- What does FPAA invest in?
- FPAA seeks risk-adjusted returns by investing across both equity and fixed-income markets through underlying funds, but may also invest directly in securities. The fund generally allocates at least 50% of its assets to global equities, including emerging-market companies. Its fixed-income exposure may include government and corporate bonds, MBS, ABS, convertibles, loans, structured notes, inflation-linked bonds, and high-yield bonds. The adviser uses proprietary quantitative and qualitative research to evaluate factors such as equity valuations, credit spreads, and overall market risk-reward conditions in determining asset allocation and security selection. This approach allows FPAA to adjust exposure during periods of market volatility, capturing changing opportunities while managing risk. The fund may experience a high portfolio turnover rate due to active and frequent trading.
- What is the expense ratio of FPAA?
- Investment Managers Series Trust III - FPA Global Allocation ETF (FPAA) charges an expense ratio of 1.33%. This is the annual fee deducted from fund assets to cover management and operations.
- How big is FPAA?
- Investment Managers Series Trust III - FPA Global Allocation ETF (FPAA) manages $21.2M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.
- Is FPAA actively managed or an index fund?
- FPAA's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.
- When was FPAA launched?
- Investment Managers Series Trust III - FPA Global Allocation ETF (FPAA) launched in June 2026 and is managed by FPA.
- How has FPAA performed?
- FPAA's total return — price change plus reinvested distributions — is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.
