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
14.4 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) | $14 |
| 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 | 11.7 % |
| AMERICAN TOWER CORP-CL A | 8.8 % |
| EQUINIX INC | 7.0 % |
| VENTAS INC | 6.8 % |
| PUBLIC STORAGE | 5.8 % |
| CBRE GROUP, INC. CLASS A | 4.3 % |
| KIMCO REALTY CORP | 4.1 % |
| DIGITAL REALTY TRUST INC | 4.0 % |
| CUBESMART | 3.9 % |
| NATIONAL RETAIL PROPERTIES | 3.9 % |
Constituent Breakdown
| Number of holdings | 41 |
| Herfindahl-Hirschman Index | 528 |
| Wgt avg mkt cap (mns) | $45,744 |
| Large cap (>$10bn) | 86.0% |
| Mid cap ($2-10bn) | 12.4% |
| Small cap (<$2bn) | 1.5% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 107.2 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 14.4% | 22.8% | 10.2% | 2.0% | -- | -- | 1.6% | Volatility | -- | -- | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.05 | 71% |
| MSCI EAFE | 1.04 | 69% |
| MSCI Emg Mkts | 0.82 | 43% |
Liquidity Measures
| Avg. volume (000) | 4 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.15% |
| ADV of underlying (mns) | $4,460 |
Technical Indicators
| Recent close | $22.13 |
| 30d moving avg. | $23.77 |
| Annualized volatility | 21.8% |
| Relative strength (RSI) | 51 |
| Short interest (ETF) | 0.7% |
| Short interest (underlying) | 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 | 63.8% | -50 bp | +1.3% |
| IYR | iShares U.S. Real Estate ETF | 62.4% | -19 bp | +1.4% |
| SCHH | Schwab U.S. REIT ETF | 61.1% | -52 bp | +2.0% |
| DFAR | Dimensional US Real Estate ETF | 60.8% | -40 bp | +1.8% |
| FREL | Fidelity MSCI Real Estate Index ETF | 60.5% | -51 bp | +1.5% |
| ICF | iShares Cohen & Steers REIT ETF | 60.0% | -26 bp | +1.2% |
| VNQ | Vanguard Real Estate ETF | 59.5% | -47 bp | +1.6% |
| JPRE | JPMorgan Realty Income ETF | 55.3% | -9 bp | +0.7% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 54.1% | -48 bp | +1.6% |
| RSPR | Invesco S&P 500 Equal Weight Real Estate ETF | 53.3% | -19 bp | +0.3% |
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
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 12/20/2024
Peer Group Comparison Sample data. Subscribe for access.
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
FPRO
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
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
FPRO
5.1%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 374 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
4.8%. FPRO's ALTAR Score™ is approximately
0.2 standard deviations
above
the category average. This places FPRO in the 57th 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
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 118 |
| Avg. Expense Ratio | 73.5 bp |
| Std. Deviation | 29.8 bp |
| FPRO (59 bp) Percentile rank | 33 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| FPRO | 59.0 | 15.4 | 74.4 |
| Peer Avg. | 74.2 | 38.8 | 113.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .