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) | $908 |
| Expense ratio | 8 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 | 8.7 % |
| AMERICAN TOWER CORP-CL A | 6.4 % |
| EQUINIX INC | 5.7 % |
| PUBLIC STORAGE | 3.4 % |
| WELLTOWER, INC. | 3.4 % |
| CROWN CASTLE INTL CORP | 3.3 % |
| SIMON PROPERTY GROUP INC | 3.0 % |
| DIGITAL REALTY TRUST INC | 3.0 % |
| REALTY INCOME CORP | 2.9 % |
| COSTAR GROUP INC | 2.6 % |
Constituent Breakdown
| Number of holdings | 154 |
| Herfindahl-Hirschman Index | 282 |
| Wgt avg mkt cap (mns) | $33,222 |
| Large cap (>$10bn) | 76.2% |
| Mid cap ($2-10bn) | 18.3% |
| Small cap (<$2bn) | 5.1% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 99.3 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 2.0% | -7.3% | -9.6% | 4.0% | 3.4% | -- | 4.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.02 | 81% |
| MSCI EAFE | 0.92 | 69% |
| MSCI Emg Mkts | 0.68 | 36% |
Liquidity Measures
| Avg. volume (000) | 173 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $4,066 |
Technical Indicators
| Recent close | $22.69 |
| 30d moving avg. | $24.34 |
| Annualized volatility | 20.3% |
| Relative strength (RSI) | 33 |
| 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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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FREL |
Expenses vs. FREL |
ALTAR Score™ vs. FREL |
|---|---|---|---|---|
| SCHH | Schwab U.S. REIT ETF | 91.9% | -1 bp | +0.1% |
| IYR | iShares U.S. Real Estate ETF | 89.7% | +32 bp | -0.2% |
| DFAR | Dimensional US Real Estate ETF | 89.2% | +11 bp | +0.0% |
| VNQ | Vanguard REIT Index Fund | 85.4% | +4 bp | +0.1% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 77.7% | +3 bp | +0.1% |
| USRT | iShares Core U.S. REIT ETF | 77.5% | 0 bp | +0.2% |
| FRI | First Trust S&P REIT Index Fund | 77.2% | +42 bp | -0.4% |
| DFGR | Dimensional Global Real Estate ETF | 73.1% | +14 bp | -0.4% |
| XLRE | The Real Estate Select Sector SPDR Fund | 72.0% | +2 bp | -0.3% |
| REET | iShares Global REIT ETF | 71.0% | +6 bp | -0.3% |
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 9/28/2023
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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
7.8%
Cat. Avg
6.4%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 7.8% |
Recommendation
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
Category Overview
There are 898 funds in the US Equities category, with an average ALTAR Score™
of 6.4% and a standard deviation of
3.1%. FREL's ALTAR Score™ is approximately
0.5 standard deviations
above
the category average. This places FREL in the 67th 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 | 8.4 | 4.2 | 12.6 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .