# Portfolio overlap — FPNIX vs FPAS

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

- Shared positions: 2
- FPA New Income Fund covered by FPA Short Duration Government ETF: 0.1648373610132049754722044364
- FPA Short Duration Government ETF covered by FPA New Income Fund: 0.1648373610132049754722044364

## FPA New Income Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| US TREASURY N/B | 0.091260 | ✓ |
| US TREASURY N/B | 0.074973 |  |
| US TREASURY N/B | 0.073577 | ✓ |
| US TREASURY N/B | 0.032676 |  |
| U.S. Treasury Bills | 0.026003 |  |
| US TREASURY N/B | 0.019886 |  |
| U.S. Treasury Bills | 0.018792 |  |
| U.S. Treasury Bills | 0.010500 |  |
| PHI Group Inc COM | 0.010347 |  |
| Zywave_Pfd Equity | 0.009821 |  |
| FN FS1967 | 0.009700 |  |
| FORTRESS CREDIT OPPORTUNITIES IX CLO LTD | 0.009455 |  |
| FHMS K096 A2 | 0.007941 |  |
| VZMT 2024-2 A 144A 4.83% 12-22-31 | 0.007903 |  |
| FORDF 2018-4 A | 0.007566 |  |
| FHMS K095 A2 | 0.007354 |  |
| VERIZON MASTER TRUST VZMT 2023 6 A 144A | 0.007154 |  |
| AMERICAN TOWER T | 0.007057 |  |
| FHMS K754 A2 | 0.007005 |  |
| FN FS1680 | 0.006878 |  |
| SCE RECOVERY FUNDING LLC SR SECURED 03/36 4.453 | 0.006644 |  |
| FR RB5104 | 0.006400 |  |
| FN MA4473 | 0.006289 |  |
| FHMS K094 A2 | 0.006238 |  |
| FHMS K084 A2 | 0.006201 |  |
| GS Mortgage-Backed Securities Trust 2022-PJ5 | 0.006000 |  |
| Freddie Mac Non Gold Pool | 0.005967 |  |
| GMREV 2024-1 A | 0.005967 |  |
| Fannie Mae Pool | 0.005897 |  |
| FHMS K081 A2 | 0.005652 |  |
| FHMS K751 A2 | 0.005640 |  |
| FR RB5110 | 0.005611 |  |
| Fannie Mae Pool | 0.005602 |  |
| CNP 4.255 12/15/35 A-1 | 0.005449 |  |
| AVIS BUDGET RENTAL CAR FUNDING AESOP LLC SER 2024-3A CL A REGD 144A P/P 5.23000000 | 0.005322 |  |
| VIRGINIA POWER | 0.005313 |  |
| TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2024-1 TALNT 2024-1A A | 0.005252 |  |
| FR RB5113 | 0.005215 |  |
| FHMS K117 A2 | 0.004995 |  |
| TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2022-1 3.82% 04/25/2035 144A | 0.004933 |  |
| Cerberus Loan Funding XLIII LLC | 0.004798 |  |
| Cerberus Loan Funding XLI LLC | 0.004718 |  |
| FR RB5137 | 0.004669 |  |
| GMREV 2023-1 A 144A 5.12% 04-11-35 | 0.004611 |  |
| JP Morgan Mortgage Trust 2021-13 | 0.004559 |  |
| FN FS9622 | 0.004549 |  |
| Fannie Mae REMICS | 0.004515 |  |
| Avis Budget Rental Car Funding AESOP LLC | 0.004496 |  |
| FN FS7700 | 0.004373 |  |
| GFORT 2024-2A A | 0.004357 |  |

## 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 `0001193125-26-245340` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/924727/000119312526245340/0001193125-26-245340-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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_Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._

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