FRI vs. SRS ETF Comparison

Comparison of First Trust S&P REIT Index Fund (FRI) to ProShares UltraShort Real Estate (SRS)

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

$25.58

Average Daily Volume

25,321

Number of Holdings ^*

126

* may have additional holdings in another (foreign) market

SRS

ProShares UltraShort Real Estate

SRS Description

The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Real EstateSM Index. The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times the inverse (-2x) of the daily return of the index. The index measures the performance of the real estate sector of the U.S. equity market. Component companies include, among others, real estate holding and development and real estate services companies and real estate investment trusts ("REITs"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$15.46

Average Daily Volume

48,421

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FRI	SRS
30 Days	6.74%	-12.56%
60 Days	-0.54%	3.90%
90 Days	1.41%	-0.82%
12 Months	10.69%	-14.05%

65 Overlapping Holdings

Symbol	Grade	Weight in FRI	Weight in SRS	Overlap
AIV	C	0.11%	0.61%	0.11%
AMH	C	1.11%	0.54%	0.54%
APLE	D	0.3%	0.26%	0.26%
ARE	D	1.87%	1.46%	1.46%
AVB	A	2.69%	2.35%	2.35%
BDN	B	0.08%	0.22%	0.08%
BRX	B	0.64%	0.48%	0.48%
BXP	D	0.88%	1.56%	0.88%
COLD	D	0.63%	0.53%	0.53%
CPT	B	1.09%	0.83%	0.83%
CUBE	D	0.95%	0.47%	0.47%
CUZ	B	0.35%	0.48%	0.35%
DEI	B	0.23%	0.54%	0.23%
DLR	D	4.49%	2.02%	2.02%
DOC	A	1.35%	1.4%	1.35%
EGP	D	0.76%	0.41%	0.41%
ELS	D	1.13%	1.0%	1.0%
EPR	C	0.31%	0.44%	0.31%
EQC	B	0.2%	0.31%	0.2%
EQIX	D	7.19%	3.91%	3.91%
EQR	A	2.22%	2.24%	2.22%
ESS	A	1.63%	1.59%	1.59%
EXR	C	3.06%	1.13%	1.13%
FR	D	0.61%	0.42%	0.42%
FRT	C	0.72%	0.71%	0.71%
GLPI	D	1.17%	0.72%	0.72%
HIW	B	0.27%	0.41%	0.27%
HPP	F	0.07%	0.45%	0.07%
HST	D	1.27%	1.0%	1.0%
INVH	B	1.94%	1.28%	1.28%
IRM	C	2.29%	0.7%	0.7%
JBGS	F	0.12%	0.37%	0.12%
KIM	B	1.22%	0.67%	0.67%
KRC	D	0.36%	0.63%	0.36%
LXP	D	0.25%	0.21%	0.21%
MAA	B	1.53%	1.19%	1.19%
MAC	D	0.33%	0.22%	0.22%
MPW	C	0.29%	0.9%	0.29%
NHI	A	0.28%	0.29%	0.28%
NNN	A	0.74%	0.74%	0.74%
O	B	4.4%	1.94%	1.94%
OHI	C	0.72%	0.74%	0.72%
PDM	B	0.09%	0.23%	0.09%
PEB	D	0.18%	0.26%	0.18%
PGRE	B	0.08%	0.22%	0.08%
PK	D	0.33%	0.46%	0.33%
PLD	D	9.81%	4.64%	4.64%
PSA	C	4.35%	2.58%	2.58%
REG	D	0.95%	0.82%	0.82%
REXR	D	0.93%	0.41%	0.41%
RHP	D	0.61%	0.37%	0.37%
RLJ	F	0.15%	0.23%	0.15%
SBRA	B	0.32%	0.33%	0.32%
SHO	D	0.21%	0.24%	0.21%
SLG	B	0.33%	0.58%	0.33%
SPG	D	4.59%	3.53%	3.53%
SUI	D	1.44%	1.12%	1.12%
SVC	F	0.09%	0.31%	0.09%
UDR	B	1.14%	1.08%	1.08%
VICI	B	3.0%	0.76%	0.76%
VNO	F	0.38%	0.83%	0.38%
VTR	B	1.88%	1.71%	1.71%
WELL	A	5.35%	2.73%	2.73%
WPC	B	1.25%	1.12%	1.12%
XHR	C	0.15%	0.18%	0.15%

FRI Overweight 61 Positions Relative to SRS

Symbol	Grade	Weight
STAG	D	0.63%
ADC	B	0.58%
AIRC	A	0.54%
TRNO	D	0.52%
KRG	C	0.44%
EPRT	A	0.41%
PECO	F	0.38%
IRT	B	0.37%
IIPR	C	0.31%
CTRE	C	0.31%
SKT	D	0.29%
NSA	C	0.28%
BNL	B	0.28%
SITC	D	0.25%
FCPT	B	0.22%
UE	B	0.2%
AKR	C	0.17%
DRH	F	0.17%
IVT	C	0.16%
GNL	C	0.15%
ROIC	D	0.15%
LTC	A	0.14%
GTY	B	0.13%
NTST	B	0.12%
ALEX	B	0.12%
ESRT	C	0.12%
AAT	B	0.11%
DEA	B	0.11%
UMH	B	0.1%
CSR	A	0.1%
PLYM	D	0.08%
NXRT	B	0.08%
UNIT	F	0.08%
AHH	B	0.07%
CHCT	F	0.06%
WSR	B	0.06%
GOOD	A	0.06%
INN	F	0.06%
UHT	C	0.05%
BFS	C	0.05%
FPI	B	0.05%
DHC	F	0.05%
PKST	D	0.05%
CBL	D	0.05%
GMRE	C	0.05%
OLP	A	0.04%
CLDT	F	0.04%
LAND	C	0.04%
ALX	B	0.04%
PSTL	C	0.03%
CTO	B	0.03%
FSP	F	0.02%
PINE	B	0.02%
NXDT	F	0.02%
CIO	C	0.02%
BRT	C	0.02%
ILPT	C	0.02%
OPI	D	0.01%
BHR	C	0.01%
AHT	F	0.0%
CLPR	F	0.0%

FRI Underweight 22 Positions Relative to SRS

Symbol	Grade	Weight
AMT	D	-8.05%
CCI	D	-4.7%
SBAC	D	-2.21%
CSGP	C	-1.85%
WY	D	-1.8%
CBRE	D	-1.59%
NLY	A	-1.08%
AGNC	A	-0.77%
JLL	B	-0.69%
LAMR	A	-0.62%
STWD	C	-0.56%
HHH	D	-0.42%
BXMT	F	-0.39%
HR	B	-0.36%
TWO	C	-0.32%
OUT	D	-0.32%
RYN	F	-0.32%
CIM	C	-0.31%
DSS	F	-0.28%
MFA	D	-0.28%
PCH	D	-0.23%
IVR	B	-0.19%