FPABonds & CashTreasuries#683 of 786 by YTD

FPA Short Duration Government ETFFPAS

1D 1M 3M YTD 1Y3Y5YMAX

S&P 500 Compare

$24.27−0.1%

−$0.03 · Nov 6 close

Buy

AUM: $16M
Fee: 8.90%
Yield: 4.6%

Bumpy · 1Y: 0.3×S&P
Volume: 79
NAV: $24.28

What's insideAll 8 →

US TREAS NTS 4.125% 06/30/31 44.1%US TREAS NTS 4.125% 05/31/31 18.5%US TREAS NTS 5% 09/30/31 14.6%US TREAS NTS 4.375% 07/31/31 14.6%

52-week range5% below the high

$23.69$25.51

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	−0.1%	+1.8%	+0.1%	−0.9%	+0.1%	—	—	+6.2%
Peer average	0.0%	+2.5%	+0.2%	−0.4%	−0.2%	+13.4%	−5.4%	—
S&P 500 · VOO	+0.3%	−5.0%	−4.6%	+8.7%	+9.8%	+80.8%	+71.8%	—

FPAS in One Breath

FPAS Among Treasuries ETFs

YTD

#1IBIDiShares+3.5%$159M

#2IBICiShares+3.5%$74.4M

#3TBILF/m+3.2%$7.5B

#4XBILF/m+3.1%$796M

#5TBLLInvesco+3.1%$2.9B

#6IBTGiShares+3.0%$1.8B

#7XHLFBondBloxx+3.0%$2.0B

#8OBILF/m+2.7%$344M

#66FPASFPA−0.9%$16.4M

End-of-day Nov 8, 2026 · 104 Treasuries ETFs by YTD

$10,000 in FPAS

$10,000 in FPAS became

$10,621

In the S&P 500 (VOO)

$13,191

Total return, dividends in · Nov 1, 2024 – Nov 6, 2026 · S&P 500 uses VOO

FPAS’s Top Holdings

Today

US TREAS NTS 4Us Treas Nts 4.125% 06/30/3144.1%US TREAS NTS18.5%US TREAS NTS14.6%US TREAS NTS14.6%US TREAS NTS3.7%US TREAS NTS3.7%CASHUSD

US TREAS NTS 4Us Treas Nts 4.125% 06/30/3144.1%US TREAS NTS18.5%US TREAS NTS14.6%US TREAS NTS14.6%US TREAS NTS3.7%US TREAS NTS3.7%CASHU

FPA FPAS · 8 holdings · top 7 shown · tile size = share of the fund · as of Nov 6, 2026

What FPAS Holds

Today

All holdings100.2%

US TREAS N 44.1 · US TREAS N 18.5 · US TREAS N 14.6 · US TREAS N 14.6 · US TREAS N 3.7 · US TREAS N 3.7 · CASHUSD

FPA FPAS · share of the fund · as of Nov 6, 2026

Us’ Share of FPAS

Today

44.1%

$441 of every $1,000 in FPAS is Us

Us held by FPAS

$7.2M

FPA FPAS · each square = $10 of $1,000 · as of Nov 6, 2026

FPAS’s Share of Treasuries ETFs

Today

0.0%

of the $474B in 122 Treasuries ETFs

FPAS$16.4M0.0%

TLT$48.9B10.3%

IEF$44.6B9.4%

119 others$381B80.3%

Treasuries ETF AUM · Nov 8, 2026

FPAS Fee per $100 vs Peers

Today

$8.90a year
per $100

$890 a year on $10,000

VGIT$0.03

VGSH$0.03

GOVT$0.05

TLT$0.15

IEF$0.15

FPAS$8.90

Expense ratio · Treasuries peers · Nov 8, 2026

Inside FPAS

7 holdings · as of Nov 6, 2026

FPAS

FPA Short Duration Government ETF

Today

All holdings100.2%US Treas NTSUS Treas NTS 4.125% 06/30/3144.1%US Treas N18.5%US Treas N14.6%US Treas N14.6%US Treas N3.7%US Treas N3.7%CASHU

All holdings100.2%US Treas NTSUS Treas NTS 4.125% 06/30/3144.1%US Treas N18.5%US Treas N14.6%US Treas N14.6%

#	Ticker	Company	Weight ▼
1	—	US Treas NTS 4.125% 06/30/31	44.12%
2	—	US Treas NTS 4.125% 05/31/31	18.48%
3	—	US Treas NTS 5% 09/30/31	14.64%
4	—	US Treas NTS 4.375% 07/31/31	14.64%
5	—	US Treas NTS 4.375% 08/31/31	3.68%
6	—	US Treas NTS 4.75% 10/31/31	3.66%
7	—	CASHUSD	0.98%

See all 8 holdings ↓

FPA FPAS · current holdings by weight · as of Nov 6, 2026 · each tile is one holding

All FPAS Holdings

8 holdings · as of Nov 6, 2026

FPAS

FPAS’ Holdings

Today

#
1	—US Treas NTS 4.125% 06/30/31	44.12%	$4,411.77	7.3M	$7.2M
2	—US Treas NTS 4.125% 05/31/31	18.48%	$1,848.01	3.0M	$3.0M
3	—US Treas NTS 5% 09/30/31	14.64%	$1,463.85	2.4M	$2.4M
4	—US Treas NTS 4.375% 07/31/31	14.64%	$1,463.55	2.4M	$2.4M
5	—US Treas NTS 4.375% 08/31/31	3.68%	$367.84	605K	$604K
6	—US Treas NTS 4.75% 10/31/31	3.66%	$366.32	597K	$601K
7	—Cashusd	0.98%	$98.47	162K	$162K
8	—NET Other Assets	−0.20%	−$19.80	-33K	−$33K

FPA FPAS · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Nov 6, 2026

How It Compares

FPAS

FPA Short Duration Government ETF’s Peers

Today


TLT	iSharesRead Desk	0.15%	0.0%	−3.6%	$48.9B
IEF	iSharesRead Desk	0.15%	−0.1%	−0.6%	$44.6B
GOVT	iSharesRead Desk	0.05%	−0.1%	+0.5%	$43.3B
VGIT	VanguardRead Desk	0.03%	−0.2%	+0.3%	$39.7B
VGSH	VanguardRead Desk	0.03%	−0.1%	+2.4%	$35.1B
FPAS	FPAThis fundRead Desk	8.90%	−0.1%	+0.1%	$16M

Treasuries peers · Today’s and past-year returns · as of Nov 9, 2026 · sorted by AUM

Head to Head

Put FPAS head to head with TLT →

TLT vs FPAS

YTD

TLTiShares · TreasuriesFPASFPA · Treasuries

Year to date

−2.3%

−0.9%

FPAS wins+1.5 pts

Past year

−3.6%

+0.1%

FPAS wins+3.7 pts

Fee

0.15%

8.90%

TLT winslower fee

Yield

4.8%

4.6%

TLT wins+0.1 pts

AUM

$48.9B

$16.4M

TLT2981.9× more

2–2level

iShares TLT and FPA FPAS · year-to-date · as of Nov 9, 2026 · AUM not scored

FPAS vs VOO

YTD

FPAS · FPA Short Duration Government

−0.9%

VOO · S&P 500

+8.7%

Gap

9.6 pts

FPA FPAS and Vanguard VOO · Today total return · as of Nov 9, 2026

FPAS vs Its Peer Average

YTD

FPASAvsBPeer average

1D−0.1%0.0%

1M+1.8%+2.5%

3M+0.1%+0.2%

YTD−0.9%−0.4%

1Y+0.1%−0.2%

3Y[…]+13.4%

5Y[…]−5.4%

1–4Peer average wins

121 Treasuries peers · each row scaled to its leader

How Bumpy Is FPAS?

View

FPAS

How Bumpy

0.3×the S&P 500’s swings

CalmerBumpierS&P 1×FPAS

Calm rank among 7 treasuries funds#5

Other treasuries funds0.1× to 0.7×

FPA FPAS · daily swings over the past year vs the S&P 500

FPAS

Worst Drop

−4.6%from its Feb 27 high

Still below the high−1.9%

$10,000 at the high is now$9,810

FPA FPAS · fall from the highest close, past year

FPAS

On a Bad Day

0.1×the S&P 500’s fall

FPAS’s worst day: Wednesday, Sep 23

FPAS

−1.0%

S&P 500

−0.7%

Up days48 of every 100

S&P 500 up days52 of every 100

FPA FPAS · average move on days the S&P 500 fell

FPAS

Return for the Bumps

1Y#4 of 7 treasuries funds

#1TLTiShares

lost money

#2IEFiShares

lost money

#3GOVTiShares

#4FPASFPA

#5VGSHVanguard

#6VGITVanguard

#7SHYiShares

Every fund here earned less than cash (3.8%) over the past year; the bars still rank them by return for the bumps.

Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.8%

FPAS

Cost

Today

$890a year per $10,000

VGIT

VGSH

GOVT

TLT

$15

IEF

$15

SHY

$15

FPAS

$890

Expense ratio 8.90%, taken from the fund’s value

FPAS

Volatility & Beta

3.7%annual volatility

S&P 500 volatility13.6%

Downside volatility2.6%

Beta vs SPY0.05

Correlation vs SPY0.18

Beta rank, lowest first, of 7#3

Daily total returns × √252 · past 254 trading days

FPAS

Max Drawdown

−4.6%peak to trough

Peak closeFeb 27, 2026

Current drawdown−1.9%

Worst day−1.00% · Sep 23

Closing prices, dividends in

FPAS

Up / Down Capture

8%down capture vs SPY

Down days

Up days

S&P 500

100%

Up ÷ down capture0.90

Up days47.6% (S&P 52.0%)

Average daily move on SPY up days and down days

FPAS

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
TLT	−0.86	−1.18	9.6%	−12.5%	0.18	$15
IEF	−0.95	−1.33	5.0%	−6.8%	0.10	$15
GOVT	−0.99	−1.39	3.7%	−4.4%	0.07	$5
FPAS	−1.01	−1.44	3.7%	−4.6%	0.05	$890
VGSH	−1.04	−1.57	1.3%	−0.9%	0.02	$3
VGIT	−1.04	−1.48	3.5%	−4.6%	0.06	$3
SHY	−1.09	−1.62	1.4%	−0.9%	0.02	$15

Sharpe = (return − 3.8% cash) ÷ volatility · Sortino uses downside volatility only

FPAS

Trading

Today

−0.04%below its holdings’ value

Close$24.27

NAV$24.28

Fee per $10,000$890 a year

Avg. volume 30D2K shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 6

The Details

FPAS

Fund Facts

Today

2024launched Oct 29

Tracks[…]

Exchange · CUSIPCBOE · 30254T478

StructureETF

Leverage1x

Cost on $10,000$890 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

FPA FPAS · fund facts · as of Nov 9, 2026

FPAS

Payouts by Year

$0.0866per share, Oct 2026

Distribution yield4.6%

PaidEvery month

Latest ex-date · paidOct 13 · Oct 20, 2026

12 payouts added up$1.13 a share

FPA FPAS · distributions by ex-date · 2024–2026

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

prospectus · SEC 497 ↗SEC reported portfolio · 2026-06-30 ↗SEC reported portfolio · 2026-03-31 ↗SEC reported portfolio · 2025-12-31 ↗summary prospectus · SEC 497K ↗annual report · SEC N-CSR ↗SEC reported portfolio · 2025-09-30 ↗SEC reported portfolio · 2025-06-30 ↗SEC reported portfolio · 2025-03-31 ↗SEC reported portfolio · 2024-12-31 ↗prospectus · SEC 497 ↗summary prospectus · SEC 497K ↗prospectus · SEC 485BPOS ↗prospectus · SEC 485APOS ↗

Trading & Liquidity

Net asset value$24.28

Premium / discount[…]

Median spread · 30D[…]

Volume today79

Average volume · 30D2K

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio8.90%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$890.00

Our risk indicator2/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Oct 13, 2026	Oct 20, 2026	$0.0866
Sep 15, 2026	Sep 22, 2026	$0.0860
Aug 13, 2026	Aug 20, 2026	$0.0908
Jul 14, 2026	Jul 21, 2026	$0.0817
Jun 16, 2026	Jun 23, 2026	$0.0767
May 12, 2026	May 19, 2026	$0.0831
Apr 14, 2026	Apr 21, 2026	$0.0870
Mar 13, 2026	Mar 20, 2026	$0.0759
Feb 13, 2026	Feb 20, 2026	$0.0748
Jan 13, 2026	Jan 20, 2026	$0.0802
Dec 12, 2025	Dec 18, 2025	$0.16
Nov 13, 2025	Nov 20, 2025	$0.15

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