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Equity Insights

Equity Insights

SpaceX makes its debut among the stars (of Wall Street)

SpaceX is preparing for a landmark initial public offering (IPO) targeting proceeds of around $75 billion at an implied valuation of over ~$1.7 trillion, thus positioning it to become the largest IPO in history. The transaction will consist of low-voting Class A shares (one vote per share) for public investors, while founder and CEO, Elon Musk, and insiders will retain super-voting Class B shares (ten votes per share). Post-listing, Musk is expected to maintain effective control of the company (~85%), with the ability to determine board composition and shareholder outcomes. Ultimately, the IPO is expected to feature a very limited free float of less than 5% based on outstanding shares in its filing.

08 June 2026

Equity Insights

FNB to list five new ETNs on the JSE - expanding global access for SA investors

25 May 2026

Equity Insights

Canal + scale = global ambition

25 May 2026

Equity Insights

FNB MSCI Ex USA Index ETN

25 May 2026

Equity Insights

FNB EURO STOXX 50® ETN

The FNB ETN provides investors with ZAR-denominated exposure to the EURO STOXX 50® Index, which represents the performance of the 50 largest blue-chip companies across 20 super-sectors in the eurozone, through an exchange-traded note (ETN) listed on the Johannesburg Stock Exchange (JSE). The index captures ~60% of the free float-adjusted market capitalisation of the broader EURO STOXX Total Market Index (TMI) and is weighted by free-float market capitalisation.

22 May 2026

Equity Insights

Advanced Micro Devices (AMD US) ETN

22 May 2026

SPM Best Ideas - Offshore - May 2026

21 May 2026

Equity Insights

SPM Best Ideas - Local small and mid-caps - May 2026

21 May 2026

Equity Insights

SPM Best Ideas - Local large-cap - May 2026

21 May 2026

Equity Insights

FNB MSCI Emerging Markets Index ETN

The FNB ETN provides investors with ZAR-denominated exposure to the MSCI Emerging Markets Index which captures large and mid-cap representation across 24 emerging market countries, through an exchange-traded note (ETN) listed on the Johannesburg Stock Exchange (JSE). With 1 204 constituents, the index covers ~85% of the free float-adjusted market capitalisation in each country.

20 May 2026

Equity Insights

FNB MSCI Japan Index ETN

20 May 2026

Equity Insights

Sirius Real Estate - Why so Sirius?

06 May 2026

Equity Insights

FNB ETN Quarterly Update - 1Q26

31 March 2026

Equity Insights

Brunello Cucinelli - Barely a whisper at the top of the taste hierarchy

25 March 2026

Equity Insights

e.l.f. Beauty - Not on every eye, lip and face (yet)

e.l.f. Beauty was founded in June 2004 by Joseph Shamah and Scott Vincent Borba in New York City, aiming to provide high-quality, vegan, cruelty-free cosmetics for as little as $1. Originally a direct-to-consumer online brand, it quickly gained popularity and expanded into major retail, later pivoting to "duping" under CEO Tarang Amin, who joined the business in 2014. Under its flagship e.l.f. brand, the company now mainly produces high-performance, superior-quality products (often imitating popular prestige products) and sells them at reasonable prices.

11 March 2026

Equity Insights

Puig Brands - For the love of luxury

09 March 2026

Insights

Quarterly Best Ideas

09 February 2026

Equity Insights

Lewis - Not one for the Bear(e)s

04 February 2026

Equity Insights

Best Ideas: Top Stock Picks 2026

30 January 2026

Equity Insights

FNB ETN Quarterly Update - 4Q25

The FNB ETNs ended the quarter mostly higher as global equities delivered a positive fourth quarter. The quarter saw early strength supported by resilient economic data, improved sentiment and supportive central bank expectations, but this was countered somewhat amid a 43 day US government shutdown, sporadic AI valuation concerns and persistent geopolitical risks.

31 December 2025

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Equity Insights

Equity Insights

SpaceX makes its debut among the stars (of Wall Street)

SpaceX is preparing for a landmark initial public offering (IPO) targeting proceeds of around $75 billion at an implied valuation of over ~$1.7 trillion, thus positioning it to become the largest IPO in history. The transaction will consist of low-voting Class A shares (one vote per share) for public investors, while founder and CEO, Elon Musk, and insiders will retain super-voting Class B shares (ten votes per share). Post-listing, Musk is expected to maintain effective control of the company (~85%), with the ability to determine board composition and shareholder outcomes. Ultimately, the IPO is expected to feature a very limited free float of less than 5% based on outstanding shares in its filing.

08 June 2026

Equity Insights

FNB to list five new ETNs on the JSE - expanding global access for SA investors

25 May 2026

Equity Insights

Canal + scale = global ambition

25 May 2026

Equity Insights

FNB MSCI Ex USA Index ETN

25 May 2026

Equity Insights

FNB EURO STOXX 50® ETN

The FNB ETN provides investors with ZAR-denominated exposure to the EURO STOXX 50® Index, which represents the performance of the 50 largest blue-chip companies across 20 super-sectors in the eurozone, through an exchange-traded note (ETN) listed on the Johannesburg Stock Exchange (JSE). The index captures ~60% of the free float-adjusted market capitalisation of the broader EURO STOXX Total Market Index (TMI) and is weighted by free-float market capitalisation.

22 May 2026

Equity Insights

Advanced Micro Devices (AMD US) ETN

22 May 2026

SPM Best Ideas - Offshore - May 2026

21 May 2026

Equity Insights

SPM Best Ideas - Local small and mid-caps - May 2026

21 May 2026

Equity Insights

SPM Best Ideas - Local large-cap - May 2026

21 May 2026

Equity Insights

FNB MSCI Emerging Markets Index ETN

The FNB ETN provides investors with ZAR-denominated exposure to the MSCI Emerging Markets Index which captures large and mid-cap representation across 24 emerging market countries, through an exchange-traded note (ETN) listed on the Johannesburg Stock Exchange (JSE). With 1 204 constituents, the index covers ~85% of the free float-adjusted market capitalisation in each country.

20 May 2026

Equity Insights

FNB MSCI Japan Index ETN

20 May 2026

Equity Insights

Sirius Real Estate - Why so Sirius?

06 May 2026

Equity Insights

FNB ETN Quarterly Update - 1Q26

31 March 2026

Equity Insights

Brunello Cucinelli - Barely a whisper at the top of the taste hierarchy

25 March 2026

Equity Insights

e.l.f. Beauty - Not on every eye, lip and face (yet)

e.l.f. Beauty was founded in June 2004 by Joseph Shamah and Scott Vincent Borba in New York City, aiming to provide high-quality, vegan, cruelty-free cosmetics for as little as $1. Originally a direct-to-consumer online brand, it quickly gained popularity and expanded into major retail, later pivoting to "duping" under CEO Tarang Amin, who joined the business in 2014. Under its flagship e.l.f. brand, the company now mainly produces high-performance, superior-quality products (often imitating popular prestige products) and sells them at reasonable prices.

11 March 2026

Equity Insights

Puig Brands - For the love of luxury

09 March 2026

Insights

Quarterly Best Ideas

09 February 2026

Equity Insights

Lewis - Not one for the Bear(e)s

04 February 2026

Equity Insights

Best Ideas: Top Stock Picks 2026

30 January 2026

Equity Insights

FNB ETN Quarterly Update - 4Q25

The FNB ETNs ended the quarter mostly higher as global equities delivered a positive fourth quarter. The quarter saw early strength supported by resilient economic data, improved sentiment and supportive central bank expectations, but this was countered somewhat amid a 43 day US government shutdown, sporadic AI valuation concerns and persistent geopolitical risks.

31 December 2025

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Disclaimer

This Publication note is issued by FNB for the information of clients only and should not be produced in whole or part without prior permission. Although FNB is an Authorised Financial Services Provider, any opinions and/or analysis contained in this Publication are for informational purposes only and should not be considered advice, including but not limited to financial, legal or tax advice, or a recommendation to invest in any security or to adopt any investment strategy. The information contained herein has been obtained from sources/persons which we believe to be reliable. Still, it is not guaranteed for correctness, completeness or otherwise. We do not assume liability for loss arising from errors in the information or that may be suffered from using or relying on the information contained herein, irrespective of whether there has been any negligence by us, our affiliates or any other employees of ours, and whether such losses are direct or consequential. As market and economic conditions are subject to rapid change, any comments, opinions and analyses are rendered as of the date of publishing and may change without notice. Such changes may have a material impact on the outcome of any investment. Securities involve a degree of risk and are volatile instruments. Past performance is not indicative of future performance. Securities or financial instruments mentioned in the Publication note may not be suitable for all investors, and FNB bears no responsibility whatsoever arising from or as a consequence thereof. The material is not intended as a complete analysis of every material fact regarding any share, instrument, sector, region, market, country, investment or strategy. The recipient of this Publication must make their own investment decision and is advised to contact their relationship manager for a personal financial analysis before making any investment decisions. Copyright 2023.

First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).

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