FPA Short Duration Government ETF (FPAS)

FPA Short Duration Government ETF (FPAS) is an actively managed fixed income exchange-traded fund from First Pacific Advisors (FPA), launched in October 2024.

The fund invests mainly in U.S. Treasury securities and mortgage-related securities backed by the government or its agencies, emphasizing high credit quality. It targets an effective portfolio duration of roughly one to five years, which keeps its sensitivity to interest-rate changes relatively low.

The fund's managers adjust duration and sector mix within these limits based on their view of interest rates and relative value, aiming to provide income with an emphasis on capital preservation. The fund is listed on Cboe BZX and is also used as the bond component of other FPA multi-asset ETFs.