Filings Digest
Two Research Affiliates ETFs will charge more, and Anthropic funds are effective but not trading
FPA Global Equity ETF
The ETF.net FPAG Grade
B
Score 63 out of 100
- 4 of 15
Score 63 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A82 out of 100Rank 3 of 15Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C44 out of 100Rank 9 of 14Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C44 out of 100Rank 11 of 15Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B63 out of 100Rank 7 of 15Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A73 out of 100Rank 5 of 15
Our read on FPAG
In short
BFPA's contrarian value desk in ETF form: about 40 out-of-favor global large and mid caps, no sector constraints, 0.49% net of a waiver through January 31, 2027.
Stated mandate
The Fund seeks long-term growth of principal and income. It normally invests at least 95% of assets in equities, primarily publicly traded common stocks of mid- and large-cap U.S. and non-U.S. companies, including emerging-market companies.
Why people hold it
Worth knowing
FPAG Holdings
- Stocks
- 72
- 32%
- IFF
Sectors
- Health Care16.8%
- Communication14.4%
- Materials13.7%
- Technology13.2%
- Industrials12.4%
- Consumer Discretionary9.8%
- Financials9.8%
- Consumer Staples8.7%
- Energy1.2%
- Real Estate0.0%
- Utilities0.0%
Geography
- United States60.47%
- Netherlands9.89%
- Switzerland5.96%
- France5.70%
- Japan3.92%
- China3.11%
- South Korea3.11%
- Germany3.07%
- 4.77%
Developed 82% · Emerging 18%
FPAG Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
FPAG$11,711
Returns run to the Oct 30, 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.
| Period | FPAG |
|---|---|
| Year to date | +13.6% |
| 1 month | +2.5% |
| 3 months | +1.0% |
| 1 year | +17.1% |
| 3 years | |
| 5 years | |
| 10 years |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | FPAG |
|---|---|---|
| 2026 YTD | +13.6% | |
| 2025 | +25.2% | |
| 2024 | +9.6% |
FPAG in the news
FPAG Dividends
- 1.29%
- $0.54
- $0.09 per share
- Quarterly
FPAG Risk
- 12.4%
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.
- 1.01
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.
- −18.1%
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.
- 0.97
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMP measures it over up to five years of monthly returns.
FPAG Cost
Overpaying vs AVGV, cheapest in Global Active Value
$4,434
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
FPAG 0.49%
$9,792
AVGV 0.26% Cheapest
$5,358
Cost over time
Year by year
| Year | FPAG | AVGV | Overpaying |
|---|---|---|---|
| 10 | $883 | $473 | $410 |
| 20 | $3,394 | $1,838 | $1,556 |
| 30 | $9,792 | $5,358 | $4,434 |
You pay 0.49%Waived by FPA 0.37%
Full fee 0.86% waiver 0.37% you pay 0.49%
Other funds in Global Active Value
- AFEGEFirst Eagle Global Equity ETFExpense ratio 0.50%1 year return +18.7%
- ASFGVSequoia Global Value ETFExpense ratio 0.33%1 year return +18.5%
- BGKATScharf Global Opportunity ETFExpense ratio 0.59%1 year return +14.9%
- BCOPYTweedy, Browne Insider + Value ETFExpense ratio 0.80%1 year return +29.5%
- BGVALCambria Global Value ETFExpense ratio 0.68%1 year return +24.0%
