FPRO vs. FRI ETF Comparison

Comparison of Fidelity Real Estate Investment ETF (FPRO) to First Trust S&P REIT Index Fund (FRI)

FPRO

Fidelity Real Estate Investment ETF

FPRO Description

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.

Grade (RS Rating)

Last Trade

$23.58

Average Daily Volume

5,739

Number of Holdings ^*

* may have additional holdings in another (foreign) market

FRI

First Trust S&P REIT Index Fund

FRI Description

The investment seeks investment results that correspond generally to the price and yield (before the fund's fees and expenses) of an equity index called the S&P United States REIT Index. The fund will normally invest at least 90% of its net assets plus the amount of any borrowings for investment purposes in common stocks that comprise the index. The index is a subset of the S&P Developed REIT Index, which measures the performance of more than 200 REITs or REIT-like structures in 15 developed markets. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$29.34

Average Daily Volume

81,676

Number of Holdings ^*

128

* may have additional holdings in another (foreign) market

Performance

Period	FPRO	FRI
30 Days	-0.37%	-0.10%
60 Days	-2.31%	-1.08%
90 Days	2.18%	3.42%
12 Months	20.74%	26.29%

33 Overlapping Holdings

Symbol	Grade	Weight in FPRO	Weight in FRI	Overlap
AKR	A	0.24%	0.22%	0.22%
AMH	C	2.09%	0.99%	0.99%
COLD	D	2.21%	0.48%	0.48%
CPT	C	1.08%	1.08%	1.08%
CUBE	D	3.33%	0.91%	0.91%
DLR	A	3.31%	4.61%	3.31%
DRH	B	0.02%	0.16%	0.02%
ELME	D	0.42%	0.12%	0.12%
ELS	B	0.4%	1.12%	0.4%
EQIX	A	7.21%	7.17%	7.17%
EQR	C	2.75%	2.1%	2.1%
EXR	C	1.92%	2.91%	1.92%
FCPT	C	0.84%	0.22%	0.22%
INVH	D	1.57%	1.61%	1.57%
IVT	A	0.09%	0.19%	0.09%
KIM	A	3.9%	1.4%	1.4%
LAMR	D	1.29%	0.94%	0.94%
MAA	B	2.02%	1.55%	1.55%
MAC	A	0.34%	0.35%	0.34%
NNN	C	3.78%	0.65%	0.65%
PECO	B	0.77%	0.4%	0.4%
PLD	D	10.01%	8.93%	8.93%
PSA	D	5.89%	4.39%	4.39%
REG	A	0.92%	1.01%	0.92%
RHP	B	0.45%	0.57%	0.45%
SKT	A	0.68%	0.33%	0.33%
STAG	D	1.07%	0.55%	0.55%
SUI	C	2.69%	1.22%	1.22%
TRNO	D	0.73%	0.5%	0.5%
UDR	C	3.51%	1.12%	1.12%
UE	B	1.36%	0.23%	0.23%
VTR	B	5.69%	2.21%	2.21%
WELL	A	5.23%	6.54%	5.23%

FPRO Overweight 7 Positions Relative to FRI

Symbol	Grade	Weight
AMT	D	9.56%
CBRE	B	4.11%
CCI	C	2.18%
CSGP	C	1.36%
SBAC	D	1.17%
WY	D	0.64%
COMP	B	0.55%

FPRO Underweight 95 Positions Relative to FRI

Symbol	Grade	Weight
SPG	A	-4.6%
O	D	-4.11%
IRM	C	-2.79%
VICI	C	-2.76%
AVB	B	-2.72%
ESS	B	-1.63%
ARE	F	-1.42%
DOC	D	-1.26%
GLPI	C	-1.12%
HST	D	-1.03%
WPC	C	-1.01%
BXP	D	-0.97%
OHI	C	-0.86%
REXR	F	-0.77%
BRX	A	-0.73%
FRT	B	-0.72%
EGP	D	-0.7%
ADC	A	-0.64%
VNO	C	-0.58%
FR	D	-0.58%
KRG	A	-0.5%
EPRT	A	-0.48%
CTRE	C	-0.42%
SLG	B	-0.41%
CUZ	B	-0.39%
IRT	A	-0.39%
SBRA	B	-0.36%
KRC	C	-0.35%
APLE	B	-0.29%
EPR	D	-0.28%
NHI	D	-0.28%
HIW	D	-0.28%
CDP	D	-0.28%
BNL	D	-0.27%
PK	D	-0.26%
DEI	A	-0.26%
IIPR	F	-0.25%
NSA	C	-0.25%
LXP	D	-0.23%
MPW	F	-0.22%
OUT	A	-0.22%
ROIC	A	-0.19%
EQC	A	-0.18%
SHO	D	-0.17%
LTC	B	-0.14%
XHR	B	-0.13%
GTY	A	-0.13%
ALEX	A	-0.12%
ESRT	C	-0.12%
GNL	D	-0.12%
VRE	A	-0.12%
PEB	F	-0.12%
RLJ	C	-0.12%
AAT	A	-0.11%
JBGS	D	-0.11%
UNIT	B	-0.11%
UMH	B	-0.11%
PDM	D	-0.1%
NTST	D	-0.1%
DEA	D	-0.1%
AIV	C	-0.09%
CSR	B	-0.09%
BDN	C	-0.08%
PGRE	F	-0.08%
NXRT	A	-0.08%
INN	D	-0.06%
GOOD	B	-0.06%
PLYM	F	-0.06%
AHH	D	-0.06%
HPP	F	-0.05%
WSR	B	-0.05%
OLP	B	-0.04%
CLDT	C	-0.04%
ALX	D	-0.04%
SVC	F	-0.04%
CHCT	C	-0.04%
PKST	F	-0.04%
BFS	C	-0.04%
FPI	A	-0.04%
UHT	D	-0.04%
GMRE	F	-0.04%
DHC	F	-0.04%
PSTL	D	-0.03%
CBL	A	-0.03%
CTO	B	-0.03%
LAND	F	-0.03%
CIO	F	-0.02%
NXDT	F	-0.02%
PINE	D	-0.02%
BHR	C	-0.02%
BRT	A	-0.02%
ILPT	F	-0.02%
OPI	F	-0.01%
MDV	D	-0.01%
FSP	C	-0.01%