Fidelity Real Estate Investment ETF
FPRO
Chicago Board Options Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 245 Summer Street Boston MA United States of America 2210
- IPO Date
- Feb 4, 2021
- CIK
- 0000945908
- Website
- digital.fidelity.com
- Similar Companies
- Business
- Fidelity Real Estate Investment ETF (FPRO) is an actively managed, semi-transparent exchange-traded fund that seeks above-average income and long-term capital growth, consistent with reasonable investment risk, by investing at least 80% of its assets in securities of companies principally engaged in the real estate industry and other real estate-related investments, including real estate investment trusts (REITs). The fund primarily holds equity securities of U.S.-based companies that own and operate commercial real estate properties across diverse market segments such as industrial (e.g., Prologis Inc., Americold Realty Trust Inc.), telecom tower infrastructure (e.g., American Tower Corp., Crown Castle Inc.), health care (e.g., Welltower Inc., Ventas Inc.), data centers (e.g., Equinix Inc.), retail and shopping centers (e.g., Kimco Realty Corp., NNN REIT Inc.), multi-family residential (e.g., UDR Inc., AvalonBay Communities Inc.), self-storage (e.g., Public Storage), and real estate services (e.g., CBRE Group Inc., Compass Inc.); its top 10 holdings, including Prologis Inc., American Tower Corp., Welltower Inc., Equinix Inc., and Kimco Realty Corp., represent approximately 60% of net assets as of September 30, 2025. Launched on February 2, 2021, and listed on the Cboe BZX Exchange, FPRO is issued by Fidelity Covington Trust, a subsidiary of Fidelity Investments, the Boston, Massachusetts-based asset manager founded in 1946 with headquarters at 245 Summer Street. FPRO targets investors seeking portfolio diversification, consistent income generation, total return potential, and inflation protection through exposure to real estate securities, with a focus on bottom-up stock selection via Fidelity's dedicated real estate research team to exploit pricing discrepancies among REITs within a disciplined risk framework. The fund maintains overweight positions in segments like industrial, shopping centers, data centers, and apartments relative to the MSCI US IMI Real Estate 25/50 Index, while underweighting regional malls and certain specialized REITs; it holds approximately 41 positions, with a weighted average market capitalization of $48.6 billion and a gross expense ratio of 0.61% as of September 30, 2025. Geographically, operations concentrate on U.S. domestic equities (99.64% allocation), serving institutional and retail investors through platforms like Fidelity's brokerage services. In recent developments, FPRO reported net asset value growth of 0.91% and market price return of 0.82% for the three months ended September 30, 2025, trailing the MSCI US IMI Real Estate 25/50 Index's 3.76% advance amid outperformance by economically sensitive segments like industrial and office REITs; year-to-date through that period, NAV returned 3.40%. Fidelity Investments, the parent entity, has expanded its ETF lineup aggressively, launching five new active equity ETFs in November 2024 as part of its Enhanced and Fundamental suites, two fixed income ETFs (including Fidelity Municipal Bond Opportunities ETF) in April 2025 adding $229 million in assets, and the Fidelity Managed Futures ETF (FFUT) in June 2025 to broaden alternative strategies. These initiatives reflect Fidelity's strategic shift toward actively managed and non-transparent ETFs, with FPRO benefiting from the firm's $109 billion ETF platform as of March 31, 2025, amid ongoing portfolio adjustments like overweighting strip-center REITs and data centers amid favorable supply-demand dynamics.