FPA Short Duration Government ETF
Investment Objective
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 Details (as of TBD)
Ticker
FPAS
Type
Active
CUSIP
30254T478
ISIN
US30254T4783
Primary Exchange
Cboe BZX Exchange, Inc.
Inception Date
10/31/2024
Gross Expense Ratio
(as of most recent prospectus)
(as of most recent prospectus)
0.83%
Net Expense Ratio
(as of most recent prospectus)
(as of most recent prospectus)
0.09%
Fund AUM
TBD
Advisor
First Pacific Advisors, LP
Fund Distributor
Distribution Services, LLC
Fund NAV/Market Price (as of TBD)
NAV
NAV Change
Market Price*
TBD
Market Price Change
TBD
Premium/Discount
Median Bid/Ask Spread
TBD
Fund Characteristics (as of February 28, 2025)
Yield-to-Worst (YTW)1
3.84%
Effective Duration
3.96 years
Subsidized 30-Day SEC Yield2
4.08%
Unsubsidized 30-Day SEC Yield2
-7.23%
Related Documents
1Yield-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. 2The 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.
Quarter-End Performance (as of December 31, 2024)
Since Inception
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
| Days at premium |
| Days at NAV |
| Days at discount |
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 TBD)
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.
Investment Team
Abhijeet Patwardhan
Portfolio Manager
Abhi joined FPA in 2010. He serves as a Portfolio Manager and Co-Director of Research for FPA. Prior to joining FPA, Abhi was an investment analyst at Reservoir Capital Group and D.B. Zwirn & Co. and an investment banking analyst at UBS Warburg and Donaldson, Lufkin & Jenrette. He earned a Bachelor’s degree in Economics, summa cum laude, and an MBA from the Wharton School of the University of Pennsylvania.
Joseph H. Choi
Analyst
Joe joined FPA in 2014. He serves as an Analyst for FPA. Prior to joining FPA, Joe was an investment analyst at Kingsland Capital Management, LLC, and an investment banking analyst at Bear, Stearns & Co. Inc. He earned a Bachelor’s degree in Commerce from the University of Virginia's McIntire School of Commerce, with concentrations in Finance and Accounting.
Prakash Gopinath
Analyst
Prakash joined FPA in 2015. He serves as an Analyst and Co-Director of Research for FPA. Prior to joining FPA, Prakash was a senior associate within the direct lending group at Ares Management, an investment analyst at City on a Hill Capital, an associate at Leonard Green & Partners, and an investment banking analyst at UBS Investment Bank. He earned a Bachelor’s degree (with honors) in Business Administration from the Haas School of Business at the University of California, Berkeley.
Felix Moy
Trader
Felix joined FPA in 2019. He serves as a Trader for FPA. Prior to joining FPA, Felix was a Vice President at Loomis, Sayles & Co where he traded agency MBS and non-agency RMBS sectors. Preceding this role, Felix was a Managing Director at Mesirow Financial. Felix began his career as a structured products analyst at Bear, Stearns & Co, later becoming an Associate Director within the Mortgage and Structured Products sales and trading department. He earned a Bachelor’s degree in Commerce from the University of Virginia's McIntire School of Commerce, with concentrations in Finance and Accounting.
Nazanin Pajoom
Analyst
Nazanin joined FPA in 2013. She serves as an Analyst for FPA. Prior to joining FPA, Nazanin was a design engineer intern at Texas Instruments and a volunteer research assistant for the Connectivity Lab at University of California, Berkeley. She earned a Bachelor’s degree in Electrical Engineering and Computer Science from University of California, Berkeley and a Master's degree in Financial Engineering from University of Southern California.
Felix Partow
Analyst
Felix joined FPA in 2023. He serves as an Analyst for FPA. Prior to joining FPA, Felix was a portfolio manager at Cohen & Company and a portfolio manager at The Midway Group. Felix graduated from the Massachusetts Institute of Technology with a degree in Mathematics.
Ryan Taylor, CFA
Analyst
Ryan joined FPA in 2017. He serves as an Analyst for FPA. Prior to joining FPA, Ryan was Vice President, Research Analyst & Junior Portfolio Manager for the Customized Credit Solutions Group at GSO Blackstone. Preceding this role, Ryan was an Associate Director, Research Analyst for the High Yield Investments Group at Barings (formerly Babson Capital). He earned a Bachelor’s degree in Finance from Wake Forest University. He is a CFA® charterholder.
The FPA Short Duration Government ETF is distributed by Distribution Services, LLC. Three Canal Plaza, Suite 100, Portland, ME 04101. Distribution Services, LLC and FPA are not affiliated.
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. 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.