ETF Evaluator:
Fidelity Real Estate Investment ETF ()
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(as of Aug 26)
Best Performing in Real Estate Over the Last Year
| 46.1% | Global X Data Center & Dgtl Infrs ETF (DTCR) |
| 31.7% | Invesco KBW Premium Yield Eq REIT ETF (KBWY) |
| 25.7% | State Street® SPDR® Dow Jones® REIT ETF (RWR) |
| 25.5% | Janus Henderson US Real Estate ETF (JRE) |
| 25.3% | ALPS REIT Dividend Dogs ETF (RDOG) |
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ETF Details
Fidelity Real Estate Investment ETF Overview
Fidelity Real Estate Investment ETF (FPRO) is an actively managed Sector Equity Real Estate exchange-traded fund (ETF). Fidelity Investments launched the ETF in 2021.
The investment seeks above-average income and long-term capital growth, consistent with reasonable investment risk.
The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and is not required to publicly disclose its complete portfolio holdings each business day. The fund normally invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. It invests in domestic and foreign issuers. The fund is non-diversified.
About Fidelity Real Estate Investment ETF (FPRO)
There are 2 members of the management team with an average tenure of 3.56 years: Michael Kim (2024) and Steven Buller (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and MSCI US IMI/Real Estate 25-50 NR USD index with a weighting of 100%. Fidelity Real Estate Investment ETF has 44 securities in its portfolio. The top 10 holdings constitute 58.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Fidelity Real Estate Investment ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Fidelity Real Estate Investment ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.2% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity Real Estate Investment ETF has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $16 million in total assets, which is below the $1 billion average for the Real Estate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FPRO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Real Estate Investment ETF expense ratio is average compared to funds in the Real Estate category. Fidelity Real Estate Investment ETF has an expense ratio of 0.57%, which is 16% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Real Estate Investment ETF has a portfolio turnover rate of 70%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Real Estate category.
Recently, in the month of July 2026, Fidelity Real Estate Investment ETF returned 2.5%, which earned it a grade of B, as the Real Estate category had an average return of 1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Fidelity Real Estate Investment ETF has a trailing yield of 2.45%, which is below the 4.13% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Real Estate Investment ETF Grades
Year to date, the ETF has returned 15.8%, 1.1 percentage points better than the category, which translates into a grade of C. The fund has returned 16.3% over the past year (grade of D), 9.7% over the past three years (grade of B) and 3.2% per year over the past five years (grade of B).
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FPRO Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FPRO Return (NAV) | 2.5% | 3.1% | 16.3% | 9.7% | 3.2% | na |
| FPRO Return (Price) | 2.5% | 3.2% | 16.4% | 9.8% | 3.2% | na |
| NAV +/- Price Return | -0.003% | -0.069% | -0.101% | -0.083% | -0.006% | na |
| Real Estate Avg | 1.2% | 3.6% | 17.3% | 9.2% | 2.8% | 4.3% |
| FPRO Grade (NAV) | B | D | D | B | B | na |
| +/- Category (NAV) | 1.3% | -0.5% | -1.1% | 0.4% | 0.4% | na |
| FPRO Tax-Cost Ratio | na | na | 1.1% | 1.1% | 1.1% | na |
FPRO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FPRO Return (NAV) | 15.8% | 2.5% | 5.7% | 10.9% | -24.8% | na | na | na | na | na | na |
| FPRO Return (Price) | 15.8% | 2.6% | 5.6% | 11.0% | -25.0% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.001% | 0.055% | -0.007% | 0.004% | 0.008% | na | na | na | na | na | na |
| Real Estate Avg | 14.7% | 2.2% | 5.1% | 11.8% | -25.5% | 37.6% | -8.2% | 26.9% | -4.5% | 8.2% | 10.1% |
| FPRO Grade (NAV) | C | C | C | D | B | na | na | na | na | na | na |
| +/- Category | 1.1% | 0.3% | 0.5% | -0.9% | 0.7% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.94 |
| R-Squared: | 54% |
| Standard Deviation: | 16.3% |
| Category Risk Index: | 0.95 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.33 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 2.5% |
| Total Assets: | $ 17 Mil |
| Share Class Assets: | $ 17 Mil |
| Turnover: | 70.0% |
| Expense Ratio: | 0.57% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.5 years | |||
| Average Tenure: 3.6 years | |||
| Managers (Year): Buller Steven (2021), Kim Michael (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 44 |
| % in Top 10 Holdings: | 58.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-343-3548 |
| Website: | www.institutional.fidelity.com |
| Inception Date: | February 2, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.57% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.49% |
