FPX vs SPCK

FPXAFirst Trust US Equity Opportunities ETF

SPCKDSPAC and New Issue 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.

SPCK The active one in a passive corner: SPCK's manager hand-picks pre-deal SPACs and companies that listed in the past two years. Trading since December 2020, at 2.31% a year with no waiver, above its index peers.

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.

SPCK The Fund seeks total return. It is actively managed and invests at least 80% of assets in qualifying SPACs and companies that completed an IPO within the prior two years; it may also use swaps and hold cash or short-term debt for liquidity.

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.

• SPCK Actively managed: a person picks which SPACs and recent IPOs to own and how big each gets, while peers FPX, IPO and CSD follow fixed index rules.
• One ticker covers both halves of the new-issue market: qualifying SPACs plus companies that listed within the prior two years, around 50 names.
• Trading since December 2020, so there is a multi-year live record to look at rather than a backtest.

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.

• SPCK Cost is the trade-off: 2.31% a year, no waiver, next to FPX at 0.57%, IPO at 0.60% and CSD at 0.65% net of a waiver through August 31, 2028.
• The holdings are unseasoned by definition, pre-deal SPACs and brand-new listings, and the fund itself is small and thinly traded.
• Same fund, new symbol: the ticker moved from SPCX to SPCK on April 7, 2026, with no change to objective or strategy.sec.gov

Full FPX profile⁠

Full SPCK profile⁠