FPAG vs WCMG

FPAGBFPA Global Equity ETF

WCMGDFirst Trust WCM Global Equity 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.

WCMG A stock picker's take on global equity: WCM hunts industry leaders with widening competitive advantages at prices it finds attractive, across US, developed, emerging and frontier markets. MSCI ACWI is the yardstick here, not the rulebook.

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.

WCMG The fund seeks long-term capital appreciation by investing at least 80% of net assets in equity securities of companies worldwide, including the United States.

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.

• WCMG Active by design: bottom-up fundamental research aimed at global industry leaders with expanding competitive advantages, bought at valuations the manager finds attractive.yahoo.com
• One ticker reaches US, developed international, emerging and frontier markets, with MSCI ACWI as the reference point rather than a basket to replicate.ftportfolios.com
• Sub-advised by global equity specialist WCM Investment Management inside First Trust's world equity lineup, which Barron's named top fund family in that category for 2025.yahoo.com

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

• WCMG The 0.85% fee sits above the roughly 0.69% median for active global peers, and cheaper shelf-mates exist: GSWO at 0.15%, DFAW at 0.24%.
• It launched in April 2026, so live history is short, and trading was light out of the gate, which can mean wider bid-ask spreads until volume builds.
• The mandate is long-term capital appreciation, at least 80% of net assets in stocks. Income isn't part of the design; no regular distribution has been paid.

Full FPAG profile⁠

Full WCMG profile⁠