Morningstar: IPOX®-Linked ETF "FPX" Among Top Holders of GE Vernova Stock

Morningstar recently spotlighted the First Trust US Equity Opportunities ETF (FPX), which is linked to the IPOX® 100 U.S. Index, for its strong positioning in GE Vernova (GEV), one of 2025’s top-performing stocks. Since its spinoff from General Electric in April 2024, GE Vernova has risen 333% overall, including an 87% gain this year alone, as growing electricity demand, driven by artificial intelligence technologies, fuels its growth.

FPX, a $1 billion ETF that tracks the IPOX® 100 U.S. Index of 100 of the largest recent U.S. listings, has a 10.5% allocation to GE Vernova, making it the fund’s largest holding. According to Morningstar Direct, the stock contributed 5.6 percentage points to FPX’s 2025 gains, or roughly one-fifth of its overall performance. Year-to-date, FPX is up 26.3%, placing it among the top 3% of all funds in its mid-cap growth category.

GE Vernova’s rapid ascent illustrates how IPOX®-linked strategies can capture the value of newly listed firms as they evolve into market leaders.

Read the full article by Gabe Alpert on Morningstar: With GE Vernova Stock Up 87% in 2025, Which Funds Are the Biggest Holders?