FPX vs IPO: Grades, Fees and Holdings Compared

First Trust US Equity Opportunities ETF

FPXANYSE Arca

Renaissance IPO ETF

IPOBNYSE Arca

Overlap

20.2%by weight

Expense ratio

FPX −0.03pt a year

FPX0.57%IPO0.60%

Avg volume · 30D

FPX 1.7×the volume

FPX35.3KIPO20.7K

10Y return · a year

FPX +3.9pt

FPX+13.0%IPO+9.1%

FPX vs IPO Performance

Oct 29, 2021 – Oct 30, 2026

+32.1%FPX−30.3%IPO

Expense ratio: FPX 0.57%, better; IPO 0.60%
Fund size: FPX $1.35B; IPO $139M
1Y total return: FPX +0.2%, better; IPO −3.1%
Yield (12M): FPX 0.19%, better; IPO 0.13%
Holdings: FPX 100; IPO 55
Avg volume (30D): FPX 35.3K sh, better; IPO 20.7K sh
NAV per share: FPX $169.31; IPO $47.32
52W range

ETF.net Grade

Pillar letters and Scores for FPX, IPO, with each pillar’s weight
Pillar	FPX	IPO
Cost30% weight	A88Higher	A76
Mission25% weight	F22	Not scored
Risk15% weight	C52Higher	D28
Tradability15% weight	A89Higher	B68
Holdings10% weight	A75Higher	C41
Durability5% weight	A84Higher	B61

Rank among IPO & Spin-Off funds

How we build Categories ›

Same Category. FPX and IPO 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 IPO 3rd 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
Rank 4CFPXIFirst Trust International Equity Opportunities ETFScore 53

Our read on each fund

ETF.net Research

FPXAFirst Trust US Equity Opportunities ETF

IPOBRenaissance IPO 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.

IPO The straight new-issue trade: a rules-based basket of roughly 70 companies that recently went public on a U.S. exchange, running since 2013. Not spin-offs, not a stock picker's list, just the freshman class.

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.

IPO The fund seeks to track the Renaissance IPO Index, which comprises companies that recently completed IPOs and are listed on a U.S. exchange.

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.

IPO At 0.60% a year it undercuts the typical fund in its IPO and spin-off cohort, including First Trust's FPXI (0.70%) and Invesco's spin-off ETF CSD (0.67%).
The mandate is narrow on purpose: track the Renaissance IPO Index, about 70 recent U.S. IPOs, by rule rather than by a manager's conviction picks.
Trading since 2013, so it has carried this exposure through both crowded IPO windows and quiet ones, and it stands in the upper half of its small peer group.

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.

IPO Recent IPOs are young companies with short public track records, and the basket leans toward whatever sectors happen to be going public.
It trades thinly next to broad index ETFs, so spreads and order size matter more here than in a mega-fund.
A smaller fund by assets, and payouts are incidental to the strategy: distributions come quarterly.

Full FPX profile⁠

Full IPO profile⁠

FPX vs IPO Holdings

How FPX and IPO differ

Overlap by weight

20.2%

Shared holdings make up 49.9% of IPO and 21.3% of FPX.

Level by level

Holdings20 in both20.2%
Sector11 Sectors81.3%
Countryby domicile88.9%
Asset classEquity100%

Sector

Sector weights in FPX and IPO, widest gap first
Sector	More in FPXMore in IPO	FPX	IPO
Technology	IPO +13.4 points	31.2%	44.6%
Health Care	FPX +8.9 points	22.1%	13.3%
Energy	FPX +4.5 points	5.8%	1.3%
Industrials	IPO +2.6 points	16.9%	19.5%
Financials	FPX +1.7 points	7.6%	5.9%
Consumer Staples	FPX +1.5 points	1.7%	0.2%
Communication	FPX +1.2 points	6.4%	5.2%
Consumer Discretionary	IPO +1.2 points	4.4%	5.6%
Real Estate	IPO +1.0 points	2.8%	3.8%
Materials	FPX +1.0 points	1.0%	0.0%
Utilities	IPO +0.5 points	0.0%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in FPX and IPO, widest gap first
Country	More in FPXMore in IPO	FPX	IPO
South Korea	IPO +9.1 points	0.0%	9.1%
United States	FPX +7.4 points	96.3%	88.9%
United Kingdom	FPX +1.5 points	1.5%	0.0%
Finland	IPO +1.5 points	0.0%	1.5%
Bermuda	FPX +1.3 points	1.3%	0.0%
Ireland	FPX +0.9 points	0.9%	0.0%
Germany	IPO +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

FPX45.6%
IPO59.4%

Securities held

FPX99
IPO54

Asset class

FPX: Equity
IPO: Equity

Holdings

Only in FPX79
In both20
Only in IPO34

Only in FPX

79 securities, 78.6% of FPX by weight

Eli Lilly and Company9.31%
GE Vernova Inc.7.18%
Sandisk Corporation4.90%
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%
Honeywell Aerospace Inc.1.63%
DoorDash, Inc. (Class A)1.62%
Roivant Sciences Ltd.1.55%
Royalty Pharma Plc (Class A)1.49%
Unity Software Inc.1.45%
Ventas, Inc.1.42%
Dave Inc. (Class A)1.41%
The J.M. Smucker Company1.37%
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%
Crane Company1.07%
Jazz Pharmaceuticals Plc0.98%
Maplebear Inc. (Instacart)0.91%
Guardian Pharmacy Services, Inc. (Class A)0.90%
Andersen Group Inc. (Class A)0.86%
BorgWarner Inc.0.73%
Ralliant Corporation0.69%
International Flavors & Fragrances Inc.0.69%
BridgeBio Pharma, Inc.0.68%
Oscar Health, Inc. (Class A)0.65%
Fox Corporation (Class A)0.62%
DigitalOcean Holdings, Inc.0.61%
Qnity Electronics, Inc.0.57%
Gen Digital Inc.0.51%
Viper Energy, Inc. (Class A)0.50%
WaterBridge Infrastructure LLC (Class A)0.44%
FedEx Freight Holding Company, Inc.0.44%
Jackson Financial Inc. (Class A)0.43%
VeraDermics, Inc.0.41%
Solventum Corporation0.40%
The Vita Coco Company, Inc.0.39%
AST SpaceMobile, Inc.0.37%
Life Time Group Holdings, Inc.0.35%
MKS, Inc.0.32%
Lincoln International, Inc. (Class A)0.30%

Only in IPO

34 securities, 50.1% of IPO by weight

Astera Labs10.30%
SK hynix8.80%
Viking Holdings4.32%
Kaspi.kz2.74%
Tempus AI2.28%
Netskope1.73%
StandardAero1.48%
Forgent Power Solutions1.46%
Amer Sports1.46%
ServiceTitan1.32%
Figma1.29%
Caris Life Sciences1.21%
Cerebras Systems0.94%
Figure Technology Solutions0.91%
Loar Holdings0.78%
Karman Holdings0.78%
Madison Air Solutions0.77%
Klarna Group0.76%
Bending Spoons0.75%
Navan0.75%
Lineage0.68%
BETA Technologies0.64%
PACS Group0.61%
Janus Living0.57%
INNIO Holding0.49%
Birkenstock Holding0.48%
Central Bancompany0.30%
Quantinuum0.27%
SOLV Energy0.26%
EquipmentShare.com0.23%
Jersey Mike's Subs0.21%
Fervo Energy0.19%
Bullish0.16%
X-Energy0.14%

Weight gaps

All 20 Holdings in both funds, largest gap first.

Holding weights in FPX and IPO, widest gap first
Holding	More in FPXMore in IPO	FPX	IPO
Rubrik, Inc. (Class A)RBRK	IPO +4.87 points	0.77%	5.64%
CoreWeave, Inc. (Class A)CRWV	IPO +4.45 points	0.71%	5.16%
Reddit, Inc. (Class A)RDDT	IPO +4.23 points	0.62%	4.85%
Circle Internet Group, Inc. (Class A)CRCL	IPO +3.46 points	0.43%	3.89%
Medline Inc. (Class A)MDLN	IPO +2.93 points	0.98%	3.91%
Chime Financial, Inc. (Class A)CHYM	IPO +1.73 points	0.31%	2.04%
Space Exploration Technologies Corp. (Class A)SPCX	IPO +1.30 points	8.52%	9.82%
BrightSpring Health Services, Inc.BTSG	IPO +1.30 points	1.39%	2.69%
American Healthcare REIT, Inc.AHR	IPO +1.23 points	1.52%	2.75%
UL Solutions Inc. (Class A)ULS	IPO +1.23 points	0.35%	1.58%
Ingram Micro Holding CorporationINGM	FPX +0.93 points	1.37%	0.44%
CG Oncology, Inc.CGON	IPO +0.57 points	0.67%	1.24%
Legence Corp. (Class A)LGN	IPO +0.55 points	0.10%	0.65%
Hinge Health, Inc. (Class A)HNGE	IPO +0.52 points	0.86%	1.38%
BillionToOne, Inc. (Class A)BLLN	IPO +0.50 points	0.12%	0.62%
Arxis, Inc. (Class A)ARXS	IPO +0.39 points	0.62%	1.01%
LandBridge Corporation (Class A)LB	IPO +0.36 points	0.19%	0.55%
SailPoint, Inc.SAIL	FPX +0.17 points	0.56%	0.39%
Venture Global, Inc. (Class A)VG	FPX +0.07 points	1.08%	1.01%
Smithfield Foods, Inc.SFD	IPO +0.06 points	0.17%	0.23%

All 99 FPX holdings⁠All 54 IPO 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.

FPX vs IPO Cost

Overpaying IPO vs FPX

$546

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

FPX 0.57%
$11,271
IPO 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

FPX 0.57%
IPO 0.60%
Overpaying

Year by year

Year	FPX	IPO	Overpaying
10	$1,023	$1,076	$53
20	$3,921	$4,116	$195
30	$11,271	$11,817	$546

Expense ratio

0.57%FPX, cheaper
0.60%IPO

FPX0.57%IPO0.60%

0.57%2.31%

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

FPX cheapest of 8 funds

IPO 2nd cheapest of 8 funds

FPX vs IPO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FPX 0.19%, better; IPO 0.13%
Payout (12M): FPX $0.32; IPO $0.06
Last payment: FPX $0.0054; IPO $0.03
Ex-dividend: FPX Jun 25, 2026; IPO Jun 12, 2026
Paid on: FPX Jun 30, 2026; IPO Jun 22, 2026
Frequency: FPX Quarterly; IPO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FPXQuarterly · 34 paymentsAll FPX payments⁠

IPOQuarterly · 18 paymentsAll IPO payments⁠

FPX vs IPO Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: FPX 24.7%, betterIPO 27.8%
Return per unit of riskSharpe ratio, 3 years: FPX 1.03, betterIPO 0.55
Worst fallMax drawdown, 5 years: FPX −43.1%, betterIPO −65.6%
Market sensitivityBeta, 5 years: FPX 1.53IPO 1.64; Market = 1

FPX and IPO in the news

All news⁠

ETF Filings
Tidal files Defiance’s pre-IPO ETF, with 80% in swaps not shares
Sep 7, 2026IPO

Popular comparisons

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FPX vs IPO

In short

Stated mandate

Why people hold it

Worth knowing

How FPX and IPO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FPX

Only in IPO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Tidal files Defiance’s pre-IPO ETF, with 80% in swaps not shares

How FPX and IPO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FPX

Only in IPO

Weight gaps