# FPA Short Duration Government ETF (FPAS): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/fpas for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: FPA · Asset class: Equity - Strategy: Actively Managed · Inception: 2024-10-29 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 portf... ## Key Facts | Metric | Value | |---|---| | Price | $24.02 | | Expense Ratio | 8.90% | | Assets Under Management | $15.0M | | NAV | $24.05 | | Holdings Count | 0 | | Distribution Yield (TTM) | 4.69% | | Annual Distribution (TTM) | $1.13 /share | | Distribution Frequency | Monthly | | 52-Week Range | $23.69 – $25.51 | | Beta | -0.02 | ## Latest Distribution - Amount: $0.0866 /share - Ex-date: 2026-10-13 - Pay date: 2026-10-20 ## Frequently Asked Questions ### 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. ### Does FPAS pay a dividend? FPA Short Duration Government ETF (FPAS) currently distributes little or no income. Trailing-twelve-month yield is 4.69%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does FPAS pay dividends? FPA Short Duration Government ETF pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is FPAS's dividend yield? FPAS's trailing-twelve-month yield is 4.69%, calculated from the sum of dividends over the past year divided by the current price. ### When is FPAS's next ex-dividend date? The most recently announced ex-dividend date for FPAS was 2026-10-13. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will FPAS's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 8.90% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does FPAS charge its expense ratio? The expense ratio is deducted in tiny daily slices from FPAS's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does FPAS cost more than a fund like VOO? FPAS is actively managed (current expense ratio 8.90%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether FPAS's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to FPAS? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as FPAS (8.90%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/fpas - Distribution history: https://www.dividenddata.com/funds/fpas/dividend - Holdings & diversification: https://www.dividenddata.com/funds/fpas/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/fpas/expenses - Peer comparison: https://www.dividenddata.com/funds/fpas/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.