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First Trust lists International IPO ETF on Nasdaq


First Trust’s new exchange-traded fund, First Trust International IPO ETF (FPXI), has begun trading on the Nasdaq Stock Market.

"Recent IPOs and spin-offs represent an important segment of the international stock market that is often absent from broad international index ETFs," says Ryan Issakainen, senior vice president and ETF strategist at First Trust. "This fund provides a diversified and systematic strategy for investors to gain exposure to these stocks before many are added to broad international index funds."
FPXI seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the IPOX International Index. The IPOX International Index measures the performance of the 50 largest and typically most liquid companies that are domiciled outside the US within the IPOX Global Composite Index (the base index). The base index is constructed and managed to provide a broad and objective view of global aftermarket performance of recent IPOs and spin-offs in both emerging and developed countries. After applying initial screens for diversification, capping and liquidity, all eligible constituents generally enter the base index on the close of the sixth trading day. The 50 largest stocks from this universe are selected for the IPOX International Index and added upon quarterly rebalance. The unique characteristics of IPOs and spin-offs tend to fade over the course of about four years, so constituent stocks are removed from the index after no more than 1000 trading days (approximately four years).
"Launching another innovative First Trust exchange-traded fund on The Nasdaq Stock Market is an exciting endeavour," says Walt Smith, vice president, head of US equities at Nasdaq. "We value our position as First Trust's listing venue partner for the First Trust International IPO ETF and will continue to offer end-to-end support as they expand their portfolio of investment ideas."

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