NBTR vs FPAS overlap

NBTR and FPAS overlap 0.8% by weight, across 1 shared holdings.

NBTRFPAS

Pick 2 to 4 ETFs.

0.8%

overlap by weight, across 1 shared holdings

NBTR0.8% of the fund is in shared holdings, of 439

FPAS67.7% of the fund is in shared holdings, of 2

Top shared holdings

Holding	NBTR	FPAS	Overlap
US Treasury N/BT	0.85%	67.71%	0.85%

Overlap by weight adds up the smaller weight of each holding the funds share, so 100% means identical portfolios. Long securities only: derivatives and cash vehicles are left out. Sources: NBTR, SEC Form N-PORT, July 31, 2026; FPAS, SEC Form N-PORT, June 30, 2026.

institutions report holding both, of 6 holding any

NBTR17.2% of its 13F dollars, 50.0% of its 2 holders

FPAS6.8% of its 13F dollars, 20.0% of its 5 holders

Largest institutions holding both

Firm	NBTR	FPAS
Jane Street Group, LLC	$749K	$294K

This compares who owns the funds, not what the funds hold. From SEC Form 13F, for managers with $100M+ in US securities.

Who owns them: NBTR institutional holders, FPAS institutional holders.

Frequently asked questions

How much do NBTR and FPAS overlap?

0.8% by weight, with 1 holdings in common, using holdings for NBTR as of July 31, 2026 and FPAS as of June 30, 2026. The largest shared position is T.

Do institutions hold both NBTR and FPAS?

1 Form 13F filers report positions in both, out of 6 that report either one.

How is overlap by weight worked out?

For each holding the two funds share, take the smaller of the two weights, then add those up. Identical portfolios score 100%.