At a glance
FPXI charges 0.7% a year, the same as the average of the 1 funds most like it. It has $342.8M in assets; it paid 1.09% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +21.2% a year. At its worst it fell 27.0% in the 2020 crash (S&P 500: 33.7%) and 39.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 33 months after the lows. Its ten largest positions make up 60.5% of the fund, out of 51 in all.
The short version
First Trust International Equity Opportunities ETF (FPXI) tracks the IPOX International Index: the 50 largest non-US companies still within 1,000 trading days of listing through an IPO, spin-off or SPAC. As of June 30, 2026, the largest stocks were Advantest, Kioxia and Contemporary Amperex Technology, and the top 10 made up 61% of assets. Its 0.70% annual fee matches similar funds, but returns swing widely: up 72% in 2020, down 32% in 2022.
Price history
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FPXI +6.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FPXI official prospectus, to Dec 31, 2025 | — | +26.15% | — | -2.19% | +9.16% | +7.32% |
| FPXI price data to Oct 27, 2026 | +8.0% | +6.6% | +21.2% | +0.2% | +9.9% | +7.5% |
- Over the year to Oct 27, 2026, FPXI returned +6.6%.
- Its 5-year annualized return was +0.2% and its 10-year +9.9%.
- In the 2020 COVID crash it fell 27% and regained its old high 1.7 months after the low.
- Its worst full calendar year was 2022 (-31.9%); its best was 2020 (+71.5%).
- The deepest fall in its price history was 55.8% (Feb 16, 2021 to Oct 24, 2022), recovered by May 26, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.0% | — |
| 2025 | +26.4% | +26.15% |
| 2024 | +12.6% | +12.75% |
| 2023 | +9.6% | +9.19% |
| 2022 | -31.9% | -31.93% |
| 2021 | -15.8% | -15.30% |
| 2020 | +71.5% | +72.27% |
| 2019 | +33.7% | +31.92% |
| 2018 | -13.1% | -12.30% |
| 2017 | +39.3% | +39.34% |
| 2016 | -3.7% | -3.36% |
| 2015 | -5.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24.6% over that stretch · deepest drop along the way 27%, back to its old high 1.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.1% over that stretch · deepest drop along the way 39.1%, back to its old high 32.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6200 | |
| 2025 | $0.4200 | -2.3% |
| 2024 | $0.4300 | +41.0% |
| 2023 | $0.3050 | -29.6% |
| 2022 | $0.4330 | +8.3% |
| 2021 | $0.4000 | +233.3% |
| 2020 | $0.1200 | -57.1% |
| 2019 | $0.2800 | -47.2% |
| 2018 | $0.5300 | +96.3% |
| 2017 | $0.2700 | -50.0% |
| 2016 | $0.5400 | +50.0% |
| 2015 | $0.3600 |
What's inside
As of Jun 30, 2026, the fund held 51 securities; the ten largest made up 60.51% of assets.
| Holding | Weight | |
|---|---|---|
| ADVANTEST CORP | 9.39% | |
| RBC DOMINION SECURITIES INC. RA | 8.80% | |
| KIOXIA HOLDINGS CORP | 8.48% | |
| CONTEMPORARY AMPEREX TECHNOLOGY CO LTD | 8.34% | |
| ARM HOLDINGS PLC | 4.96% | |
| SIEMENS ENERGY AG | 4.43% | |
| GIGA DEVICE SEMICONDUCTOR INC | 4.28% | |
| KNOWLEDGE ATLAS TECHNOLOGY JSC LTD | 4.22% | |
| RIO TINTO PLC | 3.89% | |
| YAGEO CORP | 3.73% | |
| VIKING HOLDINGS LTD | 2.82% | |
| SANDOZ GROUP AG | 2.81% | |
| CAIXA SEGURIDADE PARTICIPACOES SA | 2.65% | |
| HOCHTIEF AG | 2.49% | |
| SHANGHAI ILUVATAR COREX SEMICONDUCTOR CO LTD | 2.25% |
By country
Japan 22.55%China 21.51%United Kingdom 9.29%United States 8.8%Germany 7.7%By asset type
Stocks 99.02%RA 8.8%Preferred stock 0.78%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $128.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +14.17%, +10.49%, +6.40%.
How it works
FPXI aims to match the IPOX International Index, before fees. The index is owned by IPOX Schuster LLC, and the fund normally keeps at least 90% of its net assets in the index's stocks. The index draws from a wider list, the IPOX Global Composite Index. That list holds newly listed companies worldwide that came to market in one of three ways: an IPO (a company selling shares to the public for the first time), a spin-off (a business split from its parent) or a SPAC (a listed shell company that raises money to buy a private firm). A company can join on the close of its 6th trading day and must leave after its 1,000th, so holdings rotate out as they age.
From that list, the index picks the 50 largest companies based outside the US that meet its liquidity rules. It weights them by market value, the total worth of a company's shares. No single stock can exceed 10%, and the top seven together can't exceed 50%. The index is reset every quarter, which helps explain the fund's 118% portfolio turnover. The index provider may make exceptions to these rules.
Some Chinese companies can't be bought directly by foreign investors. To own them, the fund relies heavily on variable interest entities (VIEs). These are offshore shell companies tied to the Chinese business by contracts rather than by direct ownership. The fund held no derivatives as of June 30, 2026.
What it really costs
- FPXI charges 0.7% a year, versus an average of 0.7% for the similar funds below.
In a retirement portfolio
FPXI is a concentrated, high-turnover basket of newly listed non-US companies that has suffered deep, slow-healing losses, so it fits best as a small add-on.
FPXI gives a portfolio a narrow slice of newly listed companies outside the US. Its history shows how hard that slice can hit someone who needs cash. It launched in 2014, so it has no record from 2008. In the 2020 COVID crash it fell 27% but recovered by May 11, 2020. The 2022 bear market was harsher: it fell 39.1% and didn't recover until June 27, 2025, about 32.5 months later. Its deepest drop was 55.8%, from February 2021 to October 2022, and recovery took 43 months. Its worst calendar year was 2022, at -31.9%. Selling shares for spending during a stretch like that would lock in losses. Income is small: a trailing yield of 1.09% as of October 27, 2026, paid quarterly. The 0.70% expense ratio matches FPXE, its only same-strategy peer. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, separate stake in non-US IPOs and spin-offs, with top holdings such as Advantest, Kioxia and Contemporary Amperex Technology.
- Holders comfortable with heavy Asian exposure: Japan was 22.55% and China 21.51% of assets as of June 30, 2026.
- Long-horizon investors who can sit through big swings, like the 55.8% drop that took 43 months to recover.
Look elsewhere if
- Anyone wanting a core international fund: FPXI holds about 50 stocks that change every quarter and charges 0.70% a year.
- Investors seeking income: the trailing yield was 1.09% as of October 27, 2026.
- Investors uneasy with Chinese variable interest entity structures, which the fund uses heavily to reach some Chinese companies.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FPXI this fund | — | 0.7% | $342.8M | +6.6% | +21.2% |
| FPXE First Trust IPOX Europe Equity Opportunitie… | 35% | 0.7% | $5.2M | +0.1% | +19.8% |
Questions investors ask
Is FPXI good for retirement?
FPXI may suit only a small, higher-risk part of a retirement portfolio. It fell 39.1% in the 2022 bear market and took about 32.5 months to recover. Its deepest drop, 55.8%, took 43 months to recover. Its trailing yield was just 1.09% as of October 27, 2026. Someone who might need to sell shares in a bad year would face the risk of selling near a low.
What's the difference between FPXI and FPXE?
Both are First Trust funds built from IPOX indexes of newly listed companies, and both charge 0.70%. FPXE holds only European companies. FPXI covers all non-US markets, so it holds large Japanese and Chinese positions. The two portfolios overlap by about 35%. As of June 30, 2026, FPXI had $342.8 million in net assets and FPXE about $5.2 million. As of October 27, 2026, FPXI returned 6.6% over one year and FPXE 0.1%.
Does FPXI pay dividends?
Yes. FPXI pays dividends quarterly, but they are modest. As of October 27, 2026, it paid $0.69 per share over the trailing 12 months, a yield of 1.09%. Many of its holdings are newly listed growth companies, so the fund's appeal rests mostly on price changes rather than income.
What stocks are in FPXI?
As of June 30, 2026, FPXI held 51 stocks. The largest were Advantest at 9.4%, Kioxia Holdings at 8.5%, Contemporary Amperex Technology at 8.3%, Arm Holdings at 5.0% and Siemens Energy at 4.4%. GigaDevice Semiconductor, Knowledge Atlas Technology, Rio Tinto and Yageo followed. By country, Japan made up 22.55% and China 21.51%, followed by the United Kingdom, Germany and Canada.
How has FPXI performed over 10 years?
As of December 31, 2025, FPXI returned an average of 9.16% a year over 10 years, -2.19% a year over five years and 26.15% over one year, according to its prospectus. The ride has been rough. It gained 72.27% in 2020 and then lost 15.3% in 2021 and 31.93% in 2022. Its strongest quarter gained 38.13% and its weakest lost 17.68%.