 10 Holdings
Number of Holdings
Sector Breakdown
30
1. Agricultural Bank of China Ltd A
Consumer Discretionary
3.33 %
Float Adj.Market Cap (USDbn)
395.94
2. China Pacific Insurance (Group)
Consumer Staples
6.06
Average Market Cap (USDbn)
13.20
3. China Everbright Bank Company
Energy
6.32
Median Market Cap (USDbn)
8.17
4. China Shipbuilding Industry
Financials
Largest Constituent (USDbn)
122.35
5. China State Construction
Health Care
3.42
6. Jiangsu Yanghe Brewery
Industrials
7. China Coal Energy Co Ltd A
Information Technology
2.10
8. CSR Corp Ltd A
Materials
7.65
9. Huatai Securities Co Ltd A
Telecom Services
0.00
Utilities
0.00
Smallest Constituent (USDbn)
Total Return (2010) (%)
Daily Equity Turnover (Index)
-7.06
USD 1.2bn
Liquidity Adjustment
Ticker Symbol
YES
BB IPXUCAUP <INDEX>
Closing Index Level (USD) (P)
10. China Merchants Securities Co
36.02
1.47
37.04
479.75
Price Performance (%) (USD based)
Float-adj. Market Cap/Dispersion
Breakdown (USD)(% and #Co’s) Period
IPOX China 30
A Share
Giant
>
44.8
Bn
9.41
1
5 days
Large
<
44.8
Bn
60.93
13
2011 YTD
Mid
<
8.6
Bn
29.66
16
Small
<
1.6
Bn
0.00
0
Micro
<
451
Ml
0.00
0
Best weekly Performer (%)
0.48 %
SH Comp
Index
1.39%
FTSE Xinhua
A50 Index
FTSE Xinhua
All Share Index
1.41%
1.00
2.48%
-2.80
-0.37
-1.67
2010
-8.73
-14.31
-23.50
-4.87
2009
71.18
79.98
83.75
101.59
2008
-56.53
-65.39
-67.99
-64.53
2007
183.84
96.66
122.05
161.00
2006
103.78
130.43
136.79
116.92
2005
-10.82
-8.33
-6.67
-14.50
1. Power Diversity
6.96
1 year
18.41
15.84
8.95
23.88
2. Rongsheng Petro
4.19
3 years
0.58
-0.20
-3.50
5.78
3. Hangzhou Hikvision
3.95
5 years
22.06
10.08
11.76
18.67
10 years
9.76
2.57
n.a.
n.a.
Worst weekly Performer (%)
1. Zhengzhou Coal
-2.25
2. Agricultural Bank
-1.82
3. China Construction
-1.63
Exposure
VALUE
BLEND
GROWTH
LARGE
MID
SMALL
Areas of current exposure
IPOX China 30 A Base Date: 01/01/1997, annualized returns (p.a.)
Comparative Historical Volatility (%) Bloomberg
Days
IPXUCAUP
SHCOMP
XIN9I
XIN7I
10
14.41%
14.68%
17.77%
16.81%
30
16.77
16.11
17.48
19.65
50
17.29
16.47
17.59
19.61
100
16.97
15.69
16.99
18.50
© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of
Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no
guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and
expenses carefully before investing. To receive more information on IPOX IPO Indexes and IPOX
Analytics, contact [email protected] or call (312) 264-4410.
..
IPOX® Latin America 20 Index
www.ipoxschuster.com
Jul 8, 2011
Objective
To provide concentrated access into the growth and innovativeness of companies domiciled in Argentina, Brazil, Chile, Colombia,
Mexico, Peru and Panama trading on the respective domestic or foreign exchange within a disciplined and totally transparent index
methodology. Based on the IPOX LatAm Composite Index, a sub-set of the IPOX Emerging Markets Composite Index, the IPOX
LatAm 20 Index has historically captured around 60% of total market cap created through IPO and spin-off activity of IPOs in the
respective countries. Constituents are capped at 10% at the quarterly reconstitution event and subject to a minimum USD 5mn
average/median 21 trading day equity turnover screen.
Summary Statistics
Top 10 Holdings
Number of Holdings
20
Total Market Cap (USDbn)
Average Market Cap (USDbn)
1. Ecopetrol SA ADR
Consumer Discretionary
262.96
2. BANCO SANTANDER BRASIL
Consumer Staples
13.15
3. OGX Petroleo E Gas Participa
Energy
27.69
4. Fresnillo PLC
Financials
24.70
5. Cielo SA
Health Care
2.80
6. BM&F Bovespa S.A.
Industrials
3.21
7. Redecard – ON
Information Technology
16.00
8. HRT Participacoes em Petroleo
Materials
13.21
9. Hypermarcas SA
Telecom Services
0.00
Utilities
2.26
Median Market Cap (USDbn)
4.55
Largest Constituent (USDbn)
85.62
Smallest Constituent (USDbn)
2.89
Total Return (2010) (%)
Daily Equity Turnover (Index)
16.67
USD 0.4bn
Liquidity Adjustment
Ticker Symbol
Sector Breakdown
YES
BB IPXULATT <INDEX>
Closing Index Level (USD) (P)
10. EcoRodovias Infraestrutura
6.49 %
3.64
444.20
Price Performance (%) (USD based)
Total Market Cap/Dispersion
Breakdown (USD)(% and #Co’s)
Period
IPOX LatAm 20
Giant
>
44.8
bn
9.58
1
5 days
Large
<
44.8
bn
56.19
6
2011 YTD
Mid
<
8.6
bn
34.23
13
Small
<
1.6
bn
0.00
0
Micro
<
451
ml
0.00
0
Best weekly Performer (%)
-1.14 %
MSCI Emerging
Markets
0.62%
MSCI Latin
America
BOVESPA (BRL)
-2.41%
-4.19
-2.97%
-8.60
1.09
-11.24
2010
13.73
16.36
12.07
1.05
2009
120.70
74.50
98.14
82.66
2008
-59.91
-54.48
-52.78
-41.22
2007
27.94
36.48
46.59
43.65
2006
54.75
29.27
39.46
33.04
2005
n.a.
30.40
45.07
27.80
1. QGEP Participacoes S.A.
7.84
1 year
6.97
23.72
14.81
-3.09
2. HRT Participacoes
5.05
3 years
-0.31
4.41
0.37
1.10
3. Arcos Dorados Holdings
3.95
5 years
7.89
9.13
13.11
11.23
10 years
n.a.
14.08
17.19
16.01
Worst weekly Performer (%)
1. MRV Engenharia - ON
-12.77
2. Hypermarcas SA
-8.98
3. Duratex S.A.
-7.76
Exposure
VALUE
BLEND
IPOX LatAm 20 Base Date: 01/01/2005, annualized returns (p.a.)
GROWTH
LARGE
MID
SMALL
Areas of current exposure
Comparative Historical Volatility (%) Bloomberg
Days
IPXULATT
MXEF
MXLA
IBOV
10
20.38%
10.66%
19.01%
18.15%
30
20.58
13.66
17.05
15.65
50
21.24
14.63
17.63
16.01
100
20.59
14.75
17.38
15.85
© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of
Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no
guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and
expenses carefully before investing. To receive more information on IPOX IPO Indexes and IPOX
Analytics, contact [email protected] or call (312) 264-4410.