FPRO
Fidelity Real Estate Investment ETF
FPRO is an actively-managed, non-transparent ETF that invests in global real estate companies.
Global
EQUITY
Active
MANAGEMENT STYLE
14.6 M
ASSETS UNDER MGMT
59 bp
EXPENSES
Fund Basics
| Fund sponsor | Fidelity |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 02, 2021 |
| Assets (mns) | $15 |
| Expense ratio | 59 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Non-transparent |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| PROLOGIS INC | 10.7 % |
| AMERICAN TOWER CORP-CL A | 10.0 % |
| WELLTOWER, INC. | 7.4 % |
| EQUINIX INC | 7.0 % |
| CBRE GROUP, INC. CLASS A | 5.5 % |
| VENTAS INC | 5.1 % |
| KIMCO REALTY CORP | 4.6 % |
| NATIONAL RETAIL PROPERTIES | 4.1 % |
| PUBLIC STORAGE | 3.9 % |
| UDR INC | 3.7 % |
Constituent Breakdown
| Number of holdings | 41 |
| Herfindahl-Hirschman Index | 512 |
| Wgt avg mkt cap (mns) | $49,639 |
| Large cap (>$10bn) | 80.8% |
| Mid cap ($2-10bn) | 17.7% |
| Small cap (<$2bn) | 1.0% |
| Developed mkts. | 100.3% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 100.3 % |
Historical Performance
Standardized Performance (as of 11/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 2.4% | -6.0% | 6.0% | 2.3% | -- | -- | -- | 2.8% |
| Dividend Yield | 2.2% | 2.6% | 2.9% | 2.9% | -- | -- | -- | 2.6% |
| Total Returns | 4.6% | -3.4% | 8.9% | 5.1% | -- | -- | -- | 5.4% | Ann. Volatility | 17.8% | 17.8% | 16.7% | 17.7% | -- | -- | -- | 18.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.56 | 39% |
| MSCI EAFE | 0.71 | 44% |
| MSCI Emg Mkts | 0.52 | 26% |
Liquidity Measures
| Avg. volume (000) | 5 |
| ADV traded (mns) | $0 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.23% |
Technical Indicators
| 30d moving avg. (EMA) | $22.54 |
| Relative strength (RSI) | 54 |
| MACD/Signal | 0.01/-0.04 |
| Bollinger Bands (Upper/Lower) | $22.89/$22.06 |
| Short interest (% of AUM) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FPRO |
Expenses vs. FPRO |
ALTAR Score™ vs. FPRO |
|---|---|---|---|---|
| XLRE | Real Estate Select Sector SPDR Fund | 58.9% | -51 bp | +8.0% |
| ICF | iShares Cohen & Steers REIT ETF | 58.8% | -26 bp | +8.4% |
| VNQ | Vanguard Real Estate ETF | 55.6% | -46 bp | +7.6% |
| FREL | Fidelity MSCI Real Estate Index ETF | 55.0% | -51 bp | +7.8% |
| IYR | iShares U.S. Real Estate ETF | 54.9% | -19 bp | +7.7% |
| RWR | State Street SPDR Dow Jones REIT ETF | 52.6% | -34 bp | +7.7% |
| DFAR | Dimensional US Real Estate ETF | 52.4% | -40 bp | +8.3% |
| SCHH | Schwab U.S. REIT ETF | 51.5% | -52 bp | +8.4% |
| USRT | iShares Core U.S. REIT ETF | 51.3% | -51 bp | +8.1% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 50.8% | -48 bp | +8.1% |
Risk and Returns: FPRO vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/5/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
FPRO
6.7%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 382 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
3.1%. FPRO's ALTAR Score™ is approximately
0.8 standard deviations
above
the category average. This places FPRO in the 80th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
FPROSELL
U/W
HOLD
O/W
BUY