First Trust CEF Income Opportunity ETF (FCEF) belongs to the Diversified Portfolio category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with FCEF. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to FCEF
FCEF charges 2.91% annually. There are 70 ETFs in the Diversified Portfolio category with lower expense ratios, going as low as 0.10%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify US Equity PLUS Managed Futures Strategy E... | 0.10% | 177.84M | Dec 2025 | FCEF vs CTAP | |
| iShares ESG Aware Moderate Allocation ETF | 0.18% | 8.63M | Jun 2020 | FCEF vs EAOM | |
| iShares ESG Aware Aggressive Allocation ETF | 0.18% | 37.39M | Jun 2020 | FCEF vs EAOA | |
| iShares ESG Aware Growth Allocation ETF | 0.18% | 32.15M | Jun 2020 | FCEF vs EAOR | |
| iShares ESG Aware Conservative Allocation ETF | 0.18% | 9.22M | Jun 2020 | FCEF vs EAOK |
Best Risk-Adjusted Alternatives to FCEF
FCEF has a PortfoliosLab risk / return rank of 63. There are 36 ETFs in the Diversified Portfolio category with higher risk-adjusted ranks, going as high as 91.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Franklin Income Focus ETF | 91 | 1.54B | Jun 2023 | FCEF vs INCM | |
| Draco Evolution AI ETF | 89 | 20.72M | Jul 2024 | FCEF vs DRAI | |
| WisdomTree Emerging Markets Efficient Core Fund | 88 | 53.56M | May 2021 | FCEF vs NTSE | |
| VanEck Inflation Allocation ETF | 86 | 969.68M | Apr 2018 | FCEF vs RAAX | |
| Avantis Moderate Allocation ETF | 83 | 66.74M | Jun 2023 | FCEF vs AVMA |
Top Performing FCEF Alternatives (YTD)
FCEF is at 7.01% YTD. There are 40 ETFs in the Diversified Portfolio category with higher YTD returns, going as high as 44.43%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Adaptive Core ETF | 44.43% | 12.20M | Nov 2021 | FCEF vs RULE | |
| WisdomTree Emerging Markets Efficient Core Fund | 33.59% | 53.56M | May 2021 | FCEF vs NTSE | |
| Myriad Dynamic Asset Allocation ETF | 23.50% | — | Oct 2025 | FCEF vs MDAA | |
| Simplify US Equity PLUS Managed Futures Strategy E... | 22.34% | 177.84M | Dec 2025 | FCEF vs CTAP | |
| STF Tactical Growth ETF | 20.94% | 41.36M | May 2022 | FCEF vs TUG |
Lowest Volatility Alternatives to FCEF
FCEF has 7.73% 1-year volatility. There are 22 ETFs in the Diversified Portfolio category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| FlexShares Real Assets Allocation Index Fund | 0.00% | 7.49M | Nov 2015 | FCEF vs ASET | |
| Prospera Income ETF | 2.89% | 2.20M | Sep 2025 | FCEF vs THRV | |
| First Trust High Income Strategic Focus ETF | 3.32% | 95.53M | Aug 2014 | FCEF vs HISF | |
| Mindful Conservative ETF | 3.92% | 26.13M | Nov 2021 | FCEF vs MFUL | |
| Alpha Architect High Inflation And Deflation ETF | 4.43% | 100.05M | Nov 2022 | FCEF vs HIDE |
Lowest Drawdown Alternatives to FCEF
FCEF has a 1-year max drawdown of -7.03%. There are 35 ETFs in the Diversified Portfolio category with shallower 1-year drawdowns, going as shallow as -2.31%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Alpha Architect High Inflation And Deflation ETF | -2.31% | 100.05M | Nov 2022 | FCEF vs HIDE | |
| Brookstone Yield ETF | -2.48% | 45.58M | Sep 2023 | FCEF vs BAMY | |
| First Trust High Income Strategic Focus ETF | -2.90% | 95.53M | Aug 2014 | FCEF vs HISF | |
| Franklin Income Focus ETF | -3.19% | 1.54B | Jun 2023 | FCEF vs INCM | |
| Mindful Conservative ETF | -3.36% | 26.13M | Nov 2021 | FCEF vs MFUL |
Other ETFs from First Trust
The 10 most viewed First Trust ETFs shown here include CIBR, GRID, NFTY and span 11 categories. AUM among these funds goes as high as $14B.
Often Compared With FCEF
Investors most often compare FCEF with CEFS, XMPT, JEPI. These 19 comparison targets span 11 categories, based on PortfoliosLab usage data.
Compare FCEF with Any Fund or Stock
Compare FCEF with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair FCEF with funds that move differently
First Trust CEF Income Opportunity ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to FCEF.
Explore FCEF Diversifiers