FPA Short Duration Government ETF

Fact Sheet Commentary

Overview

As of X/X/XX

The FPA Short Duration Government ETF (the “Fund”) seeks to provide long-term total return, which includes income and capital appreciation, while considering capital preservation.
Fund NAV/Market Price

As of X/X/XX

NAV TBD
NAV Change TBD
Market Price1 TBD
Market Price Change TBD
Premium/Discount TBD

1 Reflects closing market price

Fund Characteristics

As of 12/31/25

Yield-to-Worst (YTW)2 3.66%
Effective Duration 4.20 years
Subsidized 30-Day SEC Yield3 3.65%
Unsubsidized 30-Day SEC Yield3 -0.59%

2 Yield-to-Worst (YTW) is presented gross of fees and reflects the lowest potential yield that can be received on a debt investment without the issuer defaulting. YTW considers the impact of expected prepayments, calls and/or sinking funds, among other things. Average YTW is based on the weighted average YTW of the investments held in the Fund’s portfolio. YTW may not represent the yield an investor should expect to receive.

3 The SEC Yield calculation is an annualized measure of the Fund’s dividend and interest payments for the last 30 days, less Fund expenses. Subsidized yield reflects fee waivers and/ or expense reimbursements during the period. Without waivers and/or reimbursements, yields would be reduced. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect. The SEC Yield calculation is based on the price of the Fund at the beginning of the month.

Fund Details

As of X/X/XX

Ticker FPAS
Type Active
CUSIP 30254T478
ISIN US30254T4783
Primary Exchange Cboe BZX Exchange, Inc.
Inception Date October 31, 2024
Total Expense Ratio* 0.83%
Net Expense Ratio* 0.09%
Fund AUM TBD
Median Bid/Ask Spread TBD
Advisor First Pacific Advisors, LP
Fund Distributor Distribution Services, LLC

*As of most recent prospectus

Portfolio Management
Joined - 2010
Abhijeet Patwardhan
Portfolio Manager
View

Performance

Average Annual Total Returns (%)

As of X/X/XX

Since Inception YTD 1 Year QTD
FPA Short Duration Government ETF - NAV - - - -
FPA Short Duration Government ETF - Market Price - - - -
Bloomberg U.S. Treasury 1-5 Year Index - - - -

Past performance is no guarantee, nor is it indicative, of future results. Current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data, which may be lower or higher than the performance data quoted, may be obtained by calling toll-free, 1-800-982-4372.

Periods greater than one year are annualized. FPA Short Duration Government ETF ("Fund") performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures. Fund NAV represents the closing price of underlying securities. Market Price is the price which investors buy and sell ETF shares in the market. The Market Price returns in the table were calculated using the closing price as of the period ends noted.

Comparison to any index is for illustrative purposes only. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index. The Bloomberg U.S. Treasury 1-5 Year Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. To be included in the index, securities must have at least one and up to, but not including, five years to maturity.

The Fund’s Total Annual Fund Operating Expense is 0.83% (as of the most recent prospectus). The Fund’s investment adviser has contractually agreed to limit Total Annual Fund Operating Expenses (excluding any leverage expense, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses), to 0.09% of the Fund’s average daily net assets until October 31, 2027. The adviser may recoup any operating expenses in excess of these limits from the Fund within three years if such recoupment can be achieved within the lesser of the foregoing expense limits and the expense limits in place at the time of recoupment. This agreement may only be terminated before its expiration date by the Board of Trustees of Investment Managers Series Trust III.

Historical Premium/Discount

[Premium/Discount]
Days at premium
Days at NAV
Days at discount

0 on the chart = NAV.

As with any stock, the price of the Fund’s shares will fluctuate with market conditions and other factors. Shares of ETFs frequently trade at a price that is less than (a “discount”) or more than (a “premium”) their net asset value. If the Fund’s shares trade at a premium to net asset value, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to net asset value thereafter.

Portfolio Holdings

As of X/X/XX

CUSIP Description Quantity Portfolio Weight

Holding data is provided “as of” the date indicated. Holdings are subject to change without notice. Holdings are provided for informational purposes only and should not be considered a recommendation to buy or sell the securities listed.

Resources

Recent Insights

FPAS | Short Duration Government ETF
09 - 30 - 2025   |   Quarterly Commentary
FPA Short Duration Government ETF 3Q25 Commentary
Quarterly commentary from the FPA Short Duration Government ETF team sharing insights on markets, portfolio positioning, and performance.
Read More
FPAS | Short Duration Government ETF
12 - 18 - 2024   |   Webcasts
FPA Short Duration Government Bond ETF (FPAS) Launch Webcast Replay
Access the FPA Short Duration Government ETF launch webcast featuring portfolio manager Abhijeet Patwardhan as he discusses the launch of this new ETF.
Read More
Contact

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You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. The prospectus details the Fund’s objective and policies, charges, and other matters of interest to the prospective investor. Please read the prospectus carefully before investing. You may obtain a copy of the prospectus by clicking on the link above on our website https://fpas.fpa.com or by calling (800) 982-4372.

Important Risk Information

Past performance does not guarantee future results. The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities. There is no assurance that the Fund will achieve its investment objective, and an investment in the Fund is not by itself a complete or balanced investment program. An investment in the Fund is speculative and entails substantial risks. Portfolio composition will change due to ongoing management of the Fund. References to individual securities or sectors are for informational purposes only and should not be construed as recommendations and any information provided is not a sufficient basis upon which to make an investment decision. It should not be assumed that future investments will be profitable or will equal the performance of any security or sector discussed. It is important to remember that there are risks inherent in any investment and there is no assurance that any investment or asset class will provide positive performance over time. Capital markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.

For a complete description of the Fund’s principal investment risks please refer to the prospectus.

Shares of the Fund are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Because ETFs trade like stocks, the Fund may trade at prices above or below the ETF's NAV. While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. Brokerage commissions and ETF expenses will reduce returns.

Investments, including investments in mutual funds, carry risks and investors may lose principal value.

The FPA open-end mutual funds and ETFs are distributed by Distribution Services, LLC. 190 Middle Street, Suite 301, Portland, ME 04101. Distribution Services, LLC and FPA are not affiliated.

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