FPA Short Duration Government ETF (FPAS) Adopts New Fund Investment Limit

FPA has updated the investment restrictions of its Short Duration Government ETF (FPAS), introducing a new policy governing investments in other funds, effective November 3, 2026. Under the amendment, FPAS will limit its holdings of other investment companies and certain private funds to 10% of total assets when it serves as an acquired fund in a fund-of-funds arrangement relying on SEC Rule 12d1-4. The restriction includes exceptions for money market funds, master-feeder arrangements, wholly owned subsidiaries, and certain securities received through reorganizations or permitted interfund lending arrangements. Classified as a non-fundamental policy, the restriction does not require shareholder approval to be modified. The update establishes additional investment limits for qualifying fund-of-funds arrangements without announcing changes to FPAS's underlying investment objective or core strategy.