FPAG Fees and Costs — FPA Global Equity ETF
Data updated: 2026-08-19
The net expense ratio is 0.49%: a 0.70% management fee plus 0.16% other expenses, less a 0.37% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $72K in broker commissions, 0.0752% of average net assets, and portfolio turnover was 14%.
FPAG Fees and Expenses
Annual operating expenses and sales charges of FPAG. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.16% |
| Gross expense ratio | 0.86% |
| Fee waiver | −0.37% |
| Net expense ratio | 0.49% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
FPAG Costs Over Time
On $10,000 invested in FPAG, assuming 5% a year before costs, total costs come to $357 over 5 years, cutting the return by 0.59% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.49%) | $51 | $161 | $281 |
| Trading costs (broker commissions) | $8 | $25 | $43 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $59 | $195 | $357 |
| Value after costs | $10,441 | $11,381 | $12,406 |
| Impact on return, per year | 0.59% | 0.59% | 0.59% |
FPAG Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0752%
- Total broker commissions: $72K
- Bought from dealers (principal trades, not a cost): $123.6M
- Portfolio turnover (prospectus): 14%
- Securities on loan, average value: $214K
- Net income from securities lending: $887 (0.001% of average net assets)
FPAG Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL INC. | $10K | 15.67% |
| BOFA SECURITIES, INC. | $9K | 14.22% |
| UBS SECURITIES LLC | $8K | 13.21% |
| CITIGROUP GLOBAL MARKETS INC. | $8K | 13.07% |
| VIRTU AMERICAS LLC | $7K | 10.75% |
| CLSA AMERICAS, LLC | $6K | 9.37% |
| GOLDMAN SACHS & CO. LLC | $4K | 7.13% |
| J.P. MORGAN SECURITIES LLC | $4K | 5.77% |
| MORGAN STANLEY | $3K | 5.65% |
| JEFFERIES LLC | $3K | 5.17% |
FPAG Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $42.3M | 37.32% |
| VIRTU AMERICAS LLC | $21.2M | 18.76% |
| BARCLAYS CAPITAL INC. | $9.2M | 8.09% |
| CITIGROUP GLOBAL MARKETS INC. | $8.8M | 7.74% |
| BOFA SECURITIES, INC. | $8.2M | 7.28% |
| UBS SECURITIES LLC | $7.5M | 6.65% |
| GOLDMAN SACHS & CO. LLC | $5.3M | 4.67% |
| CLSA AMERICAS, LLC | $3.8M | 3.35% |
| MORGAN STANLEY | $3.5M | 3.08% |
| JEFFERIES LLC | $3.5M | 3.07% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.