FPA Short Duration Government ETF

Frequently Asked Questions About FPAS

What does FPAS invest in?

FPAS seeks long-term total return with capital preservation by actively investing in debt securities backed by the US government and its agencies. These securities consist of US Treasurys and mortgage-related securities issued by the Government National Mortgage Association (GNMA) and the Federal Home Loan Mortgage Corporation (FHLMC). It also has the flexibility to invest up to 10% of its portfolio in other investment-grade securities including ETFs, mutual funds, and cash and cash equivalent securities. The fund may hold bonds of any maturity or duration but strives for an effective portfolio duration of one to five years. Since the fund is actively managed, security selection and investment decisions are at the discretion of the adviser.

What is the expense ratio of FPAS?

FPA Short Duration Government ETF (FPAS) charges an expense ratio of 8.90%. This is the annual fee deducted from fund assets to cover management and operations.

How big is FPAS?

FPA Short Duration Government ETF (FPAS) manages $15.0M 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 FPAS actively managed or an index fund?

FPAS is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (FPAS's is 8.90%) in exchange for the discretion to over- or under-weight positions.

When was FPAS launched?

FPA Short Duration Government ETF (FPAS) launched in October 2024 and is managed by FPA.

How has FPAS performed?

FPAS'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.