At a glance
LPRE charges 1.0% a year, above the 0.33% average of the 6 funds most like it (the most expensive of 7). It has $156.5M in assets, the 5th largest of that group; it paid 0.86% of its price in distributions over the past 12 months, semiannual. Its ten largest positions make up 62.1% of the fund, out of 25 in all.
The short version
Long Pond Real Estate Select ETF (LPRE) is an actively managed fund. Its sub-adviser, Long Pond Capital, picks a concentrated group of about 20 or more real estate companies, including REITs, homebuilders and hotel operators. It charges 1.00% a year, more than any of the six similar real estate ETFs it was compared with, which average 0.33%. Its holdings overlap little with index-based real estate funds.
Price history
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LPRE — 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 | |
|---|---|---|---|---|---|---|
| LPRE price data to Oct 27, 2026 | -6.2% | — | — | — | — | — |
- The deepest fall in its price history was 12.9% (Jul 29, 2026 to Oct 7, 2026), not yet recovered.
| 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 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of May 31, 2026, the fund held 25 securities; the ten largest made up 62.08% of assets.
| Holding | Weight | |
|---|---|---|
| INDEPENDENCE REALTY TRUST INC | 8.25% | |
| UDR INC | 8.07% | |
| UNITE GROUP PLC (THE) | 6.87% | |
| HEALTHPEAK PROPERTIES INC | 6.44% | |
| D.R. HORTON INC | 6.34% | |
| HYATT HOTELS CORP | 5.87% | |
| SBA COMMUNICATIONS CORP | 5.45% | |
| EQUITY LIFESTYLE PROPERTIES INC | 5.29% | |
| ACCOR SA | 5.01% | |
| AGREE REALTY CORP | 4.49% | |
| INVITATION HOMES INC | 4.01% | |
| CAMDEN PROPERTY TRUST | 3.55% | |
| MID-AMERICA APARTMENT COMMUNITIES INC | 3.22% | |
| JANUS LIVING INC | 2.91% | |
| HILTON GRAND VACATIONS INC | 2.71% |
By country
United States 87.96%United Kingdom 6.87%France 5.01%By asset type
Stocks 99.84%What changed recently
- Over the three months to May 31, 2026, investors added a net $13.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -8.17%, +8.93%, +3.22%.
How it works
LPRE does not track an index. Exchange Traded Concepts is the issuer, and the sub-adviser, Long Pond Capital, LP, chooses the stocks. At least 80% of net assets goes into what the fund calls "Real Estate Select" companies. These include firms that earn at least half their revenue from leasing, renting, managing, building, financing or selling property. They also include REITs (real estate investment trusts, which own income-producing property and pass most of their profits to shareholders), real estate operating companies, and businesses that serve the industry, such as homebuilders and hotel companies. Most are mid-size or large.
The manager first judges which property types look attractive, such as self-storage, cell towers or data centers. Then it weighs each company's supply and demand outlook, asset quality, management, capital allocation, balance sheet and valuation. The fund is non-diversified, so it can put more money into fewer stocks. As of May 31, 2026, it held 25 companies, and the top 10 made up 62% of assets. The prospectus sets no fixed weighting formula or rebalancing schedule.
The fund may sell a stock before its dividend is declared and buy it back after the dividend is paid, to cut taxable income. This adds to turnover, which was 85%, and to trading costs. The fund may also borrow to invest, which magnifies losses. As of May 31, 2026, about 12% of assets was in UK and French stocks.
What it really costs
- LPRE charges 1% a year, versus an average of 0.33% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $102 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| LPRE | $102 | $318 | $— | $— |
In a retirement portfolio
It is a concentrated, non-diversified, actively managed real estate fund with a 1.00% fee and a very short track record, so it fits best as a small add-on to a broader core.
LPRE could add an actively chosen slice of real estate alongside broader stock and bond holdings. Its record is short. Price history starts June 9, 2026, so it shows nothing about the 2008, 2020 or 2022 downturns and has no full calendar year. Its deepest drop was 12.9%, from July 29 to October 7, 2026, and it had not recovered as of October 27, 2026. Anyone who may have to sell shares in a bad year has little evidence of how the fund holds up. Income is modest for real estate: the trailing 12-month yield was 0.86% ($0.24 a share) as of October 27, 2026, paid twice a year. In the SEC's standard example, the 1.00% fee costs about $102 on $10,000 in the first year and $318 over three years. Past results don't predict the future, 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 want a manager-picked real estate portfolio of about 25 stocks instead of an index, and who accept a 1.00% annual fee for it.
- People seeking real estate exposure beyond US REITs, including D.R. Horton, Hyatt Hotels, and foreign holdings Unite Group (UK) and Accor (France).
- Holders of a broad core portfolio wanting a small satellite position with little holdings overlap with index real estate funds such as XLRE or IYR.
Look elsewhere if
- Cost-focused investors: XLRE charges 0.08% and DFAR 0.19% a year, against LPRE's 1.00%, the highest of seven compared real estate funds.
- Income seekers: the trailing yield was 0.86% as of October 27, 2026, paid only twice a year, and the fund may trade around dividends.
- Anyone wanting a proven record: price history begins June 9, 2026, with no full calendar year and no bear-market results.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| LPRE this fund | — | 1% | $156.5M | — | — |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 27% | 0.4% | $100.3M | +0.4% | +11.8% |
| DFAR Dimensional US Real Estate ETF | 18% | 0.19% | $1.78B | +7.6% | +14.0% |
| XLRE Real Estate Select Sector SPDR Fund | 18% | 0.08% | $8.10B | +2.8% | +13.3% |
| IYR iShares U.S. Real Estate ETF | 17% | 0.39% | $4.67B | +1.9% | +12.7% |
| ICF iShares Cohen & Steers REIT ETF | 17% | 0.33% | $2.10B | +7.6% | +14.2% |
| FPRO Fidelity Real Estate Investment ETF | 17% | 0.59% | $16.5M | +4.9% | +13.4% |
Questions investors ask
Is LPRE good for retirement income?
Income is not its main strength. LPRE's trailing 12-month yield was 0.86% ($0.24 a share) as of October 27, 2026, paid twice a year. That is low for a real estate fund. The prospectus also allows a tax strategy of selling stocks before a dividend is declared and buying them back after it is paid, to reduce taxable income. The fund may suit someone who wants actively chosen real estate stocks as a small part of a wider portfolio.
What is the expense ratio of LPRE?
LPRE's expense ratio is 1.00%, all of it management fee, according to its prospectus filed December 22, 2025. That is the highest of the seven real estate ETFs compared, whose average (excluding LPRE) is 0.33%. XLRE charges 0.08% and DFAR 0.19%. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $102 in fees in the first year and $318 over three years.
Does LPRE pay monthly dividends?
No. LPRE pays distributions semiannually, meaning twice a year. Over the 12 months to October 27, 2026, it paid $0.24 a share, a yield of 0.86%. Its prospectus also allows it to sell holdings before dividends and buy them back afterward to cut taxable income. That can mean smaller payouts than the underlying real estate stocks would provide. Investors who rely on monthly income would need a fund with a different payment schedule.
LPRE vs RSPR: what's the difference?
The main differences are management style and cost. RSPR, the Invesco S&P 500 Equal Weight Real Estate ETF, tracks an index that gives each S&P 500 real estate stock the same weight, and it charges 0.40%. LPRE is actively managed by Long Pond Capital, charges 1.00%, and also holds hotel, homebuilding, UK and French stocks. Of the similar funds, RSPR shares the most holdings with LPRE, at 27%. As of October 27, 2026, RSPR returned 0.4% over one year. LPRE has no one-year record.
What stocks are in LPRE?
As of May 31, 2026, LPRE held 25 companies, and the top 10 made up 62% of assets. The largest were Independence Realty Trust (8.3%), UDR (8.1%), Unite Group (6.9%), Healthpeak Properties (6.4%), D.R. Horton (6.3%) and Hyatt Hotels (5.9%). Others included SBA Communications, Equity LifeStyle Properties, Accor and Agree Realty. About 88% was in US companies. The rest was in the UK and France, and almost nothing was held in cash.