FPX vs FPXE

FPXAFirst Trust US Equity Opportunities ETF

FPXECFirst Trust IPOX Europe Equity Opportunities ETF

In short

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.

FPXE Europe's IPO class in one ticker. FPXE tracks the IPOX 100 Europe Index: a rules-based basket of recent European listings and spin-offs, no deal-picking. It's the Europe-only seat in First Trust's new-listings lineup.

Stated mandate

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.

FPXE The Fund seeks investment results that generally track the price and yield of the IPOX® 100 Europe Index before fees and expenses. It normally invests at least 90% of net assets in common stocks and depositary receipts in that Index.

Why people hold it

• 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.

• FPXE The Europe-dedicated member of First Trust's new-listings family: FPX takes the US, FPXI goes international, FPXE keeps the map to Europe.ftportfolios.com
• Rules over hunches: it aims to track the IPOX 100 Europe Index and normally keeps at least 90% of net assets in that index's common stocks and depositary receipts.ftportfolios.com
• Roughly 100 names, so no single new listing carries the portfolio. That's a wide net for a theme that usually lives or dies on a handful of deals.
• Live since 2018, so there's a multi-year record to examine instead of a fresh-launch guess.

Worth knowing

• 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.

• FPXE At 0.70% a year, it sits at the category median but above rivals such as FPX (0.57%), IPO (0.60%) and CSD (0.67%).
• A small asset base and light trading volume, so spreads tend to be wider than on headline ETFs and large orders can move the price.
• Distributions land once or twice a year, so this is a growth-shaped basket rather than a steady income line.

Full FPX profile⁠

Full FPXE profile⁠