First Trust S&P REIT Index Fund (FRI)
Investment Objective/Strategy - The First Trust S&P REIT Index Fund is an exchange-traded fund. This exchange-traded Fund 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.
There can be no assurance that the Fund's investment objectives will be achieved.
Index Description According to the Index Provider
  • The S&P United States REIT Index measures the investable U.S. real estate investment trust market and maintains a constituency that reflects the market's overall composition.
  • All securities added to the S&P United States REIT Index must meet certain liquidity and market capitalization requirements.
  • The Standard & Poor's Index Committee, a team of Standard & Poor's economists and index analysts, maintains the S&P United States REIT Index. Maintenance includes implementation of daily corporate actions, quarterly updates of significant events, and annual portfolio reconstitution each September. Share adjustments that exceed 5% are made at the time of the change. Share adjustments of less than 5% are made on a quarterly basis.
Fund Overview
TickerFRI
Fund TypeREIT
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon Corp
CUSIP33734G108
ISINUS33734G1085
Intraday NAVFRIIV
Fiscal Year-End12/31
ExchangeNYSE Arca
Inception5/8/2007
Inception Price$20.00
Inception NAV$20.00
Rebalance FrequencyQuarterly
Total Expense Ratio*0.49%
Net Expense Ratio*0.49%
* As of 5/1/2025
Expenses are capped contractually at 0.50% per year, at least through April 30, 2026.
Current Fund Data (as of 6/30/2025)
Closing NAV1$27.03
Closing Market Price2$27.05
Bid/Ask Midpoint$27.03
Bid/Ask Premium0.00%
30-Day Median Bid/Ask Spread30.07%
Total Net Assets$150,031,368
Outstanding Shares5,550,002
Daily Volume112,915
Average 30-Day Daily Volume24,047
Closing Market Price 52-Week High/Low$30.19 / $24.01
Closing NAV 52-Week High/Low$30.18 / $24.05
Number of Holdings (excluding cash)136
Top Holdings (as of 6/30/2025)*
Holding Percent
Prologis, Inc. 8.53%
Welltower Inc. 8.35%
Equinix, Inc. 6.81%
Digital Realty Trust, Inc. 4.83%
Realty Income Corporation 4.55%
Simon Property Group, Inc. 4.31%
Public Storage 4.05%
VICI Properties Inc. 3.01%
Extra Space Storage Inc. 2.74%
Iron Mountain Incorporated 2.65%

* Excluding cash.  Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Overall Morningstar RatingTM (as of 5/31/2025)4

Among 210 funds in the Real Estate category. This fund was rated 4 stars/210 funds (3 years), 4 stars/193 funds (5 years), 3 stars/146 funds (10 years) based on risk adjusted returns.
Distribution Information
Dividend per Share Amt (as of 7/1/2025)5$0.1918
30-Day SEC Yield (as of 6/30/2025)63.65%
Unsubsidized 30-Day SEC Yield (as of 6/30/2025)73.65%
12-Month Distribution Rate (as of 6/30/2025)83.12%
Fund Characteristics (as of 6/30/2025)9
Maximum Market Cap.$100,532
Median Market Cap.$2,590
Minimum Market Cap.$120
Price/Earnings35.50
Price/Book2.08
Price/Cash Flow15.88
Price/Sales6.53
Bid/Ask Premium/Discount (as of 6/30/2025)
  2024 Q1 2025 Q2 2025 Q3 2025
Days Traded at Premium 172 15 21 ---
Days Traded at Discount 80 45 41 ---
Top Sub-Industry Exposure (as of 6/30/2025)
Health Care REITs 16.74%
Retail REITs 16.70%
Industrial REITs 12.79%
Data Center REITs 11.69%
Multi-Family Residential REITs 10.71%
Self-Storage REITs 7.87%
Single-Family Residential REITs 5.13%
Office REITs 4.12%
Hotel & Resort REITs 2.59%
Hypothetical Growth of $10,000 Since Inception (as of 6/30/2025) *


Month End Performance (as of 5/30/2025)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception10
Fund Performance *
Net Asset Value (NAV) -3.96% 0.46% 12.20% 2.45% 8.90% 5.26% 4.50%
After Tax Held -4.13% 0.29% 10.66% 1.17% 7.70% 4.03% 3.40%
After Tax Sold -2.34% 0.27% 7.20% 1.29% 6.45% 3.55% 3.03%
Market Price -3.99% 0.50% 12.16% 2.44% 8.87% 5.27% 4.50%
Index Performance **
S&P United States REIT Index -4.17% 0.34% 12.34% 2.83% 9.34% 5.75% N/A
FTSE EPRA/NAREIT North America Index -3.74% 0.73% 12.10% 2.20% 9.12% 5.21% 4.57%
Russell 3000® Index -0.54% 0.64% 13.12% 13.77% 15.34% 12.21% 9.73%
Quarter End Performance (as of 3/31/2025)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception10
Fund Performance *
Net Asset Value (NAV) 0.87% 0.87% 9.45% -1.09% 10.74% 4.64% 4.57%
After Tax Held 0.69% 0.69% 7.94% -2.33% 9.52% 3.41% 3.46%
After Tax Sold 0.51% 0.51% 5.57% -1.38% 7.95% 3.04% 3.08%
Market Price 0.90% 0.90% 9.41% -1.11% 10.77% 4.63% 4.57%
Index Performance **
S&P United States REIT Index 0.94% 0.94% 9.86% -0.63% 11.26% 5.16% N/A
FTSE EPRA/NAREIT North America Index 1.06% 1.06% 9.20% -1.39% 10.89% 4.59% 4.63%
Russell 3000® Index -4.72% -4.72% 7.22% 8.22% 18.18% 11.80% 9.49%
3-Year Statistics (as of 5/30/2025)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
FRI 19.96% -10.28 1.02 0.00 0.88
FTSE EPRA/NAREIT North America Index 20.12% -10.51 1.03 -0.01 0.87
Russell 3000® Index 17.09% --- 1.00 0.59 1.00
Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.

*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost.

After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold. After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns do not represent the returns you would receive if you traded shares at other times. Market Price returns are determined by using the midpoint of the national best bid offer price ("NBBO") as of the time that the fund's NAV is calculated. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. The fund's performance reflects fee waivers and expense reimbursements, absent which performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.

On November 6, 2008, the fund's underlying index changed from the S&P REIT Composite Index to the S&P United States REIT Index. Therefore, the fund's performance and historical returns shown for the periods prior to November 6, 2008 are not necessarily indicative of the performance that the fund, based on its current index, would have generated.

FTSE EPRA/NAREIT North America Index - The Index is modified market cap weighted based on free float market capitalization and tracks the performance of listed real estate companies or REITs in North America.

Russell 3000® Index - The Index is comprised of the 3000 largest and most liquid stocks based and traded in the U.S.
Footnotes
1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's outstanding shares.
2 Fund shares are purchased and sold on an exchange at their market price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
3 The median bid-ask spread is calculated by identifying the national best bid and national best offer ("NBBO") for the fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
4
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
5 Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
6 The 30-day SEC yield is calculated by dividing the net investment income per share earned during the most recent 30-day period by the maximum offering price per share on the last day of the period and includes the effects of fee waivers and expense reimbursements, if applicable.
7 The unsubsidized 30-day SEC yield is calculated the same as the 30-day SEC yield, however it excludes contractual fee waivers and expense reimbursements.
8 12-Month Distribution Rate is calculated by dividing the sum of the fund's trailing 12-month ordinary distributions paid or declared by the NAV price. Distribution rates may vary.
9 All market capitalization numbers are in USD$ Millions.
10 Inception Date is 5/8/2007

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

Risk Considerations

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

Unlike mutual funds, shares of the fund may only be redeemed directly from a fund by authorized participants in very large creation/redemption units. If a fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at a premium or discount to a fund's net asset value and possibly face delisting and the bid/ask spread may widen.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. For example, changes in governmental fiscal and regulatory policies, disruptions to banking and real estate markets, actual and threatened international armed conflicts and hostilities, and public health crises, among other significant events, could have a material impact on the value of the fund's investments.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

An index fund will be concentrated in an industry or a group of industries to the extent that the index is so concentrated. A fund with significant exposure to a single asset class, or the securities of issuers within the same country, state, region, industry, or sector may have its value more affected by an adverse economic, business or political development than a broadly diversified fund.

A fund may be a constituent of one or more indices or models which could greatly affect a fund's trading activity, size and volatility.

There is no assurance that the index provider or its agents will compile or maintain the index accurately. Losses or costs associated with any index provider errors generally will be borne by a fund and its shareholders.

As inflation increases, the present value of a fund's assets and distributions may decline.

Large capitalization companies may grow at a slower rate than the overall market.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

An index fund's return may not match the return of the index for a number of reasons including operating expenses, costs of buying and selling securities to reflect changes in the index, and the fact that a fund's portfolio holdings may not exactly replicate the index.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

A fund that invests in securities included in or representative of an index will hold those securities regardless of investment merit and the fund generally will not take defensive positions in declining markets.

High portfolio turnover may result in higher levels of transaction costs and may generate greater tax liabilities for shareholders.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

The risks associated with investing in real estate companies may be similar to those associated with direct ownership of real estate and include fluctuations in the value of underlying properties, defaults by borrowers or tenants, market saturation, changes in general and local economic conditions, decreases in market rates for rents, increases in competition, property taxes, capital expenditures or operating expenses, dependency upon management skills, limited diversification, and other economic, political or regulatory occurrences.

Real Estate Investment Trusts ("REITs") are subject to the risks of investing in real estate, including, but not limited to, changes in the real estate market, vacancy rates and competition, volatile interest rates and economic recession. Increases in interest rates typically lower the present value of a REIT's future earnings stream and may make financing property purchases and improvements more costly. The value of a fund will generally decline when investors in REIT stocks anticipate or experience rising interest rates.

Securities of small- and mid-capitalization companies may experience greater price volatility and be less liquid than larger, more established companies.

Trading on an exchange may be halted due to market conditions or other reasons. There can be no assurance that a fund's requirements to maintain the exchange listing will continue to be met or be unchanged.

First Trust Advisors L.P. (FTA) is the adviser to the First Trust fund(s). FTA is an affiliate of First Trust Portfolios L.P., the distributor of the fund(s).

S&P United States REIT Index ("Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by First Trust. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First Trust. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the Index.

©2025 Morningstar, Inc. All Rights Reserved. The Morningstar RatingTM information contained herein: (1) is proprietary to Morningstar;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2025 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value