FPAG
FPA Global Equity ETF
FPAG actively selects global large- and midcap stocks offered at a substantial discount relative to their intrinsic value and have a favorable outlook for growth
Global
EQUITY
Active
MANAGEMENT STYLE
181.7 M
ASSETS UNDER MGMT
49 bp
EXPENSES
Fund Basics
| Fund sponsor | First Pacific Advisors LP |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 17, 2021 |
| Assets (mns) | $182 |
| Expense ratio | 49 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| HOLCIM LTD-REG | 6.0 % |
| META PLATFORMS INC | 5.6 % |
| ANALOG DEVICES INC | 5.6 % |
| CITIGROUP INC | 4.9 % |
| COMCAST CORP-CL A | 4.7 % |
| TE CONNECTIVITY | 4.7 % |
| AON PLC CLASS A | 3.8 % |
| INTL FLAVORS & FRAGRANCES | 3.8 % |
| HEINEKEN HOLDING NV | 3.8 % |
| ALPHABET INC. CLASS A | 3.7 % |
Constituent Breakdown
| Number of holdings | 49 |
| Herfindahl-Hirschman Index | 328 |
| Wgt avg mkt cap (mns) | $335,393 |
| Large cap (>$10bn) | 83.7% |
| Mid cap ($2-10bn) | 5.6% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 93.6% |
| Emerging mkts. | 2.4% |
Country Exposure
 |
UNITED STATES | 54.2 % |
 |
NETHERLANDS | 10.2 % |
 |
SWITZERLAND | 9.7 % |
 |
IRELAND | 9.4 % |
 |
FRANCE | 4.8 % |
 |
JAPAN | 3.2 % |
 |
SOUTH KOREA | 2.2 % |
 |
LUXEMBOURG | 1.6 % |
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -0.8% | 7.8% | 14.2% | 11.3% | -- | -- | -- | 5.7% |
| Dividend Yield | 0.0% | 0.6% | 1.3% | 1.3% | -- | -- | -- | 1.1% |
| Total Returns | -0.8% | 8.5% | 15.5% | 12.6% | -- | -- | -- | 6.8% | Ann. Volatility | 28.2% | 19.5% | 17.1% | 20.3% | -- | -- | -- | 20.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.00 | 85% |
| MSCI EAFE | 0.95 | 81% |
| MSCI Emg Mkts | 0.81 | 58% |
Liquidity Measures
| Avg. volume (000) | 33 |
| ADV traded (mns) | $1 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.29% |
Technical Indicators
| Recent close | $30.68 |
| 30d moving avg. | $29.37 |
| Annualized volatility | 18.0% |
| Relative strength (RSI) | 50 |
| Short interest | 0.4% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| MAVF | Matrix Advisors Value ETF | 20.5% | +26 bp | +6.5% |
| XLC | Communication Services Select Sector SPDR Fund | 19.3% | -41 bp | +5.5% |
| IXP | iShares Global Comm Services ETF | 18.5% | -7 bp | +6.6% |
| FFLC | Fidelity Fundamental Large Cap Core ETF | 18.4% | -11 bp | +5.1% |
| IVW | iShares S&P 500 Growth ETF | 17.7% | -31 bp | +4.4% |
| VOOG | Vanguard S&P 500 Growth ETF | 17.7% | -39 bp | +4.5% |
| SPYG | SPDR Portfolio S&P 500 Growth ETF | 17.7% | -45 bp | +4.6% |
| BEEX | BeeHive ETF | 17.6% | +35 bp | +4.8% |
| FCOM | Fidelity MSCI Communication Services Index ETF | 17.5% | -41 bp | +5.2% |
| VOX | Vanguard Communication Services ETF | 17.4% | -39 bp | +5.2% |
Risk and Returns: vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 5/9/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
6.4%
Cat. Avg
4.7%
ALTAR Score™ Calculation
Category Overview
There are 363 funds in the Global Equity category, with an average ALTAR Score™
of 4.7% and a standard deviation of
3.6%. 's ALTAR Score™ is approximately
0.5 standard deviations
above
the category average. This places in the 68th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
FPAGSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 118 |
| Avg. Expense Ratio | 73.5 bp |
| Std. Deviation | 29.8 bp |
| (49 bp) Percentile rank | 23 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| 49.0 | 0.0 | 49 | |
| Peer Avg. | 72.3 | 37.7 | 110.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .