First Trust S&P REIT Index Fund
FRI
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- First Trust S&P REIT Index Fund (FRI) is an exchange-traded fund that seeks investment results corresponding generally to the price and yield of the S&P United States REIT Index, a market-cap-weighted index comprising U.S. companies involved in the ownership and operation of real estate. The fund invests at least 90% of its net assets in common stocks and depositary receipts that comprise the index or in instruments representing the index's components; its top holdings include Prologis Inc., Welltower Inc., Equinix Inc., Simon Property Group Inc., Digital Realty Trust Inc., Realty Income Corp., Public Storage, VICI Properties Inc., Ventas Inc., and Extra Space Storage Inc., collectively representing over 50% of assets. FRI operates within the real estate investment trust sector, targeting institutional and retail investors seeking exposure to U.S. REITs across diversified property types such as industrial, healthcare, data centers, retail, office, self-storage, gaming, and senior housing. Launched on May 8, 2007, and domiciled in the United States, the fund is managed by First Trust Advisors L.P., with headquarters at 120 E. Liberty Drive, Suite 400, Wheaton, Illinois; it trades on NYSE Arca with a net expense ratio of 0.49-0.50%, assets under management of approximately $149-155 million, and a dividend yield around 3%. The fund changed its underlying index from the S&P REIT Composite Index to the S&P United States REIT Index on November 6, 2008. In recent developments, First Trust Advisors L.P. announced distributions for FRI and 155 other exchange-traded funds as of December 11, 2025, including a quarterly dividend of $0.1918 declared with an ex-dividend date of June 26, 2025; the fund has maintained quarterly payouts with varying amounts such as $0.4349 in December 2024 and $0.117 in March 2025. Amid broader REIT market dynamics, FRI has experienced performance influenced by macroeconomic factors including interest rate expectations, with analysts projecting approximately 10% returns for REITs in 2025 per J.P. Morgan estimates and observations of real estate stock declines due to weak housing markets and rising short interest reductions.