FPXI ETF: What Is It? Returns, Expense Ratio, Holdings, and Alternative ETFs Explained
The First Trust International IPO ETF (FPXI) invests in overseas IPO stocks and offers diversified exposure to large, newly listed growth companies outside the United States. Key points to check are the volatility typical of recent listings, the expense ratio, quarterly distributions, and currency exposure, and comparing it with core international ETFs is important.
SubscribeWhat Is the First Trust International IPO ETF?
This ETF tracks large, newly listed companies headquartered outside the United States. Based on an index of international newly listed large caps, it holds non-US IPO stocks weighted by market capitalization.
It suits investors who want diversified exposure to the early growth of newly listed companies around the world, excluding the United States.
It is a passively managed (index-tracking) ETF run by First Trust.
How Does the First Trust International IPO ETF Invest?
| Item | Details |
|---|---|
| Tracked index | IPOX International Index |
| Management style | Passive (index-tracking) |
| Rebalancing frequency | Quarterly |
| Distribution frequency | Quarterly distributions |
| Fund manager | First Trust |
| Expense ratio | 0.70% |
The fund holds recently listed large companies headquartered outside the United States, weighted by market capitalization, to track the performance of the overseas IPO market. Under the index rules, constituents and weights are reconstituted every quarter, and stocks are removed from the index once a set period has passed since their listing.
- Focus on newly listed stocks outside the United States
- Quarterly reconstitution based on index rules
First Trust International IPO ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $206.1M, and the expense ratio is 0.70% per year.
Because it concentrates on newly listed stocks, it tends to carry both higher growth potential and higher volatility than broad international equity ETFs.
First Trust International IPO ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeReturns tend to be highly volatile, depending on conditions in the overseas IPO market and the global risk appetite. The fund has a tendency to move relatively sharply when new listings are active.
Fund flows vary with interest in overseas growth stocks and the IPO theme. In risk-averse phases, flows can slow because of the high weighting of newly listed stocks.
First Trust International IPO ETF Pros and Cons
Its strength is diversified exposure to newly listed overseas growth companies, while volatility and the cost burden are its weaknesses.
💪 Key Strengths
⚠️ Points to Watch
First Trust International IPO ETF Alternative ETFs and Related Products
In the table, FNDF and GSIE are lower-cost core alternatives that diversify across broad non-US large-cap stocks, while IGF is an overseas ETF concentrated in a specific theme such as global infrastructure, so its character is different. For those looking for the new-listing theme in the US market, FPX and IPO, which track US IPO stocks, can also be compared. They differ in regional exposure and concentration in new listings, so the choice depends on your diversification preferences.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 FNDF | Schwab Fundamental International Equity ETF | $53.68 | -0.2% | $25.5B | 0.25% | 3.05% | +22.1% |
 IGF | iShares Global Infrastructure ETF | $64.65 | +0.1% | $10.8B | 0.37% | 2.99% | +4.6% |
 GUNR | Northern Trust Morningstar Global Upstream Natural Resources ETF | $53.98 | +0.8% | $7.0B | 0.46% | 2.28% | +22.8% |
 GSIE | Goldman Sachs ActiveBeta International Equity ETF | $45.88 | -0.4% | $5.9B | 0.25% | 2.64% | +10.8% |
 GNR | State Street SPDR S&P Global Natural Resources ETF | $75.80 | +0.9% | $5.3B | 0.40% | 2.4% | +27.3% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| ARM | Arm Holdings Plc ADR | 0.08% | $210.33 | +0.1% | $224.6B | 215.8 | - |
| AEM | Agnico Eagle Mines Ltd | 0.04% | $173.94 | -1.3% | $88.6B | 14.9 | 0.93% |
| RIO | Rio Tinto plc ADR | 0.04% | $83.42 | -0.9% | $104.7B | 11.3 | 5.78% |
| VIK | Viking Holdings Ltd | 0.05% | $82.24 | -3.3% | $36.7B | 27.3 | - |
 TFPM | Triple Flag Precious Metals Corp | 0.03% | $28.87 | -1.7% | $5.9B | 14.5 | 0.81% |
 AS | Amer Sports Inc | 0.03% | $28.24 | -2.5% | $16.4B | 29.5 | - |
| NTR | Nutrien Ltd | 0.02% | $69.74 | +0.9% | $33.2B | 14.1 | 3.15% |
 LTM | LATAM Airlines Group SA ADR | 0.02% | $46.27 | -2.0% | $13.3B | 8.7 | 2.28% |
First Trust International IPO ETF Investor Checkpoints
Here are the points to check before investing in FPXI. As a thematic ETF concentrated in newly listed stocks outside the United States, it is worth checking price volatility, cumulative costs, regional exposure, and currency effects in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense ratio | Check the cumulative cost impact over a long holding period | Somewhat high |
| 📈 Volatility | Price swings driven by the weighting of newly listed stocks | High |
| 🌍 Regional diversification | Check the exposure breakdown by non-US country | Needs checking |
| 💱 Exchange rate | Impact on returns converted into Korean won | Not currency-hedged |
The high volatility typical of newly listed stocks and exchange-rate swings across multiple currencies are the main risk factors. In global risk-off phases, short-term losses can widen.
It is a thematic ETF suited to investors who want diversified exposure to newly listed growth companies outside the United States. If cost and stability are the priority, it is advisable to also consider broad international core ETFs such as FNDF and GSIE.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 18, 2026.
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