BBRE vs FREL: Grades, Fees and Holdings Compared

JPMorgan BetaBuilders MSCI US REIT ETF

BBREACboe

Fidelity MSCI Real Estate Index ETF

FRELANYSE Arca

Overlap

79.7%by weight

Expense ratio

FREL −0.03pt a year

BBRE0.11%FREL0.08%

Avg volume · 30D

FREL 7.1×the volume

BBRE43.7KFREL310K

5Y return · a year

BBRE +2.1pt

BBRE+3.0%FREL+0.9%

BBRE vs FREL Performance

Oct 29, 2021 – Oct 30, 2026

+16.1%BBRE+4.4%FREL

Expense ratio: BBRE 0.11%; FREL 0.08%, better
Fund size: BBRE $1.29B; FREL $1.35B
1Y total return: BBRE +13.3%, better; FREL +9.0%
Yield (12M): BBRE 2.84%; FREL 3.41%, better
Holdings: BBRE 105; FREL 127
Avg volume (30D): BBRE 43.7K sh; FREL 310K sh, better
NAV per share: BBRE $103.06; FREL $28.51
52W range

ETF.net Grade

Pillar letters and Scores for BBRE, FREL, with each pillar’s weight
Pillar	BBRE	FREL
Cost30% weight	A81	A93Higher
Mission25% weight	A100Higher	A99
Risk15% weight	B61Higher	C48
Tradability15% weight	D33	B66Higher
Holdings10% weight	B57	A77Higher
Durability5% weight	C47	B66Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. BBRE and FREL are both graded against the same 21 US Real Estate funds, so their Grades compare head to head.

US Real Estate⁠

Category · 21 funds

See all 21 ›

FREL ranks 3rd and BBRE 8th of 21 funds in the US Real Estate Category.

Rank 1ASCHHSchwab U.S. REIT ETFScore 83
Rank 1AUSRTiShares Core U.S. REIT ETFScore 83
Rank 3AFRELFidelity MSCI Real Estate Index ETFScore 80
Rank 4AXLREState Street Real Estate Select Sector SPDR ETFScore 78
Rank 7ARWRState Street SPDR Dow Jones REIT ETFScore 73
Rank 8ABBREJPMorgan BetaBuilders MSCI US REIT ETFScore 71
Rank 9AICFiShares Select U.S. REIT ETFScore 70

Our read on each fund

ETF.net Research

BBREAJPMorgan BetaBuilders MSCI US REIT ETF

FRELAFidelity MSCI Real Estate Index ETF

In short

BBRE A no-frills way to own the MSCI US REIT index: about 100 US landlords for 0.11% a year, roughly a third of what the typical real estate ETF charges, with tracking that has stayed tight to the benchmark.

FREL Fidelity'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

BBRE The Fund seeks to track, before fees and expenses, the performance of the MSCI US REIT.

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

Why people hold it

BBRE 0.11% a year versus a category median near 0.37%. On fees it sits well under the average real estate fund without doing anything clever to get there.
The mandate is simple: match the MSCI US REIT index before fees. It has tracked that benchmark about as tightly as anything in its peer group.
About 100 REITs in one line item, with distributions paid quarterly. Rent collection, outsourced.
Running since 2018 with a billion-dollar-plus asset base behind it, so this is an established fund rather than a launch still finding its footing.

FREL 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

BBRE It trades lighter than the category's household names like VNQ and SCHH, so spreads can matter more, particularly in size or in a fast market.
A few rivals shave the fee further: SCHH at 0.07%, USRT and FREL at 0.08%. The gap is small in basis points but it is real.
One sector, roughly 100 companies. When the property cycle turns, there is no other corner of the fund to cushion it.

FREL 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.

Full BBRE profile⁠

Full FREL profile⁠

BBRE vs FREL Holdings

How BBRE and FREL differ

Overlap by weight

79.7%

Shared holdings make up 98.6% of BBRE and 81.8% of FREL.

Level by level

Holdings100 in both79.7%
Sector4 Sectors99.5%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in BBRE and FREL, widest gap first
Sector	More in BBREMore in FREL	BBRE	FREL
Real Estate	BBRE +0.5 points	100.0%	99.5%
Communication	FREL +0.4 points	0.0%	0.4%
Energy	FREL +0.2 points	0.0%	0.1%
Financials	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in BBRE and FREL, widest gap first
Country	More in BBREMore in FREL	BBRE	FREL
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

BBRE51.8%
FREL48.5%

Securities held

BBRE103
FREL126

Asset class

BBRE: Equity
FREL: Equity

Holdings

Only in BBRE3
In both100
Only in FREL26

Only in BBRE

3 securities, 1.4% of BBRE by weight

JPMorgan U.s. Government1.17%
Innovative Industrial0.18%
Dj Us Real 12/18/20260.02%

Only in FREL

26 securities, 19.2% of FREL by weight

American Tower Corp4.84%
Crown Castle Inc2.57%
Cbre Group Inc - Class A2.53%
Sba Communications Corp1.35%
Securities Lending Cf1.14%
Jones Lang Lasalle Inc1.13%
Weyerhaeuser Co0.98%
Lamar Advertising Co Class A0.94%
Costar Group Inc0.79%
Compass Inc0.41%
Rayonier Inc Reit0.39%
Zillow Group Inc Class C0.33%
Outfront Media Inc0.32%
Lxp Industrial Trust Reit0.25%
Cushman & Wakefield Ltd0.21%
St Joe Company0.20%
Howard Hughes Holdings Inc0.17%
Landbridge Corp Class A0.15%
Newmark Group Inc Class A0.11%
Opendoor Technologies Inc0.11%
Zillow Group Inc Class A0.08%
Marcus & Millichap Co Inc0.05%
State Street 60 Day Money Mark0.05%
Forestar Group Inc0.04%
Agnt Inc0.03%
Dj Us Real Estat F DEC26 DJEZ6<0.01%

Weight gaps

All 100 Holdings in both funds, largest gap first.

Holding weights in BBRE and FREL, widest gap first
Holding	More in BBREMore in FREL	BBRE	FREL
Welltower IncWELL	BBRE +2.75 points	12.29%	9.54%
Prologis Inc Reit USDPLD	BBRE +1.55 points	8.87%	7.32%
Equinix Inc Reit USDEQIX	FREL +1.45 points	4.18%	5.63%
Public Storage Reit USDPSA	BBRE +0.88 points	4.42%	3.54%
Vivmark Residential ReitEQR	BBRE +0.65 points	3.62%	2.97%
Extra Space Storage IncEXR	BBRE +0.50 points	2.64%	2.14%
Iron Mountain Inc ReitIRM	BBRE +0.49 points	2.83%	2.34%
Ventas Inc Reit USD 0.25VTR	BBRE +0.44 points	3.00%	2.56%
Realty Income Corp ReitO	BBRE +0.36 points	3.80%	3.44%
Vici Properties Inc ReitVICI	BBRE +0.36 points	2.13%	1.77%
Kimco Realty Corp ReitKIM	BBRE +0.32 points	1.44%	1.12%
Essex Property Trust IncESS	BBRE +0.32 points	1.47%	1.15%
Host Hotels & ResortsHST	BBRE +0.30 points	1.52%	1.22%
Sun Communities Inc ReitSUI	BBRE +0.26 points	1.22%	0.96%
Healthpeak PropertiesDOC	BBRE +0.26 points	1.17%	0.91%
Cubesmart Reit USD 0.01CUBE	BBRE +0.26 points	0.89%	0.63%
Mid-America ApartmentMAA	BBRE +0.25 points	1.19%	0.94%
Wp Carey Inc Reit USDWPC	BBRE +0.25 points	1.21%	0.96%
Equity LifestyleELS	BBRE +0.25 points	0.96%	0.71%
Bxp Inc Reit USD 0.01BXP	BBRE +0.23 points	0.86%	0.63%
American Homes 4 RentAMH	BBRE +0.22 points	0.92%	0.70%
Brixmor Property GroupBRX	BBRE +0.21 points	0.80%	0.59%
Regency Centers CorpREG	BBRE +0.21 points	1.10%	0.89%
Invitation Homes Inc ReitINVH	BBRE +0.20 points	1.25%	1.05%
Udr Inc Reit USD 0.01UDR	BBRE +0.20 points	0.95%	0.75%
Millrose Properties IncMRP	FREL +0.20 points	0.06%	0.26%
American Healthcare ReitAHR	FREL +0.19 points	0.46%	0.65%
First Industrial RealtyFR	BBRE +0.19 points	0.68%	0.49%
Macerich Co/The Reit USDMAC	BBRE +0.19 points	0.60%	0.41%
Gaming and LeisureGLPI	BBRE +0.19 points	0.92%	0.73%
Digital Realty Trust IncDLR	BBRE +0.18 points	4.23%	4.05%
Federal Realty Invs TrustFRT	BBRE +0.18 points	0.76%	0.58%
Stag Industrial Inc ReitSTAG	BBRE +0.17 points	0.63%	0.46%
Nnn Reit Inc USDNNN	BBRE +0.17 points	0.69%	0.52%
Camden Property TrustCPT	BBRE +0.17 points	0.90%	0.73%
Pebblebrook Hotel TrustPEB	BBRE +0.17 points	0.35%	0.18%
Park Hotels & ResortsPK	BBRE +0.17 points	0.41%	0.24%
Ryman HospitalityRHP	BBRE +0.16 points	0.68%	0.52%
Vornado Realty LpVNO	BBRE +0.17 points	0.55%	0.38%
Kite Realty Group TrustKRG	BBRE +0.16 points	0.54%	0.38%
Healthcare Realty TrustHR	BBRE +0.16 points	0.61%	0.45%
Diamondrock HospitalityDRH	BBRE +0.15 points	0.36%	0.21%
Alexandria Real EstateARE	BBRE +0.15 points	0.58%	0.43%
Epr Properties Reit USDEPR	BBRE +0.14 points	0.44%	0.30%
Sabra Health Care ReitSBRA	BBRE +0.14 points	0.46%	0.32%
Xenia Hotels & ResortsXHR	BBRE +0.14 points	0.29%	0.15%
Apple Hospitality ReitAPLE	BBRE +0.14 points	0.43%	0.29%
Sunstone Hotel InvestorsSHO	BBRE +0.14 points	0.31%	0.17%
Phillips Edison & Co IncPECO	BBRE +0.14 points	0.46%	0.32%
Highwoods Properties IncHIW	BBRE +0.13 points	0.35%	0.22%
Omega HealthcareOHI	BBRE +0.13 points	1.02%	0.89%
Rlj Lodging Trust ReitRLJ	BBRE +0.13 points	0.27%	0.14%
Cousins Properties IncCUZ	BBRE +0.13 points	0.46%	0.33%
Copt Defense PropertiesCDP	BBRE +0.12 points	0.39%	0.27%
Eastgroup Properties IncEGP	BBRE +0.13 points	0.82%	0.69%
Tanger Inc Reit USD 0.01SKT	BBRE +0.12 points	0.40%	0.28%
Curbline Properties CorpCURB	BBRE +0.12 points	0.31%	0.19%
Americold Realty TrustCOLD	BBRE +0.12 points	0.39%	0.27%
Kilroy Realty Corp ReitKRC	BBRE +0.12 points	0.39%	0.27%
Independence RealtyIRT	BBRE +0.11 points	0.34%	0.23%
Inventrust PropertiesIVT	BBRE +0.10 points	0.27%	0.17%
Cbl & AssociatesCBL	BBRE +0.10 points	0.15%	0.05%
Lineage Inc Reit USDLINE	FREL +0.10 points	0.06%	0.16%
Diversified HealthcareDHC	BBRE +0.09 points	0.20%	0.11%
National HealthNHI	BBRE +0.10 points	0.31%	0.21%
Douglas Emmett Inc ReitDEI	BBRE +0.10 points	0.20%	0.10%
Sl Green Realty Corp ReitSLG	BBRE +0.09 points	0.34%	0.25%
Urban Edge PropertiesUE	BBRE +0.09 points	0.26%	0.17%
Piedmont Realty Trust IncPDM	BBRE +0.09 points	0.18%	0.09%
Ltc Properties Inc ReitLTC	BBRE +0.09 points	0.23%	0.14%
Broadstone Net Lease IncBNL	BBRE +0.09 points	0.32%	0.23%
Rexford Industrial RealtyREXR	BBRE +0.09 points	0.67%	0.58%
American Assets Trust IncAAT	BBRE +0.08 points	0.16%	0.08%
Global Net Lease IncGNL	BBRE +0.08 points	0.19%	0.11%
Jbg Smith PropertiesJBGS	BBRE +0.08 points	0.15%	0.07%
Alexander's Inc Reit USDALX	BBRE +0.07 points	0.12%	0.05%
CenterspaceCSR	BBRE +0.07 points	0.14%	0.07%
Four Corners PropertyFCPT	BBRE +0.06 points	0.22%	0.16%
Saul Centers Inc Reit USDBFS	BBRE +0.06 points	0.09%	0.03%
Caretrust Reit IncCTRE	FREL +0.05 points	0.48%	0.53%
Smartstop Self StorageSMA	FREL +0.06 points	0.07%	0.13%
Easterly GovernmentDEA	BBRE +0.05 points	0.12%	0.07%
Brandywine Realty TrustBDN	BBRE +0.05 points	0.09%	0.04%
Gladstone Commercial CorpGOOD	BBRE +0.05 points	0.09%	0.04%
Acadia Realty Trust ReitAKR	BBRE +0.05 points	0.21%	0.16%
Empire State RealtyESRT	BBRE +0.05 points	0.10%	0.05%
Getty Realty Corp ReitGTY	BBRE +0.05 points	0.15%	0.10%
Safehold Inc ReitSAFE	BBRE +0.05 points	0.09%	0.04%
Medical Properties TrustMPW	BBRE +0.05 points	0.15%	0.10%
Umh Properties Inc ReitUMH	BBRE +0.05 points	0.13%	0.08%
Terreno Realty Corp ReitTRNO	BBRE +0.05 points	0.50%	0.45%
Nexpoint ResidentialNXRT	BBRE +0.04 points	0.07%	0.03%
Agree Realty Corp ReitADC	BBRE +0.04 points	0.57%	0.53%
Netstreit Corp Reit USDNTST	BBRE +0.04 points	0.15%	0.11%
Simon Property Group IncSPG	BBRE +0.02 points	4.58%	4.56%
Essential PropertiesEPRT	BBRE +0.02 points	0.38%	0.36%
Service Properties TrustSVC	FREL +0.02 points	0.03%	0.05%
Janus Living Inc Reit USDJAN	BBRE +0.01 points	0.04%	0.03%
Blackstone DigitalBXDC	BBRE +0.01 points	0.03%	0.02%
Fermi Inc Common StockFRMI	BBRE +0.01 points	0.02%	0.01%

All 102 BBRE holdings⁠All 147 FREL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BBRE vs FREL Cost

Overpaying BBRE vs FREL

$540

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

BBRE 0.11%
$2,313
FREL 0.084%
$1,773

Amount$10,000

Years30 years

Cost over time

BBRE 0.11%
FREL 0.084%
Overpaying

Year by year

Year	BBRE	FREL	Overpaying
10	$201	$154	$47
20	$788	$603	$185
30	$2,313	$1,773	$540

Expense ratio

0.11%BBRE
0.08%FREL, cheaper

FREL0.08%BBRE0.11%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

FREL 4th cheapest of 21 funds

BBRE 5th cheapest of 21 funds

BBRE vs FREL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BBRE 2.84%; FREL 3.41%, better
Payout (12M): BBRE $2.93; FREL $0.97
Last payment: BBRE $0.82; FREL $0.23
Ex-dividend: BBRE Sep 22, 2026; FREL Sep 18, 2026
Paid on: BBRE Sep 24, 2026; FREL Sep 22, 2026
Frequency: BBRE Quarterly; FREL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

BBREQuarterly · 34 paymentsAll BBRE payments⁠

FRELQuarterly · 39 paymentsAll FREL payments⁠

BBRE vs FREL Risk

Fall from peak · 5 years

BBRE
FREL

Risk facts

VolatilityStd dev, 3 years: BBRE 16.0%, betterFREL 16.5%
Return per unit of riskSharpe ratio, 3 years: BBRE 0.68, betterFREL 0.56
Worst fallMax drawdown, 5 years: BBRE −31.1%, betterFREL −34.4%
Market sensitivityBeta, 5 years: BBRE 0.96FREL 0.99; Market = 1

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