FPXI vs SPCK

FPXICFirst Trust International Equity Opportunities ETF

SPCKDSPAC and New Issue ETF

In short

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.

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

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

• 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.

• 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

• 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.

• 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 FPXI profile⁠

Full SPCK profile⁠