---
ticker: "FPAA"
name: "Investment Managers Series Trust III - FPA Global Allocation ETF"
url: "https://etf.net/etf/FPAA"
grade: "D"
score: 27
graded_at: "2026-10-12"
category: "Tactical Allocation"
category_rank: "42 of 46"
methodology: "https://etf.net/methodology"
---

# FPAA: Investment Managers Series Trust III - FPA Global Allocation ETF

Grade **D**, Score 27 of 100. Rank 42 of 46 in Tactical Allocation.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 13 | 40 of 46 |
| Mission | 10 | 27 of 27 |
| Risk | 63 | 12 of 46 |
| Tradability | 48 | 27 of 46 |
| Holdings | 34 | 39 of 43 |
| Durability | 30 | 40 of 46 |

## Top holdings

The fund holds 5 positions. These are the largest 5, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | FPAG | Fpa Global Equity Etf New | 62.93% |
| 2 | FPAS | Fpa Short Duration Govt Etf | 33.47% |
| 3 | HYBB | Ishares Bb Rated Corp Bond | 1.65% |
| 4 | VTP | Vngrd Totl Inflt Pro Sec Etf | 1.52% |
| 5 | — | Cashusd | 0.59% |

Source: etf.net, https://etf.net/etf/FPAA. Please cite the page URL.