FREL

Fidelity MSCI Real Estate Index ETF

The Fidelity MSCI Real Estate ETF tracks a cap-weighted index of US REIT and real estate companies across the entire market-cap spectrum.


Passive, Semi-Diverse

MANAGEMENT MATRIX

SCHH

CLOSEST COMP

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorFidelity
CategoryUS Equities
Asset classEquity
Websitelink...
Inception dateFeb 02, 2015
Assets (mns)$2,002
Expense ratio9 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-End Investment Company
DistributionsQuarterly
Taxation1099
Stock selectionMarket Cap
WeightingMarket Cap
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings
AMERICAN TOWER CORP-CL A 7.7 %
PROLOGIS INC 6.3 %
CROWN CASTLE INTL CORP 4.7 %
EQUINIX INC 3.9 %
PUBLIC STORAGE 3.2 %
SIMON PROPERTY GROUP INC 3.0 %
DIGITAL REALTY TRUST INC 2.5 %
SBA COMMUNICATIONS CORP. CLASS A 2.5 %
WELLTOWER, INC. 2.3 %
CBRE GROUP, INC. CLASS A 2.2 %
Constituent Breakdown
Number of holdings164
Herfindahl-Hirschman Index 233
Wgt avg mkt cap (mns)$34,584
Large cap (>$10bn)71.2%
Mid cap ($2-10bn)24.6%
Small cap (<$2bn)4.2%
Developed mkts.100.0%
Emerging mkts.0.0%
Country Exposure
UNITED STATES 99.4 %
Historical Performance


Standardized Annual Returns (as of 09/30/2021)
YTD1 YR2 YR3 YR5 YR10 YRIncep.
22.3% 33.7% 8.0% 11.9% 8.5% -- 7.7%
Market Correlations
versus...BetaR-squared
S&P 5000.8470%
MSCI EAFE0.8264%
MSCI Emg Mkts0.6550%
Liquidity Measures
Avg. volume (000)374
Turnover0.6%
Avg. Bid/Ask (% of price)0.04%
ADV of underlying (mns)$11,219
Technical Indicators
Recent close$31.80
30d moving avg.$31.56
Annualized volatility18.9%
Relative strength (RSI)44
Short interest (ETF)0.1%
Short interest (underlying)2.8%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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Results & Estimates
  2016 2017 2018 2019 2020 2021E 2022E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
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Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2020 2021E Fwd Est 2022E
Price-to-sales --x --x --x --x
Price-to-earnings --x --x --x --x
Price-to-cash flow --x --x --x --x
Price-to-growth --x --x --x --x
Price-to-book value --x --x --x --x
Yield --% --% --x --%
6.0 20.6 2.7 2.8% --
Based on closing prices from 10/14/2021
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
FREL



Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.

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ETF Research Center Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

FREL

5.1%

Cat. Avg

4.8%

Fund Category: US Equities

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™5.1%
Recommendation

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

Category Overview
There are 800 funds in the US Equities category, with an average ALTAR Score™ of 4.8% and a standard deviation of 4.6%. FREL's ALTAR Score™ is approximately 0.1 standard deviations above the category average. This places FREL in the 52nd percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
FREL
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown

 

Market Activity
Latest price
Change
Volume
Bid/Ask Spread
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Today's Trading

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Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
FREL 8.5 3.5 12
Peer Avg. 29.9 9.4 39.3
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .
Fundamental data for individual fund constituents sourced from FactSet Research Systems.