FPX, the largest IPO ETF, entered Monday with a 10% gain this year. The ETF has surged 67.5% over the past two years. The ETF’s underlying index is a rules based value-weighted index measuring the average performance of U.S. IPOs during the first 1,000 trading days and selects the 100 largest, best performing and most liquid IPOs.

While FPX will not include Alibaba in its lineup, a new, yet-to-debut ETF from First Trust that also tracks an IPOX Schuster index likely will.

First Trust has filed plans for the First Trust International IPO ETF, which will track the IPOX International Index. That ETF is expected to debut on Oct. 8 on the NASDAQ Stock Market under the ticker “FPXI.” Alibaba is eligible for inclusion in the IPOX International Index. [First Trust Files for Global IPO ETF]

First Trust US IPO Index Fund

Tom Lydon’s clients own shares of EEM.