# Portfolio overlap — FPFIX vs FPAS

Comparing **FPA Flexible Fixed Income Fund** (2026-03-31) and **FPA Short Duration Government ETF** (2026-03-31).

- Shared positions: 2
- FPA Flexible Fixed Income Fund covered by FPA Short Duration Government ETF: 0.1731727312822265305826153042
- FPA Short Duration Government ETF covered by FPA Flexible Fixed Income Fund: 0.1731727312822265305826153042

## FPA Flexible Fixed Income Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| US TREASURY N/B | 0.088300 | ✓ |
| US TREASURY N/B | 0.084873 | ✓ |
| US TREASURY N/B | 0.066083 |  |
| US TREASURY N/B | 0.058503 |  |
| U.S. Treasury Bills | 0.034496 |  |
| U.S. Treasury Bills | 0.026086 |  |
| US TREASURY N/B | 0.022459 |  |
| U.S. Treasury Bills | 0.017073 |  |
| J.P. Morgan Mortgage Trust 2022-1 | 0.009304 |  |
| MSILF Treasury Portfolio, Class Institutional | 0.007690 |  |
| FN FS1967 | 0.007164 |  |
| FR RB5104 | 0.006793 |  |
| SCE RECOVERY FUNDING LLC SR SECURED 03/36 4.453 | 0.006301 |  |
| FR RB5110 | 0.006188 |  |
| FHMS K096 A2 | 0.006110 |  |
| FN MA4473 | 0.005958 |  |
| OBX Trust, Series 2021-J1, Class A4 | 0.005884 |  |
| Fannie Mae Pool | 0.005799 |  |
| FHMS K754 A2 | 0.005483 |  |
| GS Mortgage-Backed Securities Trust 2022-PJ5 | 0.005399 |  |
| FN FS1680 | 0.005335 |  |
| FORDF 2018-4 A | 0.005122 |  |
| FNMA UMBS, 20 Year | 0.005037 |  |
| VZMT 2024-2 A 144A 4.83% 12-22-31 | 0.005003 |  |
| Fannie Mae Pool | 0.004989 |  |
| MIDCAP FINL. ISSUER 6.50% | 0.004912 |  |
| CNP 4.255 12/15/35 A-1 | 0.004905 |  |
| FR RB5113 | 0.004864 |  |
| FHMS K094 A2 | 0.004814 |  |
| FHMS K095 A2 | 0.004670 |  |
| Progress Residential Trust, Series 2024-SFR4, Class A | 0.004439 |  |
| Fannie Mae REMICS | 0.004234 |  |
| JP Morgan Mortgage Trust 2021-11 | 0.004173 |  |
| Fortress Credit Opportunities IX CLO Ltd. | 0.004155 |  |
| FR RB5084 | 0.004132 |  |
| VIRGINIA POWER | 0.004094 |  |
| GMREV 2024-1 A | 0.004093 |  |
| Fannie Mae REMICS | 0.004062 |  |
| TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2024-1 TALNT 2024-1A A | 0.004058 |  |
| JP Morgan Mortgage Trust 2021-13 | 0.004019 |  |
| JP MORGAN MORTGAGE TRUST 2021 6 | 0.004009 |  |
| VERIZON MASTER TRUST VZMT 2023 6 A 144A | 0.003992 |  |
| WHP TERM B 1LN 02/20/2032 | 0.003973 |  |
| FHMS K117 A2 | 0.003965 |  |
| FHMS K751 A2 | 0.003929 |  |
| AMERICAN TOWER T | 0.003897 |  |
| Freddie Mac Non Gold Pool | 0.003718 |  |
| Sequoia Mortgage Trust 2021-6 | 0.003715 |  |
| RCKT MORTGAGE TRUST | 0.003654 |  |
| AVIS BUDGET RENTAL CAR FUNDING AESOP LLC SER 2024-3A CL A REGD 144A P/P 5.23000000 | 0.003625 |  |

## FPA Short Duration Government ETF — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| US TREASURY N/B | 0.894647 | ✓ |
| US TREASURY N/B | 0.105353 | ✓ |


## Sources

- N-PORT (fund A) — accession `0001193125-26-236266` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/924727/000119312526236266/0001193125-26-236266-index.htm>
- N-PORT (fund B) — accession `0001193125-26-242153` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/924727/000119312526242153/0001193125-26-242153-index.htm>

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