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Launched · SEC filings

Fidelity MSCI Real Estate Index ETF

FRELNYSE ArcaFidelityA

$28.86+0.36 (+1.26%)

At close: Nov 2, 2026, 4:00 PM ET

A80/ 100

Rank 3 of 22 in US Real Estate

A80/100Rank 3 of 22inUS Real Estate
Intraday session: up, 79 prints from 28.50 to 28.86. Range 28.55 to 28.91. Use the arrow keys to read each point.28.6028.7028.8010 AM12 PM2 PM4 PM
Expense ratio
0.08%
Fund size
$1.35B
1Y total return
+9.0%
Yield · Last 12 months
3.41%
Holdings
127
Avg volume · 30D
310K sh
52W range
low $26.37high $30.92
Launched
Filings
SEC EDGAR

The ETF.net FREL Grade

A

Score 80 out of 100

Category
US Real Estate⁠
Rank
3 of 22
Six-pillar profile for FREL. Scores out of 100: Cost 93, Risk 48, Mission 99, Tradability 66, Holdings 77, Durability 66. Strongest: Mission (99). Weakest: Risk (48). Leans toward Mission and Cost.

Score 80 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A93 out of 100
    Rank 1 of 22

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A99 out of 100
    Rank 9 of 16

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C48 out of 100
    Rank 14 of 22

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B66 out of 100
    Rank 8 of 22

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A77 out of 100
    Rank 6 of 22

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B66 out of 100
    Rank 9 of 22

Our read on FREL

ETF.net Research

In short

AFidelity's take on US real estate: one index, about 150 property stocks, and a 0.08% fee against a 0.37% category median. Cheap beta on landlords, and one of the strongest implementations in its peer group.

Stated mandate

The fund seeks to track, before fees and expenses, the performance of the MSCI USA IMI Real Estate Index.

Why people hold it

  • 0.08% a year against a 0.37% median for US real estate funds. Among the category's leaders, only SCHH runs cheaper, and only by a basis point.
  • Tracks the MSCI USA IMI Real Estate Index tightly, with very little drift from the benchmark it promises to follow.
  • Plain vanilla plumbing: a 1940 Act index fund holding about 150 US real estate stocks. No leverage, no options overlay, cash paid out quarterly.
  • Trading since 2015 and now a multi-billion-dollar fund with Fidelity's index desk behind it.

Worth knowing

  • One sector, one country. US real estate can move on its own schedule for long stretches, and this fund rides every bit of that.
  • Moderately traded rather than a volume leader in the category, which can show up as wider bid-ask spreads.
  • Crowded shelf. SCHH, VNQ, USRT and XLRE cover similar ground at similar prices, so the real difference is which index each one follows.

FREL Holdings

Holdings pillarA77 out of 100Rank 6 of 22 in US Real Estate
Asset class
Stocks
Holdings
127
Top-10 weight
48%
Largest holding
WELL9.5%

Sectors

  • Real Estate99.5%
  • Communication0.4%
  • Energy0.2%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 9.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1WELLWelltower Inc9.54%571,254$133M344
2PLDPrologis Inc Reit7.32%798,145$102M345
3EQIXEquinix Inc5.63%75,868$78.7M364
4AMTAmerican Tower Corp4.84%363,557$67.6M352
5SPGSimon Ppty Group Inc - Reit4.56%295,220$63.7M323
6DLRDigital Realty Trust Inc4.05%309,007$56.5M324
7PSAPublic Storage3.54%156,053$49.5M301
8ORealty Income Corp Reit3.44%838,760$48M284
9EQRVivmark Residential2.97%671,422$41.5M112
10CCICrown Castle Inc2.57%404,743$36M253
11VTRVentas Inc Reit2.56%427,419$35.8M303
12CBRECbre Group Inc - Class A2.53%274,782$35.3M295
13IRMIron Mountain Inc2.34%276,176$32.7M272
14EXRExtra Space Storage Inc2.14%199,285$29.9M256
15VICIVici Pptys Inc1.77%1,005,901$24.7M278

Showing 1–15 of 127 holdings

FREL Performance

Launched Feb 2, 2015

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

FREL$10,901
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. FREL $10,901. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 FREL. Periods over one year show the average yearly return.
PeriodFREL
Year to date+8.9%
1 month+4.9%
3 months−4.4%
1 year+9.0%
3 yearsper year+13.0%
5 yearsper year+0.9%
10 yearsper year+5.9%

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 FREL
YearReturn barFREL
2026 YTD+8.9%
2025+3.1%
2024+5.0%
2023+11.8%
2022−26.2%
2021+40.5%
2020−4.9%

FREL in the news

FREL 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 Oct 30, 2026.
3.41%Last 12 months
Payout per share
$0.97Last 12 months
Last payment
$0.23 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 17, 2017 $0.17; Jun 16, 2017 $0.22; Sep 15, 2017 $0.21; Dec 15, 2017 $0.21; Mar 16, 2018 $0.26; Jun 15, 2018 $0.24; Sep 21, 2018 $0.56; Dec 21, 2018 $0.18; Mar 15, 2019 $0.27; Jun 21, 2019 $0.23; Sep 20, 2019 $0.23; Dec 20, 2019 $0.20; Mar 20, 2020 $0.28; Jun 19, 2020 $0.18; Sep 18, 2020 $0.18; Dec 18, 2020 $0.32; Mar 19, 2021 $0.19; Jun 18, 2021 $0.20; Sep 17, 2021 $0.21; Dec 17, 2021 $0.20; Mar 18, 2022 $0.25; Jun 17, 2022 $0.23; Sep 16, 2022 $0.28; Dec 16, 2022 $0.12; Mar 17, 2023 $0.33; Jun 16, 2023 $0.23; Sep 15, 2023 $0.23; Dec 15, 2023 $0.21; Mar 15, 2024 $0.25; Jun 21, 2024 $0.25; Sep 20, 2024 $0.22; Dec 20, 2024 $0.22; Mar 21, 2025 $0.26; Jun 20, 2025 $0.27; Sep 19, 2025 $0.23; Dec 19, 2025 $0.22; Mar 20, 2026 $0.25; Jun 18, 2026 $0.27; Sep 18, 2026 $0.23. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 18, 2026Sep 22, 2026$0.23
Jun 18, 2026Jun 23, 2026$0.27
Mar 20, 2026Mar 24, 2026$0.25
Dec 19, 2025Dec 23, 2025$0.22
Sep 19, 2025Sep 23, 2025$0.23
Jun 20, 2025Jun 24, 2025$0.27
Mar 21, 2025Mar 25, 2025$0.26
Dec 20, 2024Dec 24, 2024$0.22
Sep 20, 2024Sep 24, 2024$0.22
Jun 21, 2024Jun 25, 2024$0.25
Mar 15, 2024Mar 20, 2024$0.25
Dec 15, 2023Dec 20, 2023$0.21

See all 49 payments⁠

$10,000 in FREL 10 years ago paid $4,277 in dividends.⁠

FREL Risk

Risk pillarC48 out of 100Rank 14 of 22 in US Real Estate
How much the fund’s monthly returns vary, scaled to a year.
16.5%
Annualised · 36 months to Oct 2026
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.
0.56
vs 3-month T-bills · to Oct 2026
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.
−34.4%
Trough Oct 2023
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.
0.99
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.

FMP measures it over up to five years of monthly returns.

FREL Cost

Compare FREL and SCHH

Overpaying vs SCHH, cheapest in US Real Estate

$293

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FREL 0.084%

    $1,773

  • SCHH 0.07% Cheapest

    $1,480

$10,000
30 years

Cost over time

  • FREL 0.084%
  • SCHH 0.07%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$500$1K$1.5K$2K051015202530FREL $1,773SCHH $1,480

Year by year

YearFRELSCHHOverpaying
10$154$128$26
20$603$503$100
30$1,773$1,480$293

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