ETF Evaluator:
FPA Global Allocation ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Global Moderate Allocation Over the Last Year
| 27.3% | State Street® Multi-Asset Real Ret ETF (RLY) |
| 26.9% | VanEck Real Assets ETF (RAAX) |
| 19.1% | Cambria Global Asset Allocation ETF (GAA) |
| 17.0% | Global Moderate Allocation () |
| 16.9% | Arrow Dow Jones Global Yield ETF (GYLD) |
Risk
Index
Risk
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ETF Details
FPA Global Allocation ETF Overview
FPA Global Allocation ETF (FPAA) is an actively managed Allocation Global Moderate Allocation exchange-traded fund (ETF). FPA launched the ETF in 2026.
The investment seeks long-term, risk-adjusted growth of capital.
Under normal circumstances, the Adviser intends to invest at least approximately 50% of the fund's net assets in global equity investments, including underlying funds that invest primarily in equities. The fund is non-diversified.
About FPA Global Allocation ETF (FPAA)
There are 3 members of the management team with an average tenure of 0.15 years: Brian Selmo (2026), Mark Landecker (2026) and Steven Romick (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
FPA Global Allocation ETF has 4 securities in its portfolio. The top 10 holdings constitute 99.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
FPA Global Allocation ETF is part of the Allocation global asset class and is within the Allocation ETF group. FPA Global Allocation ETF has 24.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 34.4% There is 24.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 37.7% (37.4% domestic bond, 0.2% foreign bond and 0.0% convertible bond). FPA Global Allocation ETF has 3.9% of the portfolio in cash.
Assets Under Management
The fund has $14 million in total assets, which is below the $553 million average for the Global Moderate Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FPAA Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The FPA Global Allocation ETF expense ratio is average compared to funds in the Global Moderate Allocation category. FPA Global Allocation ETF has an expense ratio of 0.49%, which is 37% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. FPA Global Allocation ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 35% for the Global Moderate Allocation category.
Recently, in the month of July 2026, FPA Global Allocation ETF returned 2.0%, which earned it a grade of A, as the Global Moderate Allocation category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
FPA Global Allocation ETF has a trailing yield of 0.00%, which is below the 4.27% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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FPAA Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FPAA Return (NAV) | 2.0% | na | na | na | na | na |
| FPAA Return (Price) | 2.1% | na | na | na | na | na |
| NAV +/- Price Return | -0.059% | na | na | na | na | na |
| Global Moderate Allocation Avg | 0.4% | 0.2% | 17.0% | 12.6% | 7.4% | 6.9% |
| FPAA Grade (NAV) | A | na | na | na | na | na |
| +/- Category (NAV) | 1.6% | na | na | na | na | na |
| FPAA Tax-Cost Ratio | na | na | na | na | na | na |
FPAA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FPAA Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| FPAA Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Global Moderate Allocation Avg | 8.0% | 16.9% | 9.2% | 10.4% | -9.2% | 16.1% | 0.1% | 16.9% | -7.9% | 12.9% | 10.8% |
| FPAA Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 15 Mil |
| Share Class Assets: | $ 15 Mil |
| Turnover: | na |
| Expense Ratio: | 0.49% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.2 years | |||
| Average Tenure: 0.2 years | |||
| Managers (Year): Selmo Brian (2026), Landecker Mark (2026), Romick Steven (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 99.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 24.3% |
Portfolio Allocation |
|
| Domestic Stock: | 34.4% |
| Foreign Stock: | 24.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 37.4% |
| Foreign Bond: | 0.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | FPA |
| Phone Number: | 800-638-3060 |
| Website: | www.fpafunds.com |
| Inception Date: | June 5, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.49% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.78% |
