With more than 1400 ETPs registered for investment in the U.S. currently, it becomes increasingly difficult for portfolio managers to keep tabs on everything.

Thus, we often hear from the investment managers that we deal with, whether retail or institutionally oriented, that they may not have “heard of” a particular fund.

First Trust IPOX-100 Index (NYSEArca: FPX) is a perfect example of a fund that has been in the game since 2006, but it only trades about 3,200 shares daily and thus evades the radars of most ETF portfolio managers. The fund invests in initial public offerings, or IPOs. [IPO ETFs]

FPX is structured to grant “all cap” equity access, including exposure to large, mid, and small cap names, and the fund tracks the IPOX-100 Index which is a modified value weighted price index that ranks 100 names on a quarterly basis that are part of the broader IPOX Global Composite Index.

Currently, top weightings are as follows: V (10.50%), PM (10.45%), GM (6.62%), KMI (4.67%), and LO (3.25%). 95% of the current holdings are U.S. domestic equity based, and top sector weightings are in Consumer Staples (23.36%), Consumer Discretionary (17.75%), and Technology (14.59%).