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FREL vs NETL

Fidelity MSCI Real Estate Index ETF

FRELANYSE Arca

Colterpoint Net Lease Real Estate ETF

NETLFNYSE Arca

Overlap

Expense ratio

FREL −0.52pt a year

FREL0.08%NETL0.60%

Avg volume · 30D

FREL 19.8×the volume

FREL310KNETL15.6K

5Y return · a year

FREL +1.5pt

FREL+0.9%NETL−0.6%

FREL vs NETL Performance

Oct 29, 2021 – Oct 30, 2026

+4.4%FREL−2.9%NETL

Oct 29, 2021 to Oct 30, 2026. FREL +4.4%. NETL −2.9%. Use the arrow keys to read each point.−30%−20%−10%10%Oct 2021Apr 2024Oct 2026
Expense ratio
FREL 0.08%, better
NETL 0.60%
Fund size
FREL $1.35B
NETL $47M
1Y total return
FREL +9.0%, better
NETL +5.0%
Yield (12M)
FREL 3.41%
NETL 5.28%, better
Holdings
FREL 127
NETL 23
Avg volume (30D)
FREL 310K sh, better
NETL 15.6K sh
NAV per share
FREL $28.51
NETL $23.98
52W range

ETF.net Grade

FREL: Cost 93, Risk 48, Mission 99, Tradability 66, Holdings 77, Durability 66. NETL: Cost 5, Risk 36, Mission not scored, Tradability 19, Holdings 39, Durability 18.
Pillar letters and Scores for FREL, NETL, with each pillar’s weight
PillarFRELNETL
Cost30% weightA93HigherF5
Mission25% weightA99Not scored
Risk15% weightC48HigherD36
Tradability15% weightB66HigherF19
Holdings10% weightA77HigherD39
Durability5% weightB66HigherF18

Rank among US Real Estate funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FREL and NETL 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 NETL 19th of 21 funds in the US Real Estate Category.

  1. Rank 1ASCHHSchwab U.S. REIT ETFScore 83
  2. Rank 1AUSRTiShares Core U.S. REIT ETFScore 83
  3. Rank 3AFRELFidelity MSCI Real Estate Index ETFScore 80
  4. Rank 4AXLREState Street Real Estate Select Sector SPDR ETFScore 78
  5. Rank 19FDESKVanEck Office and Commercial REIT ETFScore 19
  6. Rank 19FNETLColterpoint Net Lease Real Estate ETFScore 19
  7. Rank 21FTSRSTruth Social American Red State REITs ETFScore 13

Our read on each fund

ETF.net Research

FRELAFidelity MSCI Real Estate Index ETF

NETLFColterpoint Net Lease Real Estate ETF

In short

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.

NETL One idea, cleanly cut: US REITs whose tenants pay the taxes, insurance and upkeep under long leases. It has tracked a rules-based net lease index since 2019, pays monthly, and charges more than the broad real estate crowd.

Stated mandate

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

NETL The Fund is designed to follow the performance of the Colterpoint Net Lease Real Estate Index before fees and expenses.

Why people hold it

  • 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.
  • NETL Pure-play net lease exposure: landlords on long contractual leases where the tenant covers most property costs. Broad REIT funds bury this slice inside offices, towers and malls.netleaseetf.com
  • The index screens for net lease specialists and caps how much weight any single company or tenant can carry, so one troubled retailer cannot dominate the book.netleaseetf.com
  • Pays distributions monthly rather than the quarterly rhythm most equity real estate funds keep.
  • Running the same passive index mandate since its 2019 launch, with the benchmark named in the prospectus.

Worth knowing

  • 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.
  • NETL At 0.60% a year, it costs multiples of broad US real estate index funds such as SCHH (0.07%) and VNQ (0.13%). The specialist niche is what you are paying the premium for.
  • A small fund that does not trade heavily, so bid-ask spreads can widen, particularly in fast markets.
  • Distributions can include return of capital, which hands back part of your own investment rather than income the portfolio earned.

Full FREL profile⁠

Full NETL profile⁠

FREL vs NETL 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.

FREL vs NETL Cost

Overpaying NETL vs FREL

$10,044

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

  • FREL 0.084%

    $1,773

  • NETL 0.60%

    $11,817

$10,000
30 years

Cost over time

  • FREL 0.084%
  • NETL 0.60%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530NETL $11,817FREL $1,773

Year by year

YearFRELNETLOverpaying
10$154$1,076$922
20$603$4,116$3,513
30$1,773$11,817$10,044

Expense ratio

  • 0.08%FREL, cheaper
  • 0.60%NETL
  • Middle half of US Real Estate funds
  • Median 0.35%

FREL 4th cheapest of 21 funds

NETL 20th cheapest of 21 funds

FREL vs NETL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FREL 3.41%
NETL 5.28%, better
Payout (12M)
FREL $0.97
NETL $1.26
Last payment
FREL $0.23
NETL $0.11
Ex-dividend
FREL Sep 18, 2026
NETL Oct 28, 2026
Paid on
FREL Sep 22, 2026
NETL Oct 30, 2026
Frequency
FREL Quarterly
NETL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FRELQuarterly · 15 paymentsAll FREL payments⁠
One bar per payment. 15 payments from 2023 to 2026 YTD. 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.$0$0.2520232026YTD
NETLMonthly · 46 paymentsAll NETL payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 27, 2023 $0.10; Feb 24, 2023 $0.10; Mar 29, 2023 $0.10; Apr 26, 2023 $0.10; May 26, 2023 $0.10; Jun 28, 2023 $0.10; Jul 27, 2023 $0.10; Aug 29, 2023 $0.10; Sep 27, 2023 $0.10; Oct 27, 2023 $0.10; Nov 28, 2023 $0.10; Dec 27, 2023 $0.10; Jan 24, 2024 $0.10; Feb 26, 2024 $0.10; Mar 25, 2024 $0.10; Apr 24, 2024 $0.10; May 23, 2024 $0.10; Jun 24, 2024 $0.10; Jul 24, 2024 $0.10; Aug 26, 2024 $0.10; Sep 24, 2024 $0.10; Oct 24, 2024 $0.10; Nov 25, 2024 $0.10; Dec 30, 2024 $0.10; Jan 30, 2025 $0.10; Feb 27, 2025 $0.10; Mar 27, 2025 $0.10; Apr 29, 2025 $0.10; May 29, 2025 $0.10; Jun 26, 2025 $0.10; Jul 30, 2025 $0.10; Aug 28, 2025 $0.10; Sep 29, 2025 $0.10; Oct 30, 2025 $0.11; Nov 25, 2025 $0.11; Dec 30, 2025 $0.11; Jan 28, 2026 $0.11; Feb 25, 2026 $0.11; Mar 27, 2026 $0.11; Apr 28, 2026 $0.11; May 27, 2026 $0.11; Jun 26, 2026 $0.11; Jul 29, 2026 $0.11; Aug 27, 2026 $0.11; Sep 28, 2026 $0.11; Oct 28, 2026 $0.11. Use the arrow keys to read each point.$0$0.2520232026YTD

FREL vs NETL Risk

Fall from peak · 5 years

  • FREL
  • NETL
Oct 29, 2021 to Oct 30, 2026. Worst fall: FREL −34.4% · Oct 2023. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FREL 16.5%, betterNETL 17.6%
Return per unit of riskSharpe ratio, 3 years
FREL 0.56, betterNETL 0.36
Worst fallMax drawdown, 5 years
FREL −34.4%NETL −30.6%, better
Market sensitivityBeta, 5 years
FREL 0.99NETL 0.82

Popular comparisons

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