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FPRO vs PSR

Fidelity Real Estate Investment ETF

FPROBCboe

Invesco Active U.S. Real Estate ETF

PSRANYSE Arca

Overlap

Expense ratio

PSR −0.22pt a year

FPRO0.57%PSR0.35%

Avg volume · 30D

FPRO 3.4×the volume

FPRO4.88KPSR1.45K

5Y return · a year

FPRO +0.7pt

FPRO+1.7%PSR+1.0%

FPRO vs PSR Performance

Oct 29, 2021 – Oct 30, 2026

+8.9%FPRO+5.1%PSR

Oct 29, 2021 to Oct 30, 2026. FPRO +8.9%. PSR +5.1%. Use the arrow keys to read each point.−20%−10%Oct 2021Apr 2024Oct 2026
Expense ratio
FPRO 0.57%
PSR 0.35%, better
Fund size
FPRO $15M
PSR $57M
1Y total return
FPRO +10.4%
PSR +13.9%, better
Yield (12M)
FPRO 2.49%
PSR 2.70%, better
Holdings
FPRO 43
PSR 37
Avg volume (30D)
FPRO 4.88K sh, better
PSR 1.45K sh
NAV per share
FPRO $24.17
PSR $100.85
52W range

ETF.net Grade

FPRO: Cost 72, Risk 58, Mission 83, Tradability 40, Holdings 47, Durability 54. PSR: Cost 85, Risk 56, Mission not scored, Tradability 58, Holdings 66, Durability 75.
Pillar letters and Scores for FPRO, PSR, with each pillar’s weight
PillarFPROPSR
Cost30% weightA72A85Higher
Mission25% weightA83Not scored
Risk15% weightB58HigherB56
Tradability15% weightC40B58Higher
Holdings10% weightC47B66Higher
Durability5% weightC54A75Higher

Rank among US Active Sector funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FPRO and PSR are both graded against the same 35 US Active Sector funds, so their Grades compare head to head.

US Active Sector⁠

Category · 35 funds
See all 35 ›

PSR ranks 2nd and FPRO 9th of 35 funds in the US Active Sector Category.

  1. Rank 1AAVREAvantis Real Estate ETFScore 77
  2. Rank 2APSRInvesco Active U.S. Real Estate ETFScore 70
  3. Rank 2BTMEDT. Rowe Price Health Care ETFScore 70
  4. Rank 7BLFSCF/M Emerald Life Sciences Innovation ETFScore 61
  5. Rank 9BFPROFidelity Real Estate Investment ETFScore 58
  6. Rank 10BPYZInvesco Dorsey Wright Basic Materials Momentum ETFScore 57

Our read on each fund

ETF.net Research

FPROBFidelity Real Estate Investment ETF

PSRAInvesco Active U.S. Real Estate ETF

In short

FPRO Most real estate ETFs just buy the whole REIT index. FPRO is Fidelity's stock-picker version: roughly 40 property names chosen with above-average income as the stated first job and capital growth second.

PSR Active REIT stock-picking without the active price tag: since 2008, PSR has run a tight book of about 30 US property names for 0.35% a year, roughly half the median fee among active US equity ETFs.

Stated mandate

FPRO The fund seeks higher-than-average income, with capital growth as a secondary goal.

PSR The Fund seeks high total return through capital appreciation and current income, investing principally in equity real estate investment trusts.

Why people hold it

  • FPRO Active by design. Roughly 40 real estate holdings selected by Fidelity's team rather than a whole-market index clone.
  • Income is the declared mandate, not a side effect: the fund seeks higher-than-average income first, capital growth second, and distributions come quarterly.
  • Fee discipline for a hands-on mandate: 0.57% a year, under the typical active US equity ETF in its peer group.
  • Stays inside the lines. On faithfulness to its stated real estate income mandate, it screens as one of the stronger implementations in its active peer group.
  • PSR 0.35% a year against a 0.65% median for active US equity ETFs. Active management without the usual active-management markup.
  • Running since 2008, across multiple rate regimes and property cycles, and it sits in the upper half of its active US equity peer group.
  • Concentrated by design: about 30 equity REITs, so each holding carries real weight instead of being diluted across the entire property market.invesco.com
  • The mandate targets capital appreciation plus current income from equity REITs, and the fund distributes quarterly.invesco.com

Worth knowing

  • FPRO It has stayed small and thinly traded since its 2021 launch, which can show up as wider bid-ask spreads than the big index REIT funds.
  • One sector, about 40 names. Property and interest-rate cycles move the whole portfolio together, with no other sectors to cushion the ride.
  • No index safety net: outcomes ride on the manager's picks inside real estate rather than on owning the market cap-weighted REIT universe.
  • PSR Thinly traded. Spreads can widen and larger orders can move the price more than they would in a heavily traded index fund.
  • One sector, one economy: US property. When rates jolt REITs, the portfolio has no other sector to lean on.
  • Assets stay modest next to the giant index REIT funds, and smaller ETFs generally face a higher bar to stay open over the long haul.

Full FPRO profile⁠

Full PSR profile⁠

FPRO vs PSR Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FPRO vs PSR Cost

Overpaying FPRO vs PSR

$4,145

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FPRO 0.57%

    $11,271

  • PSR 0.35%

    $7,126

$10,000
30 years

Cost over time

  • FPRO 0.57%
  • PSR 0.35%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530FPRO $11,271PSR $7,126

Year by year

YearFPROPSROverpaying
10$1,023$634$389
20$3,921$2,454$1,467
30$11,271$7,126$4,145

Expense ratio

  • 0.57%FPRO
  • 0.35%PSR, cheaper
  • Middle half of US Active Sector funds
  • Median 0.61%

PSR 6th cheapest of 35 funds

FPRO 11th cheapest of 35 funds

FPRO vs PSR Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FPRO 2.49%
PSR 2.70%, better
Payout (12M)
FPRO $0.60
PSR $2.72
Last payment
FPRO $0.14
PSR $0.67
Ex-dividend
FPRO Sep 18, 2026
PSR Sep 21, 2026
Paid on
FPRO Sep 22, 2026
PSR Sep 25, 2026
Frequency
FPRO Quarterly
PSR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FPROQuarterly · 23 paymentsAll FPRO payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Mar 19, 2021 $0.11; Jun 18, 2021 $0.10; Sep 17, 2021 $0.12; Dec 17, 2021 $0.13; Mar 18, 2022 $0.16; Jun 17, 2022 $0.13; Sep 16, 2022 $0.13; Dec 16, 2022 $0.12; Mar 17, 2023 $0.18; Jun 16, 2023 $0.15; Sep 15, 2023 $0.16; Dec 15, 2023 $0.13; Mar 15, 2024 $0.17; Jun 21, 2024 $0.14; Sep 20, 2024 $0.13; Dec 20, 2024 $0.12; Mar 21, 2025 $0.15; Jun 20, 2025 $0.18; Sep 19, 2025 $0.16; Dec 19, 2025 $0.11; Mar 20, 2026 $0.18; Jun 18, 2026 $0.18; Sep 18, 2026 $0.14. Use the arrow keys to read each point.$0$0.502017202020232026YTD
PSRQuarterly · 36 paymentsAll PSR payments⁠
One bar per payment. 36 payments from 2017 to 2026 YTD. Dec 18, 2017 $0.11; Mar 19, 2018 $0.30; Jun 18, 2018 $0.44; Sep 24, 2018 $0.57; Dec 24, 2018 $0.70; Mar 18, 2019 $0.16; Jun 24, 2019 $0.75; Sep 23, 2019 $0.76; Dec 23, 2019 $0.76; Mar 23, 2020 $0.70; Jun 22, 2020 $0.64; Sep 21, 2020 $0.64; Dec 21, 2020 $0.70; Mar 22, 2021 $0.60; Jun 21, 2021 $0.69; Sep 20, 2021 $0.61; Dec 20, 2021 $0.65; Mar 21, 2022 $0.63; Jun 21, 2022 $0.68; Sep 19, 2022 $0.63; Dec 19, 2022 $0.63; Mar 20, 2023 $0.65; Jun 20, 2023 $0.65; Sep 18, 2023 $0.69; Dec 18, 2023 $0.69; Mar 18, 2024 $0.69; Jun 24, 2024 $0.70; Sep 23, 2024 $0.69; Dec 23, 2024 $0.69; Mar 24, 2025 $0.56; Jun 23, 2025 $0.58; Sep 22, 2025 $0.59; Dec 22, 2025 $0.59; Mar 23, 2026 $0.67; Jun 22, 2026 $0.78; Sep 21, 2026 $0.67. Use the arrow keys to read each point.$0$0.502017202020232026YTD

FPRO vs PSR Risk

Fall from peak · 5 years

  • FPRO
  • PSR
Oct 29, 2021 to Oct 30, 2026. Worst fall: PSR −34.8% · Oct 2023. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FPRO 16.0%, betterPSR 16.5%
Return per unit of riskSharpe ratio, 3 years
FPRO 0.56, betterPSR 0.54
Worst fallMax drawdown, 5 years
FPRO −32.8%, betterPSR −34.8%
Market sensitivityBeta, 5 years
FPRO 0.94PSR 0.95

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