An actively managed global ETF that invests in undervalued quality companies trading below intrinsic value, selected from U.S. and non-U.S. mid- and large-cap stocks. It builds a relatively concentrated portfolio grounded in a value-investing philosophy.

It is well suited to long-term investors seeking global equity diversification through a value-investing approach while tolerating the volatility that comes with concentration.

This is an actively managed ETF run by FPA.

The fund selects undervalued quality companies trading below intrinsic value from mid- and large-cap stocks across the U.S., non-U.S., and emerging markets, building a relatively concentrated portfolio. Stocks are chosen from a long-term perspective guided by a value-investing philosophy, pursuing excess returns through active selection rather than passive index replication.

• Selection grounded in global value investing
• Concentrated allocation spanning U.S. and non-U.S. markets

Assets under management (AUM) stand at $664.0M, with a total expense ratio of 0.49% annually.

Compared with similarly positioned international equity ETFs such as RODM and IDEQ, the key points of comparison are the global value-investing approach and the degree of portfolio concentration.

Global equities fluctuate with the global business cycle, interest rates, dollar strength, and style rotations. Value-investing strategies tend to outperform during periods favoring value stocks and underperform during growth-led rallies. Because of its concentrated structure, performance can diverge meaningfully from the broader market.

Global equity flows shift with worldwide risk appetite and currency trends, and capital can rotate into value-related products when interest in value investing picks up. Given the active strategy, fund flows tend to track performance closely, which is worth keeping in mind.

Global value selection and geographic diversification are strengths, while relative weakness during growth-led rotations, concentration risk, and currency exposure are key considerations.

For broader global diversification, direct alternatives such as VT and ACWI, which invest in equities worldwide, are available, while those seeking to reduce volatility may compare global low-volatility options like ACWV. The three products highlighted in the table, RODM, IDEQ, and SEIE, each follow distinct overseas multifactor, dynamic, and select strategies with a non-U.S. focus, resulting in different exposure ranges. This ETF differentiates itself through a global value-investing approach spanning both U.S. and non-U.S. markets.

Here are the key checkpoints before investing in FPAG. While global value investing is attractive, the relative weakness during growth-led rotations, concentration risk, and currency exposure all warrant prior review. It is also advisable to compare this fund against broader global and international products.

Relative weakness during growth-led rotations, currency volatility, and concentration risk are the main variables driving long-term performance, and as an active strategy, returns can diverge from the market average depending on the period. Even with global diversification, losses can occur during global economic slowdowns.

This ETF is a suitable candidate for long-term investors seeking global equity diversification through a value-investing approach. If broad diversification and low cost are the priority, products such as VT and ACWI are worth considering, while those who trust a concentrated value approach should compare this fund alongside those options before deciding.