Both Uber and Facebook traded higher on second market during the 6 months prior to IPO, and then the share price fell after the first week or two. Facebook I r

Both Uber and Facebook traded higher on second market during the 6 months prior to IPO, and then the share price fell after the first week or two. Facebook I remember had deals closing at $45-$50 and then they priced at $38. While diversifying might help, the greatest return with 1 year of purchase might entail selling during the IPO pop... at least that held for Uber and Facebook. If you buy into one of these notes, aren’t the shares likely held as part of a 6 month lock-up? Or would JPM liquidate you as part of the IPO? Wonder if we would see dark pools doing derivatives of these holdings (similar to how credit swap contracts were trade during the financial crisis). That would be the most likely place you could 10x or 100x an investment on a late-stage company like Airbnb, and you might even convince people like Softbank to play?