Expanding on its initial public offering theme, First Trust launched another IPO-related ETF to help investors gain exposure to new listings in the European market.

On Friday, First Trust rolled out the First Trust IPOX Europe Equity Opportunities ETF (NasdaqGM: FPXE), which has a 0.70% expense ratio.

The First Trust IPOX Europe Equity Opportunities ETF will try to reflect the performance of the IPOX 100 Europe Index, which is comprised of the 100 largest and most liquid initial public offerings and spin-offs of companies that are economically tied to Europe, according to the fund prospectus.

“Recent IPOs and spin-offs represent an important segment of the European stock market that is often absent from other European focused index ETFs. This fund provides a unique strategy for investors to gain exposure to the innovation and growth of these stocks before many are added to broad index funds,” Ryan Issakainen, Senior Vice President, Exchange-Traded Fund Strategist at First Trust, said in a note.

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