CSD vs FPX: Grades, Fees and Holdings Compared

Invesco S&P Spin-Off ETF

CSDBNYSE Arca

First Trust US Equity Opportunities ETF

FPXANYSE Arca

Overlap

16.9%by weight

Expense ratio

FPX −0.08pt a year

CSD0.65%FPX0.57%

Avg volume · 30D

FPX 3.1×the volume

CSD11.4KFPX35.3K

10Y return · a year

FPX +0.2pt

CSD+12.8%FPX+13.0%

CSD vs FPX Performance

Oct 29, 2021 – Oct 30, 2026

+99.2%CSD+32.1%FPX

Expense ratio: CSD 0.65%; FPX 0.57%, better
Fund size: CSD $206M; FPX $1.35B
1Y total return: CSD +31.3%, better; FPX +0.2%
Yield (12M): CSD 0.13%; FPX 0.19%, better
Holdings: CSD 32; FPX 100
Avg volume (30D): CSD 11.4K sh; FPX 35.3K sh, better
NAV per share: CSD $126.57; FPX $169.31
52W range

ETF.net Grade

Pillar letters and Scores for CSD, FPX, with each pillar’s weight
Pillar	CSD	FPX
Cost30% weight	B64	A88Higher
Mission25% weight	Not scored	F22
Risk15% weight	B63Higher	C52
Tradability15% weight	B69	A89Higher
Holdings10% weight	D33	A75Higher
Durability5% weight	A81	A84Higher

Rank among IPO & Spin-Off funds

How we build Categories ›

Same Category. CSD and FPX are both graded against the same 8 IPO & Spin-Off funds, so their Grades compare head to head.

IPO & Spin-Off⁠

Category · 8 funds

See all 8 ›

FPX ranks 1st and CSD 2nd of 8 funds in the IPO & Spin-Off Category.

Rank 1AFPXFirst Trust US Equity Opportunities ETFScore 78
Rank 2BCSDInvesco S&P Spin-Off ETFScore 61
Rank 3BIPORenaissance IPO ETFScore 59

Our read on each fund

ETF.net Research

CSDBInvesco S&P Spin-Off ETF

FPXAFirst Trust US Equity Opportunities ETF

In short

CSD Most funds in this corner of the market chase IPOs. CSD buys the other kind of new company: businesses cut loose from a bigger parent, held only for their first four years on their own, then rolled off.

FPX The IPO trade with a rulebook. Since 2006, FPX has tracked an index of roughly 100 recently public US companies, new listings and spin-offs alike, at a lower fee than the typical fund in its niche.

Stated mandate

CSD The fund seeks exposure to companies spun off from parent companies by tracking the S&P U.S. Spin-Off Index, investing at least 90% of assets in index securities or depositary receipts.

FPX The Fund seeks to track the price and yield performance of the IPOX®-100 U.S. Index before fees and expenses. It normally invests at least 90% of net assets in securities comprising that Index.

Why people hold it

CSD The mandate is narrow and literal: U.S. companies spun off from a parent within the last four years, each with at least $1 billion in float-adjusted market cap.spglobal.com
Fresh spin-offs get picked up at the monthly rebalance and every name ages out after four years, so the basket keeps turning over instead of going stale.spglobal.com spglobal.com 2
0.65% a year (0.66% gross, net of a waiver through August 31, 2028), near the middle of its eight-fund category, where First Trust's FPX charges 0.57% with no waiver.
Live since December 2006 and still running the same spin-off mandate, it sits among the stronger builds in its small peer group.

FPX At 0.57%, it undercuts the median fee in its IPO and spin-off peer group, including CSD (0.67%) and FPXI (0.70%).
Launched in 2006 and now at billion-dollar-plus scale, it is a long-running vehicle in a category full of newer entrants.
Rules over hunches: at least 90% of net assets sit in the IPOX-100 U.S. Index, about 100 names, so the basket is defined by methodology rather than a manager's favorites.
Rates as one of the stronger implementations in its small group of IPO and spin-off funds, and pays distributions quarterly.

Worth knowing

CSD About 30 holdings, so one company's news can move the whole fund. This is a concentrated slice, not a core holding.
One of the lighter-traded funds in its category, which can mean wider gaps between what buyers bid and sellers ask.
Income is an afterthought here: distributions land once or twice a year, and the index is built around corporate events, not yield.spglobal.com

FPX The whole portfolio is built from recent listings and spin-offs, a slice of the market known for sharp moves in both directions.
Cheap for the niche, not cheap in absolute terms: 0.57% is a thematic-fund price tag, not a core-index one.
US-only by design, and concentrated at about 100 stocks. Overseas new listings fall outside the mandate and live in the sibling fund FPXI.

Full CSD profile⁠

Full FPX profile⁠

CSD vs FPX Holdings

How CSD and FPX differ

Overlap by weight

16.9%

Shared holdings make up 54.2% of CSD and 17.4% of FPX.

Level by level

Holdings11 in both16.9%
Sector10 Sectors71.9%
Countryby domicile96.3%
Asset classEquity100%

Sector

Sector weights in CSD and FPX, widest gap first
Sector	More in CSDMore in FPX	CSD	FPX
Industrials	CSD +22.4 points	39.3%	16.9%
Technology	FPX +9.3 points	21.9%	31.2%
Health Care	FPX +7.9 points	14.3%	22.1%
Energy	FPX +5.8 points	0.0%	5.8%
Materials	CSD +5.2 points	6.2%	1.0%
Communication	FPX +2.0 points	4.4%	6.4%
Consumer Staples	FPX +1.7 points	0.0%	1.7%
Consumer Discretionary	FPX +1.3 points	3.1%	4.4%
Real Estate	CSD +0.5 points	3.3%	2.8%
Financials	FPX +0.2 points	7.4%	7.6%

Country, concentration and asset class

Country by domicile

Country weights in CSD and FPX, widest gap first
Country	More in CSDMore in FPX	CSD	FPX
United States	CSD +3.7 points	100.0%	96.3%
United Kingdom	FPX +1.5 points	0.0%	1.5%
Bermuda	FPX +1.3 points	0.0%	1.3%
Ireland	FPX +0.9 points	0.0%	0.9%

Concentration

Weight in the 10 largest Holdings

CSD62.4%
FPX45.6%

Securities held

CSD31
FPX99

Asset class

CSD: Equity
FPX: Equity

Holdings

Only in CSD20
In both11
Only in FPX88

Only in CSD

20 securities, 45.8% of CSD by weight

GE HealthCare Technologies Inc8.87%
Vylor Inc7.48%
Veralto Corp4.90%
Mobility Global Inc2.70%
Liberty Live Holdings Inc2.43%
U-Haul Holding Co2.42%
Versant Media Group Inc2.08%
Millrose Properties Inc1.95%
Amentum Holdings Inc1.65%
NCR Atleos Corp1.64%
Knife River Corp1.58%
Curbline Properties Corp1.47%
Versigent PLC1.45%
Phinia Inc1.08%
Fortrea Holdings Inc1.07%
Midera Food Processing Inc0.84%
Vestis Corp0.82%
Masterbrand Inc0.71%
ADI Global Distribution Inc0.60%
Invesco Government & Agency Portfolio0.08%

Only in FPX

88 securities, 82.5% of FPX by weight

Eli Lilly and Company9.31%
Space Exploration Technologies Corp. (Class A)8.52%
Seagate Technology Holdings Plc4.09%
HF Sinclair Corp.3.33%
Lumentum Holdings Inc.2.63%
Corpay, Inc.2.14%
The Goldman Sachs Group, Inc.1.89%
Twilio Inc. (Class A)1.65%
DoorDash, Inc. (Class A)1.62%
Roivant Sciences Ltd.1.55%
American Healthcare REIT, Inc.1.52%
Royalty Pharma Plc (Class A)1.49%
Unity Software Inc.1.45%
Ventas, Inc.1.42%
Dave Inc. (Class A)1.41%
BrightSpring Health Services, Inc.1.39%
The J.M. Smucker Company1.37%
Ingram Micro Holding Corporation1.37%
Nicolet Bankshares, Inc.1.36%
ViaSat, Inc.1.36%
Hamilton Insurance Group, Ltd. (Class B)1.33%
Revolution Medicines, Inc.1.24%
Exelixis, Inc.1.20%
Enact Holdings, Inc.1.15%
Ligand Pharmaceuticals Inc. (Class B)1.12%
Minimed Group, Inc.1.08%
Venture Global, Inc. (Class A)1.08%
Medline Inc. (Class A)0.98%
Jazz Pharmaceuticals Plc0.98%
Maplebear Inc. (Instacart)0.91%
Guardian Pharmacy Services, Inc. (Class A)0.90%
Andersen Group Inc. (Class A)0.86%
Hinge Health, Inc. (Class A)0.86%
Rubrik, Inc. (Class A)0.77%
BorgWarner Inc.0.73%
CoreWeave, Inc. (Class A)0.71%
International Flavors & Fragrances Inc.0.69%
BridgeBio Pharma, Inc.0.68%
CG Oncology, Inc.0.67%
Oscar Health, Inc. (Class A)0.65%
Fox Corporation (Class A)0.62%
Arxis, Inc. (Class A)0.62%
Reddit, Inc. (Class A)0.62%
DigitalOcean Holdings, Inc.0.61%
SailPoint, Inc.0.56%
Gen Digital Inc.0.51%
Viper Energy, Inc. (Class A)0.50%
WaterBridge Infrastructure LLC (Class A)0.44%
Circle Internet Group, Inc. (Class A)0.43%
Jackson Financial Inc. (Class A)0.43%

Weight gaps

All 11 Holdings in both funds, largest gap first.

Holding weights in CSD and FPX, widest gap first
Holding	More in CSDMore in FPX	CSD	FPX
Qnity Electronics IncQ	CSD +6.53 points	7.10%	0.57%
Honeywell Aerospace IncHONA	CSD +6.22 points	7.85%	1.63%
Solstice Advanced Materials IncSOLS	CSD +4.45 points	4.67%	0.22%
Solventum CorpSOLV	CSD +3.98 points	4.38%	0.40%
Fedex Freight Holding Co IncFDXF	CSD +3.92 points	4.36%	0.44%
Crane CoCR	CSD +3.49 points	4.56%	1.07%
Ralliant CorpRAL	CSD +3.09 points	3.78%	0.69%
Everus Construction Group IncECG	CSD +2.55 points	2.67%	0.12%
RXO IncRXO	CSD +2.00 points	2.21%	0.21%
Sandisk CorpSNDK	CSD +1.00 points	5.90%	4.90%
GE Vernova IncGEV	FPX +0.49 points	6.69%	7.18%

All 31 CSD holdings⁠All 99 FPX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CSD vs FPX Cost

Overpaying CSD vs FPX

$1,446

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CSD 0.65%
$12,717
FPX 0.57%
$11,271

Amount$10,000

Years30 years

Cost over time

CSD 0.65%
FPX 0.57%
Overpaying

Year by year

Year	CSD	FPX	Overpaying
10	$1,163	$1,023	$140
20	$4,440	$3,921	$519
30	$12,717	$11,271	$1,446

Expense ratio

0.65%CSD
0.57%FPX, cheaper

FPX0.57%CSD0.65%

0.57%2.31%

Middle half of IPO & Spin-Off funds
Median 0.70%

FPX cheapest of 8 funds

CSD 3rd cheapest of 8 funds

CSD vs FPX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CSD 0.13%; FPX 0.19%, better
Payout (12M): CSD $0.16; FPX $0.32
Last payment: CSD $0.16; FPX $0.0054
Ex-dividend: CSD Dec 22, 2025; FPX Jun 25, 2026
Paid on: CSD Dec 26, 2025; FPX Jun 30, 2026
Frequency: CSD Annual; FPX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CSDAnnual · 9 paymentsAll CSD payments⁠

FPXQuarterly · 34 paymentsAll FPX payments⁠

CSD vs FPX Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: CSD 21.8%, betterFPX 24.7%
Return per unit of riskSharpe ratio, 3 years: CSD 1.25, betterFPX 1.03
Worst fallMax drawdown, 5 years: CSD −30.1%, betterFPX −43.1%
Market sensitivityBeta, 5 years: CSD 1.13FPX 1.53; Market = 1

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