FPA Global Equity ETF

FPA Global Equity ETF (FPAG) is an actively managed stock fund from First Pacific Advisors. It buys mid- and large-company shares in the US and abroad, and it normally keeps at least 40% of its assets outside the US. The managers take a contrarian value approach: they buy out-of-favor companies they judge to be selling well below their true worth. The fund costs 0.49% a year after a fee waiver.

• Over the year to Oct 27, 2026, FPAG returned +16.0%, 1st of 7 among similar funds.
• Its worst full calendar year was 2022 (-17.9%); its best was 2023 (+29.5%).
• The deepest fall in its price history was 28.4% (Jan 12, 2022 to Oct 11, 2022), recovered by Jul 28, 2023.

As of Jun 30, 2026, the fund held 66 securities; the ten largest made up 34.75% of assets.

• Over the three months to Jun 30, 2026, investors added a net $107.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +7.40%, +3.38%, +0.18%.

FPAG is actively managed by First Pacific Advisors and tracks no index. The managers follow the firm's Contrarian Value Equity Strategy. They look for mid- and large-cap companies (worth $10 billion or more when first bought) that seem out of favor or undervalued, even amid bad headlines, but that they expect to reward owners over five to ten years. The fund expects to keep at least 95% of its assets in stocks and at least 40% in non-US companies, and it may own emerging-market stocks.

Each pick rests on deep research into earnings, cash flow and dividends, plus talks with industry experts, customers, competitors and executives. The managers buy only at a "substantial discount" to their estimate of intrinsic value (what the business is really worth). They judge that discount on its own terms, not against peers or a benchmark. They may sell when the price passes that estimate or a better bargain appears. The prospectus sets no weighting formula or rebalancing schedule.

Because the fund is non-diversified, it can hold bigger stakes in fewer companies. As of June 30, 2026, it owned 66 positions, and the top 10 made up about 35% of assets. Analog Devices and Alphabet's Class C shares were the largest, at about 4.5% each. Portfolio turnover, the share of holdings replaced in a year, was 14%.

• FPAG charges 0.49% a year, versus an average of 0.41% for the similar funds below (5th of 7, cheapest first).
• Of that, 0.7% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.37% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $1,027 over 10 years (assuming a 5% annual return).

It pairs a value-focused, contrarian stock-picking style with a large share of non-US companies, which can complement a portfolio built on US index funds.

FPAG can give a portfolio a stock sleeve built on a different idea than market-weighted indexes. It holds stocks around the world, and 55.48% of assets were in US companies as of June 30, 2026. It launched in December 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market, it fell 28.4% from January 12 to October 11, 2022. It got back to its old high on July 28, 2023, about 9.5 months later. 2022 was its worst calendar year, at -17.52%. Someone who needed to sell shares in late 2022 would have sold at a loss. Income is modest: the trailing yield was 1.28% as of October 27, 2026, paid twice a year. The 0.49% expense ratio is above the 0.41% average of similar funds. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).