FREI vs REET: Grades, Fees and Holdings Compared

Fidelity Real Estate Income ETF

FREICNasdaq

iShares Global REIT ETF

REETANYSE Arca

Overlap

15.9%by weight

Expense ratio

REET −0.43pt a year

FREI0.57%REET0.14%

Avg volume · 30D

REET 119.6×the volume

FREI25.2KREET3.02M

FREI vs REET Performance

Jul 31, 2026 – Oct 30, 2026

−1.8%FREI−6.1%REET

Expense ratio: FREI 0.57%; REET 0.14%, better
Fund size: FREI $47M; REET $4.77B
1Y total return: FREI No data; REET +8.6%
Yield (12M): FREI No data; REET 3.52%
Holdings: FREI 592; REET 350
Avg volume (30D): FREI 25.2K sh; REET 3.02M sh, better
NAV per share: FREI $24.09; REET $26.44
52W range

ETF.net Grade

Pillar letters and Scores for FREI, REET, with each pillar’s weight
Pillar	FREI	REET
Cost30% weight	F24	A88Higher
Mission25% weight	Not scored	A99
Risk15% weight	B64Higher	B58
Tradability15% weight	C51	A100Higher
Holdings10% weight	A100Higher	D39
Durability5% weight	D27	A92Higher

Rank among Global & International Real Estate funds

How we build Categories ›

Same Category. FREI and REET are both graded against the same 18 Global & International Real Estate funds, so their Grades compare head to head.

Global & International Real Estate⁠

Category · 18 funds

See all 18 ›

REET ranks 1st and FREI 9th of 18 funds in the Global & International Real Estate Category.

Rank 1AREETiShares Global REIT ETFScore 78
Rank 2ADFGRDimensional Global Real Estate ETFScore 77
Rank 8BERETiShares Environmentally Aware Real Estate ETFScore 54
Rank 9CFREIFidelity Real Estate Income ETFScore 47
Rank 10CCRIBRussell Investments Global Real Estate ETFScore 45

Our read on each fund

ETF.net Research

FREICFidelity Real Estate Income ETF

REETAiShares Global REIT ETF

In short

FREI Not a REIT index fund. FREI is the ETF class of Fidelity's real estate income mutual fund: an active, income-first mix of property debt and dividend-paying real estate equity, with capital growth the secondary goal.

REET One ticker, roughly 300 listed REITs across developed and emerging markets, US included, for 0.14% a year. The plain-vanilla global landlord basket, at a fraction of what its category usually charges.

Stated mandate

FREI 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.

REET The fund seeks to track a global real-estate-equity index covering publicly listed REITs in developed and emerging markets.

Why people hold it

FREI Income first, growth second, by charter: at least 80% of assets sit in real estate debt and income-producing equity, so bonds and preferreds do work pure REIT funds skip.fidelity.com
Two doors, one portfolio. The ETF is a share class of Fidelity's existing real estate income mutual fund, not a strategy starting from an empty book.fidelity.com
Run by people, not a rules screen, with room to move across the capital stack from mortgage debt to REIT equity. Upper half of its global real estate peer group.fidelity.com

REET Charges 0.14% a year, well under the typical fee among global real estate funds.
Covers global REITs in one line, US included. Ex-US peers like VNQI and HAUZ leave the home market out by design.
Roughly 300 REITs spanning developed and emerging markets, with distributions paid quarterly.
A multi-billion-dollar, actively traded fund running since its 2014 launch, and it has hugged its index tightly.

Worth knowing

FREI You pay for the active mix: 0.57% net of a waiver through November 30, 2027 (0.76% gross), above the category median and above index peers like HAUZ at 0.10%.
The ETF class is young and much smaller than the mutual fund behind it, and it trades thinly. Spreads can widen, which is what limit orders are for.
Debt and preferreds put interest-rate moves in the mix alongside property risk, so it behaves differently from a plain equity REIT fund.

REET One sector, start to finish. REIT prices move with property values and interest rates, and nothing outside real estate is here to offset that.
Foreign listings mean overseas currency moves flow into what a US investor sees.
The index holds REITs specifically, so real estate operators and developers not structured as REITs fall outside it.ishares.com

Full FREI profile⁠

Full REET profile⁠

FREI vs REET Holdings

How FREI and REET differ

Overlap by weight

15.9%

Shared holdings make up 56.6% of REET and 17.8% of FREI.

Level by level

Asset classEquity, Real Estate0.0%
Holdings37 in both15.9%
Countryby domicile78.1%

Sector

No Sector split for FREI.

Country, concentration and asset class

Country by domicile

Country weights in FREI and REET, widest gap first
Country	More in FREIMore in REET	FREI	REET
United States	FREI +21.9 points	100.0%	78.1%
Australia	REET +6.2 points	0.0%	6.2%
Japan	REET +4.8 points	0.0%	4.8%
United Kingdom	REET +4.2 points	0.0%	4.2%
Singapore	REET +2.9 points	0.0%	2.9%
Canada	REET +1.9 points	0.0%	1.9%
France	REET +1.9 points	0.0%	1.9%

Concentration

Weight in the 10 largest Holdings

FREI14.7%
REET43.2%

Securities held

FREI589
REET326

Asset class

FREI: Equity
REET: Real Estate

Holdings

Only in FREI552
In both37
Only in REET289

Only in FREI

552 securities, 78.7% of FREI by weight

American Tower Corp2.06%
Vivmark Residential1.10%
Simon Property 5.85% 03/08/530.62%
Prologis Lp 4.9% 06/15/360.61%
Essex Portfolio 4.875% 2/15/360.61%
Crown Castle In 5.8% 03/01/340.57%
Annaly Cap 6.95%/VAR Perp Pfd0.56%
Ventas Rlty Ldp 5% 02/15/360.54%
Simon Property 6.65% 01/15/540.53%
Invitation Hms 4.15% 04/15/320.52%
Invitation Hms 5.5% 08/15/330.52%
Phillips Ed Gc 4.95% 01/15/350.51%
Alexandria Real 7.25%/VAR 2/570.50%
American Homes 5.25% 03/15/350.49%
Prologis Lp 5.25% 06/15/530.49%
Nnn Reit Inc 5.5% 06/15/340.48%
Bx 2019-OC11 E Cstr 12/410.48%
Agnc Investment Corp Ser E 6.50.46%
Crown Castle In 5.2% 09/01/340.46%
ARES1 26-RTL E TSFR1M+0 08/430.46%
Americold Rlty 5.409% 09/12/340.46%
Hpa 2021-2 G 4.505% 12/26 144A0.44%
Annaly Capital Management Inc0.43%
Public Storg Op 5.35% 08/01/530.43%
Rithm Capi 7.125%/VAR Perp Pfd0.42%
Prologis Lp 5.25% 05/15/350.41%
Vici Ppty Lp 4.625% 12/29 144A0.41%
Rithm Capi 6.375%/VAR Perp Pfd0.40%
Beignet Inv 6.581% 5/49 144A0.39%
American Homes 5.5% 02/01/340.39%
Sba Comm Corp 3.125% 02/01/290.38%
Hut 8 Dc Llc 6.192% 11/42 144A0.38%
Century Com 6.625% 9/33 144A0.38%
Extra Space Lp 5.4% 06/15/350.38%
Rocc 24-C 8.81906% 11/41 144A0.38%
Realty Income 5.125% 04/15/350.37%
Crown Castle In 5.1% 05/01/330.37%
Simon Property 5.125% 10/01/350.37%
Estn 2026-TOWN A Cstr 05/460.37%
Agnc Inv F 6.125%/VAR Pfd Perp0.37%
Lexington Rlty 6.5 Cv Pfd Perp0.36%
American Tow 3.8% 08/15/290.36%
Umh Pptys Inc 6.375% Perp0.36%
Crown Castle In 2.9% 04/01/410.36%
Bx 2025-ROIC E TSFR1M+294 3/300.35%
Vici Propertie 6.125% 04/01/540.35%
PRM5 25-PRM5 E Cstr 03/330.35%
Essex Portfolio 5.5% 04/01/340.35%
Bx 26-26 E TSFR1M+300 07/420.35%
Phillips Ed Gc 5.75% 07/15/340.34%

Only in REET

289 securities, 42.9% of REET by weight

Vivmark Residential2.67%
Goodman Group Units2.15%
Host Hotels & Resorts Reit0.97%
Segro Reit PLC0.93%
W. P. Carey Reit0.82%
Omega Healthcare Investors Reit0.81%
Regency Centers Reit Corp0.77%
Healthpeak Properties Inc0.75%
Link Real Estate Investment Trust0.74%
Scentre Group0.74%
Unibail Rodamco We Stapled Units0.68%
Capitaland Integrated Commercial T0.64%
American Healthcare Reit0.58%
Bxp0.56%
Camden Property Trust Reit0.56%
Ryman Hospitality Properties Reit0.50%
Klepierre Reit SA0.50%
Agree Realty Reit0.46%
Land Securities Group Reit PLC0.42%
Stockland Stapled Units Ltd0.41%
Capitaland Ascendas Reit0.40%
Stag Industrial Reit0.40%
Alexandria Real Estate Equities Re0.39%
Charter Hall Group Stapled Units0.38%
Vicinity Centres0.38%
Gpt Group Stapled Units0.37%
Aedifica NV0.37%
Nippon Building Fund Reit0.35%
Healthcare Realty Trust Inc Class0.34%
Vornado Realty Trust Reit0.34%
British Land Reit0.33%
Essential Properties Realty Trust0.33%
Londonmetric Property Reit PLC0.32%
Merlin Properties Reit0.31%
Mirvac Group Stapled Units0.29%
Tritax Big Box Reit PLC0.29%
Fibra Uno Administracion Reit0.29%
Phillips Edison and Company0.28%
Cousins Properties Reit Inc0.27%
Prologis Property Mexico Reit0.27%
Japan Real Estate Investment Trust0.26%
Japan Metropolitan Fund Investment0.26%
Warehouses De Pauw NV0.25%
Riocan Real Estate Investment Trus0.25%
Epr Properties Reit0.25%
Dexus Stapled Units0.24%
Kilroy Realty Reit0.24%
Tanger0.23%
Apple Hospitality Reit Inc0.23%
Millrose Properties Inc Class A0.22%

Weight gaps

All 37 Holdings in both funds, largest gap first.

Holding weights in FREI and REET, widest gap first
Holding	More in FREIMore in REET	FREI	REET
Welltower IncWELL	REET +7.95 points	1.64%	9.59%
Prologis Inc ReitPLD	REET +5.48 points	1.38%	6.86%
Equinix IncEQIX	REET +4.07 points	1.58%	5.65%
Simon Ppty Group Inc - ReitSPG	REET +3.36 points	0.58%	3.94%
Digital Realty Trust IncDLR	REET +3.17 points	0.62%	3.79%
Realty Income Corp ReitO	REET +2.83 points	0.18%	3.01%
Public StoragePSA	REET +2.55 points	0.54%	3.09%
Iron Mountain IncIRM	REET +1.73 points	0.22%	1.95%
Ventas Inc ReitVTR	REET +1.69 points	0.76%	2.45%
Extra Space Storage IncEXR	REET +1.21 points	0.59%	1.80%
Vici Pptys IncVICI	REET +0.78 points	0.72%	1.50%
Mid America Apt Cmnty IncMAA	REET +0.74 points	0.03%	0.77%
Essex Property Trust IncESS	REET +0.66 points	0.30%	0.96%
Equity Lifestyle Pptys IncELS	FREI +0.52 points	1.17%	0.65%
Kimco Realty CorporationKIM	REET +0.49 points	0.43%	0.92%
Brixmor Ppty Group IncBRX	REET +0.45 points	0.05%	0.50%
Eastgroup Pptys IncEGP	REET +0.44 points	0.16%	0.60%
Federal Realty Investment TrFRT	REET +0.42 points	0.11%	0.53%
CubesmartCUBE	REET +0.39 points	0.16%	0.55%
American Homes 4 Rent Class AAMH	REET +0.35 points	0.24%	0.59%
Rexford Industrial Realty IncREXR	REET +0.34 points	0.15%	0.49%
Terreno Realty CorpTRNO	REET +0.32 points	0.07%	0.39%
Caretrust Reit IncCTRE	REET +0.31 points	0.17%	0.48%
Umh Properties IncUMH	FREI +0.30 points	0.37%	0.07%
Invitation Homes IncINVH	FREI +0.30 points	1.19%	0.89%
Gaming and Leisure Proprti IncGLPI	REET +0.30 points	0.32%	0.62%
Kite Realty Group TrustKRG	FREI +0.27 points	0.55%	0.28%
First Industrial Realty TrustFR	REET +0.22 points	0.19%	0.41%
Macerich CompanyMAC	REET +0.20 points	0.19%	0.39%
Udr IncUDR	FREI +0.21 points	0.85%	0.64%
Lxp Industrial Trust ReitLXP	FREI +0.14 points	0.34%	0.20%
Nnn Reit IncNNN	REET +0.11 points	0.33%	0.44%
Inland Americn Real Est Tr IncIVT	FREI +0.07 points	0.20%	0.13%
Americold Realty TrustCOLD	REET +0.05 points	0.18%	0.23%
Sabra Healthcare Reit IncSBRA	FREI +0.05 points	0.33%	0.28%
Sun Communities Inc - ReitSUI	REET +0.04 points	0.73%	0.77%
Acadia Rlty Tr ReitAKR	FREI +0.02 points	0.17%	0.15%

All FREI holdings⁠All 318 REET 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.

FREI vs REET Cost

Overpaying FREI vs REET

$8,339

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

FREI 0.57%
$11,271
REET 0.14%
$2,932

Amount$10,000

Years30 years

Cost over time

FREI 0.57%
REET 0.14%
Overpaying

Year by year

Year	FREI	REET	Overpaying
10	$1,023	$256	$767
20	$3,921	$1,000	$2,921
30	$11,271	$2,932	$8,339

Expense ratio

0.57%FREI
0.14%REET, cheaper

REET0.14%FREI0.57%

0.10%0.60%

Middle half of Global & International Real Estate funds
Median 0.49%

REET 3rd cheapest of 18 funds

FREI 14th cheapest of 18 funds

FREI vs REET Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FREI No data; REET 3.52%
Payout (12M): FREI No data; REET $0.93
Last payment: FREI $0.29; REET $0.23
Ex-dividend: FREI Oct 2, 2026; REET Sep 15, 2026
Paid on: FREI Oct 6, 2026; REET Sep 18, 2026
Frequency: FREI Quarterly; REET Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FREIQuarterly · 2 paymentsAll FREI payments⁠

REETQuarterly · 38 paymentsAll REET payments⁠

FREI vs REET Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FREI No dataREET 15.4%
Return per unit of riskSharpe ratio, 3 years: FREI No dataREET 0.59
Worst fallMax drawdown, 5 years: FREI No dataREET −32.1%
Market sensitivityBeta, 5 years: FREI 0.65REET 0.93; Market = 1

FREI and REET in the news

All news⁠

Deep Dive
Global real estate ETFs that are up for 2026 are built mostly of U.S. REITs
Oct 14, 2026REET
Deep Dive
Equity REIT funds fell 1.3%. VanEck's mortgage REIT fund hit a 52-week low
Sep 12, 2026REET
Deep Dive
September's $2.74 billion CMBS wall is half of August's, with more already in special servicing
Sep 5, 2026REET

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FREI vs REET

In short

Stated mandate

Why people hold it