FPAG vs WBIF

FPAGBFPA Global Equity ETF

WBIFDWBI BullBear Value 3000 ETF

In short

FPAG FPA'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.

WBIF A 2014-vintage active value fund with an unusual escape hatch: its sell discipline can park a big slice of the portfolio in cash. Roughly 30 names, a global hunting ground, and a price tag well above the typical value ETF.

Stated mandate

FPAG 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.

WBIF The Fund seeks long-term capital appreciation and potential current income while attempting to protect principal in unfavorable markets. It actively invests across domestic and foreign companies of all capitalization sizes and may use tactical investments.

Why people hold it

• FPAG The ETF wrapper for a strategy FPA has run for years: bottom-up fundamental research, global large and mid caps, bought when businesses look out of favor, with no sector constraints on the portfolio.fpa.com
• 0.49% net of a waiver through January 31, 2027 sits below the global value category median, and just under First Eagle's FEGE at 0.50% net of a waiver through December 31, 2026.
• Genuinely active, not index-hugging: roughly 40 positions, cash typically under 5%, and active share FPA describes as typically above 90% versus its MSCI ACWI reference.fpa.com
• Prospectus keeps it simple: normally at least 95% of assets in equities, mid- and large-cap U.S. and non-U.S. names, emerging markets included. One of the stronger builds on a crowded global value shelf.

• WBIF Cash counts as a position here. The selection process evaluates cash and cash equivalents alongside stocks, and the fund can hold a significant percentage of net assets there.wbietfs.com
• A wide hunting ground: value names across the US, developed international and emerging markets, at every market cap, plus room for tactical positions.
• Concentrated on purpose at about 30 holdings, so individual picks carry real weight instead of getting diluted across hundreds of names.
• Launched in 2014, early in the active equity ETF wave, so it has a live record through several full market cycles rather than a backtest.

Worth knowing

• FPAG That 0.49% is a waived rate. Gross is 0.86%, so what you pay after January 31, 2027 depends on FPA extending the waiver.
• One of the thinner-traded funds in its category. Spreads can widen, and the open and close are the rougher moments of the day.
• A focused, unconstrained book of about 40 names with no sector limits can look nothing like a global index, and move nothing like one either. Income arrives quarterly.fpa.com

• WBIF At 1.52% a year it costs more than double the 0.63% median of its global value peer group. Cheaper active options in that cohort include AVGV at 0.28% and FEGE at 0.50%.
• Small and thinly traded, so spreads can run wider and sizable orders can move the price more than in the category's household names.
• The flip side of the cash option: the prospectus flags that extended stretches in cash or equivalents can lag other investments and work against the fund's objective.wbietfs.com

Full FPAG profile⁠

Full WBIF profile⁠