First Trust US Equity Opportunities ETF

First Trust US Equity Opportunities ETF (FPX) tracks the IPOX-100 U.S. Index, which holds 100 of the largest, most heavily traded newly public U.S. companies, mostly from initial public offerings (IPOs) and spin-offs (businesses split off from a parent). Its 0.57% annual fee is close to the 0.55% average of similar funds. What sets it apart is concentration: as of June 30, 2026, GE Vernova and Sandisk each made up more than 10% of assets.

• Over the year to Oct 27, 2026, FPX returned +1.6%, 4th of 7 among similar funds.
• Its 5-year annualized return was +6.6% and its 10-year +13.2%.
• In the 2020 COVID crash it fell 37% and regained its old high 3.5 months after the low.
• Its worst full calendar year was 2008 (-43.8%); its best was 2020 (+47.9%).
• The deepest fall in its price history was 56.3% (Dec 26, 2007 to Nov 20, 2008), recovered by Feb 11, 2011.

As of Jun 30, 2026, the fund held 101 securities; the ten largest made up 45.22% of assets.

• Over the three months to Jun 30, 2026, investors added a net $147.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +13.82%, +7.36%, +6.07%.

FPX normally puts at least 90% of its net assets into the stocks in the IPOX-100 U.S. Index, aiming to match the index before fees. IPOX Schuster LLC designs and runs the index, and Solactive calculates it. The starting pool is the IPOX U.S. Composite Index, which tracks newly public U.S.-listed companies. Most arrive through an initial public offering (IPO), when a company first sells shares to the public, or a spin-off, when a parent company splits off a unit as its own public company. From that pool, the index picks the 100 largest and most easily traded names. It can also include some companies that bought a recent IPO.

Each stock is weighted by its market value, and no stock can be more than 10% of the index. The index is rebalanced and its members updated every quarter. That churn produced 83% portfolio turnover, meaning the fund replaced holdings worth 83% of its portfolio in a year. Trading costs from that turnover are not part of the expense ratio. As of June 30, 2026, GE Vernova was 11.2% of the fund, so holdings can drift above the cap between rebalances.

The fund uses no leverage or derivatives. The index provider can make exceptions to its rules or change the method without asking shareholders. As of March 31, 2026, the fund was heavily weighted toward industrials and information technology.

• FPX charges 0.57% a year, versus an average of 0.55% for the similar funds below (3rd of 7, cheapest first).
• Of that, 0.4% is the management fee; the rest covers other fund expenses.

It is a concentrated, volatile bet on newly public companies with almost no income, so it fits best as a small add-on to a broader core.

FPX gives concentrated exposure to newly public U.S. companies and spin-offs, but it has fallen hard in downturns. It lost 56.3% from December 2007 to November 2008 and took about 27 months from that low to recover. 2008 was its worst calendar year, at -43.8%. It fell 37% in the 2020 COVID crash and got back in about 3.5 months. In the 2022 bear market it dropped 34.3% and needed about 29 months from its June 2022 low to recover. Someone drawing cash in a year like that might have to sell shares at deep losses. It pays very little income: the trailing yield was 0.19% as of October 27, 2026, paid twice a year. Its 0.57% fee is close to similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).