First Trust S&P REIT Index Fund (FRI) is a real estate and infrastructure ETF. As of October 9, 2026, ETF Copilot scores FRI 2.6 out of 10 — highest on Value (4.7), lowest on Growth (0.3). It trades at 30.1 times earnings, against its own median of 30.5. Its ten largest holdings are 55% of the fund.
What stands out in FRI's data
Owns a focused strategy in real estate and infrastructure.
Earns less on its equity than most real-estate peers — the portfolio's returns have to come from elsewhere.
Return on equity of 1.6% trails the category median of 2.4% and sits below its own historical median of 3.3%. Forward P/E multiple stands at 31.2x.
A niche sleeve for portfolios wanting targeted real-asset income.
How is FRI rated? ETF Copilot scores First Trust S&P REIT Index Fund (FRI) 2.6 out of 10
As of October 9, 2026, ETF Copilot scores First Trust S&P REIT Index Fund (FRI) 2.6 out of 10 overall.
ETF Copilot scores (0–10 scale, higher is better):
- Overall: 2.6 / 10
- Growth: 0.3 / 10
- Value: 4.7 / 10
- Risk: 4.2 / 10
- Quality: 3.6 / 10
- Return: 1.6 / 10
Is FRI expensive right now? It trades at 30.1 times earnings, against its own median of 30.5
As of October 9, 2026, FRI is cheaper than 57% of its own last 9 years.
Trailing 12 months, built from FRI's holdings. How we calculate this →
What's inside FRI?
What's inside FRI: Size (Large 52%, Mid 38%, Small 11%); Geography (International 0%, US 100%).
What are FRI's top holdings? The ten largest are 55% of the fund
Welltower, Prologis, Equinix, US Dollar, Digital Realty Trust, Simon Property, Realty Income, Public Storage, Equity Residential and Ventas are FRI's largest holdings, in that order.
More concentrated than 68% of Real Estate & Infra ETFs.
Half of FRI's weight sits in its 9 largest positions, and once those weights are taken into account it behaves like 23 equally weighted holdings.
What is FRI's expense ratio? 0.51% a year
As of October 9, 2026, FRI charges 0.51% a year, yields 2.78% and holds $180M in assets across 128 positions.
| Measure | FRI |
|---|---|
| Expense ratio | 0.51% |
| Dividend yield | 2.78% |
| Assets under management | $180M |
| Holdings | 128 |
Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.
Cite this
ETF Copilot, “First Trust S&P REIT Index Fund (FRI) scores and holdings analysis”, as of October 9, 2026.
https://etf-copilot.com/etf/fri
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