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FPAA

GradeCChicago Board Options Exchange

Investment Managers Series Trust III - FPA Global Allocation ETF

Multi-Asset & Alternatives · FPA · Inception 2026-06-02

$25.18−0.21 (−0.83%)

As of Sep 23, 2026, 1:45 PM EDT

History starts Jun 8, 2026.History starts Jun 8, 2026.History starts Jun 8, 2026.
Intraday session: down, 13 prints from 25.39 to 25.18. Range 25.12 to 26.08. Use the arrow keys to read each point.$25.40$25.60$25.80$26.0010 AM12 PM2 PM4 PM
Expense ratio
1.33%
Fund size
$22M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$25.29
52W range
low $24.43high $27.82

The ETF.net FPAA Grade

C

42/ 100

Rank 34 of 46 in Tactical Allocation⁠

Confidence Medium

Six-pillar profile for FPAA. Scores out of 100: Cost 14, Risk 69, Mission not scored, Tradability 77, Holdings not scored, Durability 25. Strongest: Tradability (77). Weakest: Cost (14). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 42 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 14
    Category rank40/46 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 69
    Category rank9/46 · top 20%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 77
    Category rank9/46 · top 20%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 25
    Category rank40/46 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

FPAA Holdings

As of Sep 20, 2026, 9:32 AM
Asset class
Stocks
Holdings
—
Top-10 weight
100%
Largest holding
FPAG60.7%

Sectors

  • Health Care15.3%
  • Communication14.3%
  • Materials14.3%
  • Technology12.5%
  • Industrials11.9%
  • Financials10.7%
  • Consumer Discr.10.4%
  • Cons. Staples9.2%
  • Energy1.3%
  • Utilities0.2%
  • Real Estate0.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001FPAGFPA GLOBAL EQUITY ETF NEW60.72%320,314$13M1
002—FPA SHORT DURATION GOVT ETF36.54%330,355$8M1
003HYBBISHARES BB RATED CORP BOND1.96%9,271$425K1
004—CASHUSD0.55%118,509$119K49
005—NET OTHER ASSETS0.23%50,382$50K134

Showing 1–5 of 5 holdings

FPAA Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FPAA$10,304
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. FPAA $10,304. SPY $10,415. Use the arrow keys to read each point.$9,734$10,164$10,595Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FPAA. Periods over one year show the average yearly return.
PeriodFPAA
Year to dateFund launched this year—
1 month−2.0%
3 months+3.0%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FPAA
YearReturn barFPAA
2026 YTD+3.2%

History from Jun 8, 2026

FPAA in the news

ETF.net Research hasn’t filed on FPAA yet — coverage lands here as it’s written.

FPAA Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Jun 2026. No distributions yet.

FPAA Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Jun 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Jun 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Jun 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.00
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FPAA Cost

Expense ratio1.33%
  • The middle half of Tactical Allocation funds
  • Median 0.91%

38 of the 46 Tactical Allocation funds charge less.

FPAA costs $133.00 a year on $10,000. The median Tactical Allocation fund costs $90.50.