FPX vs FPXI

FPXAFirst Trust US Equity Opportunities ETF

FPXICFirst Trust International 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.

FPXI The IPO trade, minus America. FPXI tracks the IPOX International Index, so recently listed companies from Europe and Asia arrive in one ticker instead of a brokerage scavenger hunt across foreign exchanges.

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.

FPXI The fund seeks to track, before fees and expenses, the price and yield performance of the IPOX® International 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.

• FPXI The overseas seat in a corner of the market that is mostly US-focused: its peer shelf is dominated by American IPO and spin-off funds, while this one buys newly public names listed abroad.
• Rules-based, not a stock-picking hunch. An index decides which new listings go in and when they age out, so you are not tracking foreign IPO calendars yourself.
• Launched in 2014, so it has run through several very different IPO cycles, and it carries enough assets and daily volume to be a workable trade rather than a ghost ticker.
• Sits in the upper half of the IPO and spin-off group overall, helped by how smoothly it trades for a fund holding non-US stocks. Pays quarterly.

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.

• FPXI 0.70% a year is the median price in this niche, but it runs above the fund's US-focused sibling FPX at 0.57%, and it is a thematic-fund fee, not an index-fund fee.
• About 60 stocks, all recently public. Individual names carry real weight, and freshly listed companies tend to move harder in both directions than seasoned large caps.
• Independent data on how closely the fund has hugged the IPOX International Index is thin, so its index fidelity is harder to verify than for mainstream benchmarks.

Full FPX profile⁠

Full FPXI profile⁠