- Last Ratings Update:09/30/2014
- Price as of 09/30/2014 :$48.09
- Net Assets:$486.1 Million
- Peer Rank:6 of 287
- Investment Rating:A+
We rate First Trust US IPO Index at A+. This overall rating indicates it is among the top 10% of all closed end funds in its peer group. Positive factors that influence this rating include a well above average total return, low price volatility, low expense structure and long term portfolio management tenure. The fund invests approximately 100% of its assets in stocks and may be considered for investors seeking a Growth - Domestic strategy.
POSITIVES AND RISKS
Total return ranks very high in comparison with peers over the last three years. The First Trust US IPO Index has returned an annual rate of 11.90% since inception. More recently, the fund has generated a total return of 21.51% in the last five years, 30.81% in the last three years, and 15.83% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 96% of them. It has also outpaced 96% of its competitors on a three year basis and 72% of them over the last year for the period ending 9/30/2014. On a year to date basis, FPX has returned 6.71%.
Downside risk has been below average. FPX has a draw down risk of -8.14%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 14.1%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 9/30/2014, the fund was trading at a price of $48.09, which is 4.1% below its 52-week high of $50.14 and 0.3% above its 52-week low of $47.97.
High expense ratio hinders performance. On total assets of $486.10 million, FPX maintains a high expense ratio compared to its Growth - Domestic peers of 0.60% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As FPX is an exchange traded fund, it has no front end or back end load.
The First Trust US IPO Index is managed by Daniel J. Lindquist at First Trust Advisors LP. This fund is one of 101 First Trust Advisors LP exchange-traded funds launched since 6/12/2003 that we track.
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