FPA Global Equity ETF

Investment Objective

The Fund seeks long-term growth of principal and income.

Fund Details (as of TBD)
Ticker
FPAG
Type
Active
CUSIP
66538R631
ISIN
US66538R6311
Primary Exchange
Cboe BZX Exchange, Inc.
Inception Date
Dec 16, 2021
Gross Expense Ratio
1.54%
Net Expense Ratio
0.49%
Fund AUM
TBD
Advisor
First Pacific Advisors, LP
Fund Distributor
Northern Lights Distributors, LLC
Fund NAV/Market Price (as of TBD)
NAV
TBD
NAV Change
TBD
Market Price
$24.95
Market Price Change
TBD
Premium/Discount
0.60%
Median Bid/Ask Spread
TBD
Quarter-End Performance (as of March 31, 2022)
QTD
YTD
1 Year
Since Inception
FPA Global Equity ETF - NAV
-5.34%
-5.34%
-
-3.03%
FPA Global Equity ETF - Market Price
-5.36%
-5.36%
-
-2.75%
MSCI AC WORLD INDEX Net (USD)
-5.36%
-5.36%
-
-3.53%

Past performance is no guarantee, nor is it indicative, of future results. Current performance may be higher or lower than the performance shown. This data represents past performance and investors should understand that investment returns and principal values fluctuate, so that when you redeem your investment it may be worth more or less than its original cost. Current month-end performance data, which may be lower or higher than the performance data quoted, may be obtained by calling toll-free, 1-800-982-4372.

Periods greater than one year are annualized. FPA Global Equity Fund ("Fund") performance is shown net of all fees and expenses. Fund performance is calculated on a total return basis which includes reinvestment of all distributions. Fund performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares, which would lower these figures. Fund NAV represents the closing price of underlying securities. Closing Market Price is calculated using the price which investors buy and sell ETF shares in the market. The Closing Market Price returns in the table were calculated using the closing price as of the end of the periods noted.

Comparison to any index is for illustrative purposes only. The Fund does not include outperformance of any index or benchmark in its investment objectives. An investor cannot invest directly in an index. The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 25 emerging markets.

The Fund's Total Annual Fund Operating Expenses is 1.54%. First Pacific Advisors, LP, (the “Adviser”) has contractually agreed to limit Total Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser))), to 0.49% of the Fund's average daily net assets for the period ended December 31, 2022, and 0.59% for each of the subsequent one-year periods ended December 31, 2023 and December 31, 2024. The Adviser may recoup any operating expenses in excess of these limits from the Fund within three years if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This agreement may be terminated only by the Board of Trustees on 60 days' written notice to the Adviser.

Historical Premium/Discount
 
 
Days at Premium
Days at NAV
Days at Discount

As with any stock, the price of the Fund’s shares will fluctuate with market conditions and other factors. Shares of ETFs frequently trade at a price that is less than (a “discount”) or more than (a “premium”) their net asset value. If the Fund’s shares trade at a premium to net asset value, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to net asset value thereafter.

Portfolio Holdings (as of TBD)
Ticker
Description
Quantity
Portfolio Weight

* Holding data is provided “as of” the date indicated. Holdings are subject to change without notice. Holdings are provided for informational purposes only and should be not be considered a recommendation to buy or sell the securities listed.

Investment Team

Mark Landecker, CFA

Portfolio Manager

Mark joined FPA in 2009. He serves as a Portfolio Manager for FPA. Prior to joining the firm, Mark served as Portfolio Manager at both Kinney Asset Management and Arrow Investments, Inc., and as associate at TD Capital and PricewaterhouseCoopers. Mark earned a BBA (with honors) from the Schulich School of Business, York University, Toronto, Canada. He is a CFA® Charterholder.

Steven Romick, CFA

Portfolio Manager

Steven joined FPA in 1996. He serves as a Portfolio Manager for FPA. Prior to joining the firm, Steven was Chairman of Crescent Management and a consulting security analyst for Kaplan, Nathan & Co. Steven earned a Bachelor’s degree in Education from Northwestern University. He is a CFA® Charterholder.

Brian A. Selmo, CFA

Portfolio Manager

Brian joined the firm in 2008. He serves as a Portfolio Manager and Director of Research for FPA. Prior to joining the firm, Brian was founder and managing member of Eagle Lake Capital, LLC, and Portfolio Manager of its predecessor. Previously, he was an analyst at Third Avenue Management and Rothschild, Inc. Brian earned a Bachelor's degree in Economics (with honors) from The Johns Hopkins University, where he graduated Phi Beta Kappa. He is a CFA® Charterholder.

The FPA Global Equity ETF is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. First Pacific Advisors, LP, the Funds advisor is not affiliated with Northern Lights Distributors, LLC.

You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. The Prospectus details the Fund's objective and policies, charges, and other matters of interest to the prospective investor. Please read the Prospectus carefully before investing. You may obtain the prospectus by clicking on the link above.

Important Risk Information

The Fund is new with limited operating history. Past performance does not guarantee future results. The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities. There is no assurance that the Fund will achieve its investment objective, and an investment in the Fund is not by itself a complete or balanced investment program. For a complete description of the Fund’s principal investment risks please refer to the prospectus.

Shares of the Fund are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Because ETFs trade like stocks, the Fund may trade at prices above or below the ETF's NAV. While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. Brokerage commissions and ETF expenses will reduce returns.

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