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FREI

GradeCNASDAQ Global Market

Fidelity Real Estate Income ETF

Sectors · Fidelity · Inception 2026-06-16

$24.30−0.20 (−0.80%)

As of Sep 23, 2026, 1:58 PM EDT

History starts Jun 16, 2026.History starts Jun 16, 2026.History starts Jun 16, 2026.
Intraday session: down, 16 prints from 24.49 to 24.30. Range 24.30 to 24.45. Use the arrow keys to read each point.$24.35$24.40$24.4510 AM12 PM2 PM4 PM
Expense ratio
0.59%
Fund size
$47M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$24.48
52W range
low $24.40high $27.81

The ETF.net FREI Grade

C

43/ 100

Rank 11 of 18 in Global & International Real Estate⁠

Confidence Medium

Six-pillar profile for FREI. Scores out of 100: Cost 15, Risk 70, Mission not scored, Tradability 43, Holdings 100, Durability 28. Strongest: Holdings (100). Weakest: Cost (15). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 43 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 15
    Category rank15/18 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 70
    Category rank2/18 · top 11%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 43
    Category rank10/18 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 100
    Category rank1/18 · top 6%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 28
    Category rank16/18 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on FREI

ETF.net Research

COne of Fidelity's first ETF share classes, attached to its long-running Real Estate Income mutual fund. Not a REIT index tracker: an active income hunt across REIT preferreds, real estate debt and mortgage bonds.

Stated mandate

The fund seeks higher-than-average income and secondarily capital growth. It normally invests at least 80% of assets in debt and income-producing equity securities of companies principally engaged in real estate and related investments.

Why people hold it

  1. 01Rare mandate in a category stuffed with equity-REIT index trackers: income first, with at least 80% in real estate debt and income-producing equity securities.
  2. 02Same portfolio, policies, managers and track record as Fidelity's existing Real Estate Income mutual fund, launched in 2026 as one of Fidelity's first ETF share classes.fidelity.comsec.gov
  3. 03Active and global: bottom-up picks across REIT common and preferred stock, real estate debt and commercial mortgage bonds, US and foreign issuers.sec.gov

Worth knowing

  1. 01Costs 0.59% a year versus a 0.50% peer median, and index rivals run cheaper still (HAUZ 0.10%, VNQI 0.12%, REET 0.14%).
  2. 02The debt sleeve leans on lower-quality real estate bonds, adding credit and rate sensitivity that pure equity REIT funds do not carry.sec.gov
  3. 03New in ETF form and thinly traded next to the category's index giants, which can mean wider spreads when you trade.

FREI Holdings

As of Sep 21, 2026, 3:06 PM
Asset class
Stocks
Holdings
—
Top-10 weight
14%
Largest holding
CASH CF3.2%

Geography

  • United States99.74%
  • Canada0.24%
  • Bermuda0.02%
The fund’s holdings, weight-ordered — page 1 of 41.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CASH CF3.20%137,704,210$138M60
002AMTAMERICAN TOWER CORP1.88%464,263$81M333
003WELLWELLTOWER INC1.56%292,454$67M331
004EQIXEQUINIX INC1.52%64,039$65M355
005PLDPROLOGIS INC REIT1.42%451,391$61M344
006INVHINVITATION HOMES INC1.17%1,873,811$50M237
007ELSEQUITY LIFESTYLE PPTYS INC1.14%810,111$49M167
008EQRVIVMARK RESIDENTIAL1.00%703,984$43M172
009UDRUDR INC0.76%959,679$33M204
010VTRVENTAS INC REIT0.73%360,016$31M291
011VICIVICI PPTYS INC0.68%1,228,856$29M281
012—SIMON PROPERTY 5.85% 03/08/530.61%27,320,000$26M30
013DLRDIGITAL REALTY TRUST INC0.60%142,400$26M309
014—PROLOGIS LP 4.9% 06/15/360.60%27,605,000$26M29
015—ESSEX PORTFOLIO 4.875% 2/15/360.60%27,655,000$26M23

Showing 1–15 of 611 holdings

FREI Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FREI$9,906
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. FREI $9,906. SPY $10,415. Use the arrow keys to read each point.$9,741$10,122$10,502Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FREI. Periods over one year show the average yearly return.
PeriodFREI
Year to dateFund launched this year—
1 month−1.7%
3 months−0.9%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FREI
YearReturn barFREI
2026 YTD−1.3%

Since listing, Jun 16, 2026

FREI in the news

ETF.net Research hasn’t filed on FREI yet — coverage lands here as it’s written.

FREI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.18 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2026

One bar per payment. 1 payment in 2026 YTD. Jul 10, 2026 $0.18. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Jul 10, 2026Jul 14, 2026$0.18

FREI Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Jun 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Jun 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Jun 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.65
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FREI Cost

Expense ratio0.59%
  • The middle half of Global & International Real Estate funds
  • Median 0.50%

13 of the 17 Global & International Real Estate funds charge less.

FREI costs $59.00 a year on $10,000. The median Global & International Real Estate fund costs $50.00.