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.
Fund Basics
| Fund sponsor | Fidelity |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 02, 2015 |
| Assets (mns) | $1,157 |
| Expense ratio | 84 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-End Investment Company |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| PROLOGIS INC | 9.1 % |
| AMERICAN TOWER CORP-CL A | 7.9 % |
| EQUINIX INC | 5.3 % |
| CROWN CASTLE INTL CORP | 4.7 % |
| PUBLIC STORAGE | 3.9 % |
| REALTY INCOME CORP | 3.2 % |
| SIMON PROPERTY GROUP INC | 2.9 % |
| WELLTOWER, INC. | 2.7 % |
| VICI PROPERTIES INC | 2.5 % |
| DIGITAL REALTY TRUST INC | 2.4 % |
Constituent Breakdown
| Number of holdings | 159 |
| Herfindahl-Hirschman Index | 287 |
| Wgt avg mkt cap (mns) | $33,354 |
| Large cap (>$10bn) | 76.0% |
| Mid cap ($2-10bn) | 17.9% |
| Small cap (<$2bn) | 5.7% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 100.7 % |
Historical Performance
Standardized Annual Returns (as of 02/28/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 3.8% | -13.3% | 1.9% | 2.9% | 6.8% | -- | 4.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.02 | 82% |
| MSCI EAFE | 0.99 | 75% |
| MSCI Emg Mkts | 0.76 | 51% |
Liquidity Measures
| Avg. volume (000) | 522 |
| Turnover | 1.1% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $4,144 |
Technical Indicators
| Recent close | $23.88 |
| 30d moving avg. | $26.08 |
| Annualized volatility | 23.5% |
| Relative strength (RSI) | 25 |
| Short interest (ETF) | 0.0% |
| 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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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FREL |
Expenses vs. FREL |
ALTAR Score™ vs. FREL |
|---|---|---|---|---|
| SCHH | Schwab U.S. REIT ETF | 95.1% | -77 bp | +0.7% |
| DFAR | Dimensional US Real Estate ETF | 91.5% | -65 bp | +0.6% |
| IYR | iShares U.S. Real Estate ETF | 90.4% | -45 bp | +0.4% |
| VNQ | Vanguard REIT Index Fund | 85.6% | -72 bp | +0.7% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 77.7% | -73 bp | +0.9% |
| USRT | iShares Core U.S. REIT ETF | 77.7% | -76 bp | +1.0% |
| FRI | First Trust S&P REIT Index Fund | 77.1% | -34 bp | +0.5% |
| XLRE | The Real Estate Select Sector SPDR Fund | 71.3% | -74 bp | +0.2% |
| RWR | SPDR Dow Jones REIT ETF | 70.6% | -59 bp | +0.7% |
| REET | iShares Global REIT ETF | 69.0% | -70 bp | +0.6% |
Risk and Returns: FREL vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 | --% |
Based on closing prices from 3/17/2023
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
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
6.6%
Cat. Avg
6.6%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 6.6% |
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 889 funds in the US Equities category, with an average ALTAR Score™
of 6.6% and a standard deviation of
3.4%. FREL's ALTAR Score™ is approximately
0.0 standard deviations
below
the category average. This places FREL in the 50th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
FREL
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
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 | 84.0 | 4.1 | 88.1 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .