First Trust S&P REIT Index Fund

FRI

Market cap $157M

Overview Fund Activity

28.23 USD

-0.08

0.28%

At close Updated Sep 15, 3:59 PM EDT

1 day

-0.28%

5 days

1.15%

1 month

4.75%

3 months

3.18%

6 months

1.88%

Year to date

4.02%

1 year

-5.84%

5 years

27.16%

10 years

37.31%

0

Funds holding %

of 7,463 funds

–

Analysts bullish %

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

3.49% more ownership

Funds ownership: 77.53% [Q1] → 81.02% (+3.49%) [Q2]

4% more capital invested

Capital invested by funds: $122M [Q1] → $127M (+$4.39M) [Q2]

0% more funds holding in top 10

Funds holding in top 10: 1 [Q1] → 1 (+0) [Q2]

8% less funds holding

Funds holding: 66 [Q1] → 61 (-5) [Q2]

27% less repeat investments, than reductions

Existing positions increased: 19 | Existing positions reduced: 26

45% less first-time investments, than exits

New positions opened: 6 | Existing positions closed: 11

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Financial journalist opinion

Based on 5 articles about FRI published over the past 30 days

The Rate-Cut REIT Revival

Three years of persistent rate-driven pressure on the residential and commercial real estate market appears to finally be abating - and not a moment too soon. REITs were hit by a "triple whammy" of rate-related headwinds: higher borrowing costs directly squeezed profitability, eroded the relative appeal of REIT dividends, and made it near-impossible to grow accretively. Since the Fed's initial rate hike in March 2022, REITs have lagged the S&P 500 by a whopping 55 percentage points, nearly 3x the magnitude of underperformance seen in the GFC.

The Rate-Cut REIT Revival

Cool Enough For Cuts

U.S. equity markets climbed to fresh record highs this past week after relatively benign inflation data and weak employment data cleared the path for the Fed to resume rate cuts. While CPI and PPI readings continued to show a modest reacceleration in price pressures from their post-pandemic lows earlier this year, both remained "cool enough" to permit a policy pivot. The Fed is widely expected to cut reference rates by 25 basis points to a 4.25% upper bound, which follows a nine-month "pause" since the last reduction last December.

Cool Enough For Cuts

Slacking Into A Rate Cut

U.S. equity markets pushed higher this past week - while short-term benchmark interest rates plunged to three-year lows - after employment data provided decisive evidence of cooling labor markets. Viewed by markets as a "Goldilocks" set of reports, the reports showed slowing - but still positive - job growth in August alongside consistent evidence of cooling wage pressures and emerging slack. A notable milestone after several years of ultra-tight labor markets, the number of job seekers surpassed the number of available job openings for the first time since April 2021.

Slacking Into A Rate Cut

The Calm Before The Cut

U.S. equity markets were little-changed this past week as a tranquil end-of-summer week with status-quo inflation and economic indicators concluded with a jolting post-close tariff headline with highly uncertain implications. An appeals court ruled that the White House exceeded its authority under the Emergency Powers Act - the mechanism used for broad “reciprocal” tariffs - setting up a final Supreme Court showdown. The fresh injection of tariff uncertainty precedes a critical stretch of employment and inflation data and a mid-September Federal Reserve meeting that is increasingly likely to be highly contentious.

The Calm Before The Cut

Powell Pivot Sparks REIT Rebound

U.S. equity markets notched another series of record highs this week, surging into the weekend after surprisingly dovish commentary from Federal Reserve Chair Powell, who hinted at imminent rate cuts. Powell used his final Jackson Hole speech as Fed Chair to deliver a clear policy pivot, an unexpected reversal after months of insistence that tariff-related inflation warranted a hawkish framework. Markets were equally relieved by the policy-focused nature of Powell's speech amid speculation that the address may be used instead as a potential defiant sermon on central bank independence.

Powell Pivot Sparks REIT Rebound

Disinflation Dividend: REIT Earnings Scorecard

A surprising solid REIT earnings season wrapped up this week. Of the 100 equity REITs that provide full-year FFO guidance, 62% raised their outlook - above the historical 55% average. Disinflation was a surprisingly common thread across second-quarter results, with the majority of the upside revisions being driven by improved expense expectations - the highest quantity of expense reductions ever. Healthcare REITs were notable upside standouts as senior housing fundamentals remained stellar, while skilled nursing REITs received some good news on the policy front via healthy CMS Medicare rate increases.

Disinflation Dividend: REIT Earnings Scorecard

Behind The (Revised) Curve

U.S. equity markets fell sharply this week, while benchmark interest rates retreated to three-month lows, after revised employment data showed that job growth was far weaker than initially reported. The BLS payrolls report showed softer-than-expected hiring in July and the steepest two-month downward revisions to jobs growth since 2020, raising concern that the Fed may be "behind the curve." The downward revisions came days after Fed Chair Powell used it as the primary evidence for "solid" labor markets, which justified the FOMC's decision to keep rates in "restrictive" territory.

Behind The (Revised) Curve

Return-To-Office Shift Fuels Potential Turnaround For Office REITs

Return to office mandates are providing a boost to REITs. Some deal activity has also been a tailwind. Tariffs and slowing residential rent growth remain headwinds.

Return-To-Office Shift Fuels Potential Turnaround For Office REITs

Fed Looms Over Mid-Summer Rally

U.S. equity markets rallied to fresh record-highs this week as investors cheered upbeat corporate earnings results and several major trade deals ahead of a frenetic week of potentially narrative-shifting catalysts. Months of tariff bemoaning and general pessimism have surrendered of late to some mid-summer optimism, but a barrage of obstacles loom, including a Fed that is ever-eager to play spoiler. Notching record-highs in four of the past five weeks, the S&P 500 rallied another 1.5% this week, advancing in all five trading sessions.

Fed Looms Over Mid-Summer Rally

Why Consider U.S. REITs Now?

Most US REITs make nearly 90% of their revenue domestically, compared to 72% for typical U.S. stocks. Healthcare, residential, and needs-based retail are less affected by trade disruptions, while office, lodging, and timber are more vulnerable. They're trading at a -2.79x earnings multiple discount to US stocks - one of the widest gaps in decades.

Why Consider U.S. REITs Now?

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