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.

An IPO is defined as a public offering in which the shares of company stocks are sold to the general public for the first time on an exchange. FPXE’s underlying index includes a company’s equity securities for the 1,000 trading days following its IPO. The underlying index will include companies on the close of the 6th trading day following its IPO and will hold on to the companies until the close of the 1,000th trading day.

“Exposure to the IPOX 100 Europe Index provides investors with a diversified, one stop solution to access the performance of European new listings, an economically significant group of companies which often serve as a proxy for European economic growth and innovation,” Dr. Josef Schuster, CEO of IPOX Schuster LLC, the developer and provider of the index, said in a note. “I believe that this unique investment approach will benefit investors seeking equity exposure outside the traditional European benchmarks.”

Top holdings include Siemens Healthineers 7.0%, Orsted 5.7%, Ferrari 5.4%, ABN AMRO Group 4.2% and Vonovia 3.9%.

For more information on new fund products, visit our new ETFs category.