FREL vs TSRS

FRELAFidelity MSCI Real Estate Index ETF

TSRSFTruth Social American Red State REITs 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.

TSRS Most REIT funds sort landlords by property type. This one sorts by politics, tracking a MarketVector index built on a red-state theme. Plain passive plumbing wrapped around a very unplain idea.

Stated mandate

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

TSRS The Fund seeks to deliver returns that generally correspond to the price and yield performance of the MarketVectorTM–iREIT® Red State REITs Index.

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.

• TSRS The idea is the product: a rules-based index of US real estate stocks built on a red-state theme, delivered in one ticket instead of assembled name by name.
• Boring machinery under a loud label: a registered 1940 Act fund that replicates a published index rather than following a manager's hunches.
• Exposure stays home and stays simple. US equity real estate, tracking an index measured on price and yield, not foreign property or mortgage paper.

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.

• TSRS At 0.65% a year, the fee sits well above the real estate category median, and the broad heavyweights (SCHH, VNQ, USRT) charge a small fraction of it.
• Small and thinly traded, with a track record that only starts at the end of 2025. Wider spreads come with that territory, so limit orders earn their keep.
• The political screen narrows the field, so results can drift from the broad US REIT market in either direction. Payouts have come irregularly, not on a set calendar.

Full FREL profile⁠

Full TSRS profile⁠