At a glance
FPRO charges 0.57% a year, above the 0.17% average of the 8 funds most like it (the most expensive of 9). It has $16.5M in assets, the 9th largest of that group; it paid 2.57% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +4.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +13.4% a year. At its worst it fell 30.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 41 months after the low. Its ten largest positions make up 58.8% of the fund, out of 44 in all.
The short version
Fidelity Real Estate Investment ETF (FPRO) is an actively managed fund of US real estate stocks, led by Prologis, Equinix and American Tower, that aims for above-average income and long-term growth. Unlike most ETFs, it doesn't publish its full portfolio every day. Its 0.57% expense ratio is well above the 0.17% average of eight similar real estate ETFs, and its $16.5 million in assets (July 31, 2026) is the smallest of the group.
Price history
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FPRO +4.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FPRO official prospectus, to Nov 29, 2025 | — | +5.65% | — | — | — | +5.50% |
| IXW9P index, same period | — | +5.05% | — | — | — | +4.47% |
| S&P 001 index, same period | — | +25.02% | — | — | — | +13.33% |
| FPRO price data to Oct 27, 2026 | +8.7% | +4.9% | +13.4% | +1.5% | — | +5.5% |
- Over the year to Oct 27, 2026, FPRO returned +4.9%, 6th of 9 among similar funds.
- Its 5-year annualized return was +1.5%.
- Its worst full calendar year was 2022 (-25.0%); its best was 2023 (+11.0%).
- The deepest fall in its price history was 32.8% (Dec 31, 2021 to Oct 27, 2023), recovered by Apr 16, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.7% | — |
| 2025 | +2.6% | — |
| 2024 | +5.6% | +5.65% |
| 2023 | +11.0% | +10.92% |
| 2022 | -25.0% | -24.83% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.9% over that stretch · deepest drop along the way 30.9%, back to its old high 40.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5000 | |
| 2025 | $0.6000 | +7.1% |
| 2024 | $0.5600 | -9.7% |
| 2023 | $0.6200 | +14.8% |
| 2022 | $0.5400 |
What's inside
As of Jul 31, 2026, the fund held 44 securities; the ten largest made up 58.82% of assets.
| Holding | Weight | |
|---|---|---|
| PROLOGIS INC | 9.92% | |
| EQUINIX INC | 9.21% | |
| AMERICAN TOWER CORP | 8.81% | |
| WELLTOWER INC | 7.61% | |
| SIMON PROPERTY GROUP INC | 5.27% | |
| DIGITAL REALTY TRUST INC | 3.92% | |
| CBRE GROUP INC | 3.71% | |
| KIMCO REALTY CORP | 3.71% | |
| UDR INC | 3.50% | |
| VENTAS INC | 3.15% | |
| REALTY INCOME CORP | 3.13% | |
| PUBLIC STORAGE | 2.88% | |
| EQUITY RESIDENTIAL | 2.86% | |
| NNN REIT INC | 2.58% | |
| STAG INDUSTRIAL INC | 2.53% |
By country
United States 99.12%By asset type
Stocks 99.12%By sector
Sectors of the companies held, for the 54.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.91%, +1.50%, +2.52%.
How it works
FPRO doesn't follow an index. Fidelity's managers pick stocks using fundamental analysis of each company's finances and industry position, plus market and economic conditions. At least 80% of assets normally go to real estate companies and related investments, such as real estate investment trusts (REITs, which own or finance property), developers and mortgage-backed securities. Since December 11, 2025, derivatives with similar exposure can count toward that 80%, though the fund held none as of July 31, 2026.
Position sizes are the managers' call. The fund is non-diversified, so it can concentrate in fewer companies. As of July 31, 2026, it held 44 stocks, nearly all US-based. The 10 largest made up about 59% of assets, led by Prologis (9.9%), Equinix (9.2%) and American Tower (8.8%). Portfolio turnover was 38%.
FPRO is a semi-transparent ETF. Under an SEC order, it doesn't publish its full holdings daily. Instead, it posts a Tracking Basket of recent holdings, other stocks it could buy, liquid ETFs and cash, built to mirror the fund's daily performance, plus how much that basket overlaps the real portfolio. Traders use it to keep the share price near net asset value (NAV), the per-share value of the holdings. The fund warns its shares may trade with wider buy-sell gaps, and further above or below NAV, than other ETFs.
What it really costs
- FPRO charges 0.57% a year, versus an average of 0.17% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $58 in the first year and $714 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FPRO | $58 | $183 | $318 | $714 |
In a retirement portfolio
It is a concentrated, non-diversified fund focused on one sector, and it fell 32.8% at its worst before taking years to recover.
FPRO adds real estate exposure and quarterly income. Its yield over the past 12 months was 2.57% as of October 27, 2026. Launched in February 2021, it has no record from the 2008 crisis or 2020 COVID crash. It fell 30.9% during the 2022 bear market, and 2022 was its worst calendar year, down about 25%. Its deepest drop, 32.8% from December 31, 2021 to October 27, 2023, took until April 16, 2026 to recover, about 30 months after the low. Someone who needed to sell shares in that stretch would have sold well below earlier highs.
In the SEC's standard example ($10,000 invested, 5% yearly return), FPRO's 0.57% expense ratio adds up to about $58 after one year and $714 after 10 years. Eight similar real estate ETFs average 0.17%. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who prefer a manager picking real estate stocks through fundamental analysis over an index fund such as Fidelity's own FREL.
- People adding a real estate slice beside broad stock funds who value quarterly payouts; the 12-month yield was 2.57% as of October 27, 2026.
- Holders comfortable with concentration: the fund held 44 stocks as of July 31, 2026, and its 10 largest made up about 59% of assets.
Look elsewhere if
- Cost-focused investors: the 0.57% expense ratio compares with 0.07% for Schwab US REIT ETF (SCHH) and 0.13% for Vanguard Real Estate ETF (VNQ).
- Anyone who wants to see every holding daily: FPRO publishes only a Tracking Basket and warns shares may trade further from NAV than other ETFs.
- People who may need to sell in a slump: it lost 32.8% from December 2021 to October 2023 and regained its peak in April 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FPRO this fund | — | 0.57% | $16.5M | +4.9% | +13.4% |
| XLRE Real Estate Select Sector SPDR Fund | 66% | 0.08% | $8.10B | +2.8% | +13.3% |
| FREL Fidelity MSCI Real Estate Index ETF | 66% | 0.084% | $1.49B | +3.2% | +13.3% |
| IYR iShares U.S. Real Estate ETF | 65% | 0.39% | $4.67B | +1.9% | +12.7% |
| ICF iShares Cohen & Steers REIT ETF | 64% | 0.33% | $2.10B | +7.6% | +14.2% |
| SCHH Schwab US REIT ETF | 63% | 0.07% | $11.20B | +7.1% | +14.1% |
| DFAR Dimensional US Real Estate ETF | 61% | 0.19% | $1.78B | +7.6% | +14.0% |
| VNQ Vanguard Real Estate ETF | 59% | 0.13% | $73.11B | +9.6% | +13.8% |
Questions investors ask
Is FPRO good for retirement income?
It can supply some income, but that isn't its only aim. FPRO seeks above-average income plus long-term growth, and its yield over the past 12 months was 2.57% as of October 27, 2026, paid quarterly. Real estate stocks can swing hard: the fund fell 32.8% from December 2021 to October 2023 and didn't regain its peak until April 2026. It may suit retirees as one part of a broader portfolio rather than a main income source.
What's the difference between FPRO and FREL?
FREL tracks an MSCI real estate index, while FPRO is actively managed; both come from Fidelity. Their holdings overlapped about 66% in the latest holdings reports. FREL charges 0.084% a year versus FPRO's 0.57%, and it held about $1.49 billion as of July 31, 2026, against FPRO's $16.5 million. Through October 27, 2026, FPRO returned 4.9% over one year versus FREL's 3.2%. Over three years, FPRO returned 13.4% a year and FREL 13.3%.
Does FPRO pay monthly dividends?
No. FPRO pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid about $0.61 per share, a yield of 2.57%. Payments can vary from quarter to quarter because they depend largely on dividends from the fund's holdings, such as Prologis, Equinix and Welltower. Investors who want monthly income would need to pair it with other holdings.
Why doesn't FPRO show its holdings every day?
Because FPRO is a semi-transparent active ETF. Under special permission from the SEC, it posts a daily Tracking Basket instead: a mix of recent holdings, other stocks it could own, liquid ETFs and cash, designed to track the fund's daily performance. It also shows how much that basket overlaps the real portfolio. Structures like this generally let active managers keep trades private. The trade-off: the fund warns its shares may trade at wider buy-sell spreads and further above or below net asset value than fully transparent ETFs.
Is FPRO worth its higher expense ratio?
The record is mixed. FPRO's 0.57% expense ratio is the highest among nine similar real estate ETFs; the other eight average 0.17%. In the SEC's standard example, $10,000 earning 5% a year would incur about $58 in costs after one year and $714 over 10 years. Through October 27, 2026, FPRO ranked 6th of 9 on both one-year (4.9%) and three-year (13.4% a year) returns, trailing cheaper funds such as Schwab US REIT ETF (SCHH), which charges 0.07%.