FREL vs. BBRE ETF Comparison

Comparison of Fidelity MSCI Real Estate Index ETF (FREL) to JPMorgan BetaBuilders MSCI U.S. REIT ETF (BBRE)

FREL

Fidelity MSCI Real Estate Index ETF

FREL Description

The investment seeks to provide investment returns that correspond, before fees and expenses, generally to the performance of the MSCI USA IMI Real Estate Index. The fund invests at least 80% of assets in securities included in the fund&#39;s underlying index. The fund&#39;s underlying index is the MSCI USA IMI Real Estate Index, which represents the performance of the real estate sector in the U.S. equity market. The fund may or may not hold all of the securities in the MSCI USA IMI Real Estate Index.

Grade (RS Rating)

Last Trade

$28.72

Average Daily Volume

189,548

Number of Holdings ^*

139

* may have additional holdings in another (foreign) market

BBRE

JPMorgan BetaBuilders MSCI U.S. REIT ETF

BBRE Description

The investment seeks to provide total return. Under normal circumstances, the fund will invest at least 80% of its assets in bonds. It will invest at least 40% of its assets in countries other than the United States. The fund may invest in developed or emerging markets. It generally invests at least 25% of its assets in securities that, at the time of purchase are rated investment grade or the unrated equivalent. "Assets" means net assets plus the amount of borrowings for investment purposes. The fund may also use currency related transactions involving currency derivatives as part of its primary investment strategy.

Grade (RS Rating)

Last Trade

$98.33

Average Daily Volume

19,555

Number of Holdings ^*

111

* may have additional holdings in another (foreign) market

Performance

Period	FREL	BBRE
30 Days	5.78%	5.22%
60 Days	13.52%	12.02%
90 Days	15.87%	15.34%
12 Months	21.04%	21.85%

110 Overlapping Holdings

Symbol	Grade	Weight in FREL	Weight in BBRE	Overlap
AAT	B	0.09%	0.13%	0.09%
ADC	A	0.49%	0.57%	0.49%
AHH	B	0.05%	0.08%	0.05%
AIV	B	0.08%	0.13%	0.08%
AKR	B	0.16%	0.19%	0.16%
ALEX	B	0.09%	0.13%	0.09%
ALX	B	0.04%	0.05%	0.04%
AMH	A	0.85%	1.11%	0.85%
APLE	F	0.22%	0.28%	0.22%
ARE	D	1.24%	1.63%	1.24%
AVB	B	2.1%	2.77%	2.1%
BDN	B	0.06%	0.08%	0.06%
BFS	B	0.03%	0.06%	0.03%
BNL	B	0.23%	0.28%	0.23%
BRX	A	0.55%	0.72%	0.55%
BXP	A	0.73%	0.98%	0.73%
CBL	B	0.02%	0.03%	0.02%
CHCT	F	0.04%	0.04%	0.04%
CLDT	D	0.03%	0.04%	0.03%
COLD	B	0.53%	0.69%	0.53%
CPT	B	0.88%	1.11%	0.88%
CSR	B	0.08%	0.1%	0.08%
CTRE	A	0.27%	0.26%	0.26%
CUBE	A	0.77%	1.02%	0.77%
CUZ	A	0.28%	0.38%	0.28%
DEA	A	0.09%	0.1%	0.09%
DEI	B	0.18%	0.25%	0.18%
DHC	C	0.04%	0.04%	0.04%
DLR	D	3.11%	3.82%	3.11%
DOC	B	1.03%	1.36%	1.03%
DRH	D	0.13%	0.17%	0.13%
EGP	B	0.59%	0.71%	0.59%
ELS	A	0.84%	1.13%	0.84%
EPR	B	0.25%	0.32%	0.25%
EPRT	A	0.36%	0.4%	0.36%
EQC	A	0.14%	0.2%	0.14%
EQIX	B	5.12%	6.75%	5.12%
EQR	B	1.67%	2.3%	1.67%
ESRT	B	0.1%	0.14%	0.1%
ESS	B	1.26%	1.71%	1.26%
EXR	B	2.46%	3.26%	2.46%
FCPT	A	0.18%	0.21%	0.18%
FPI	D	0.03%	0.05%	0.03%
FR	B	0.5%	0.66%	0.5%
FRT	A	0.57%	0.74%	0.57%
GLPI	A	0.93%	1.18%	0.93%
GMRE	D	0.04%	0.06%	0.04%
GNL	A	0.12%	0.15%	0.12%
GOOD	A	0.05%	0.06%	0.05%
GTY	B	0.11%	0.11%	0.11%
HIW	B	0.23%	0.3%	0.23%
HPP	D	0.04%	0.07%	0.04%
HST	D	0.81%	1.11%	0.81%
INN	B	0.05%	0.07%	0.05%
INVH	B	1.48%	1.97%	1.48%
IRM	B	2.19%	2.89%	2.19%
IRT	B	0.31%	0.41%	0.31%
IVT	B	0.13%	0.18%	0.13%
JBGS	B	0.1%	0.16%	0.1%
KIM	A	1.04%	1.37%	1.04%
KRC	B	0.26%	0.34%	0.26%
KRG	B	0.39%	0.5%	0.39%
LAND	D	0.03%	0.04%	0.03%
LTC	A	0.11%	0.14%	0.11%
LXP	B	0.21%	0.25%	0.21%
MAA	B	1.25%	1.64%	1.25%
MAC	B	0.23%	0.31%	0.23%
MPW	C	0.18%	0.24%	0.18%
NHI	A	0.24%	0.32%	0.24%
NNN	A	0.57%	0.74%	0.57%
NSA	A	0.23%	0.36%	0.23%
NTST	A	0.09%	0.08%	0.08%
NXRT	B	0.07%	0.1%	0.07%
O	A	3.54%	4.11%	3.54%
OHI	A	0.64%	0.82%	0.64%
OLP	B	0.04%	0.05%	0.04%
PDM	B	0.08%	0.11%	0.08%
PEB	D	0.1%	0.16%	0.1%
PECO	A	0.3%	0.38%	0.3%
PGRE	C	0.05%	0.08%	0.05%
PK	D	0.21%	0.31%	0.21%
PKST	C	0.03%	0.02%	0.02%
PLD	B	7.79%	10.14%	7.79%
PLYM	C	0.07%	0.09%	0.07%
PSA	A	3.57%	4.43%	3.57%
REG	A	0.83%	1.07%	0.83%
REXR	B	0.74%	0.82%	0.74%
RHP	D	0.39%	0.48%	0.39%
RLJ	F	0.1%	0.14%	0.1%
ROIC	B	0.13%	0.17%	0.13%
SBRA	A	0.26%	0.35%	0.26%
SHO	D	0.13%	0.2%	0.13%
SKT	A	0.22%	0.28%	0.22%
SLG	B	0.29%	0.39%	0.29%
SPG	B	3.63%	4.42%	3.63%
STAG	B	0.49%	0.64%	0.49%
SUI	A	1.09%	1.47%	1.09%
SVC	D	0.05%	0.07%	0.05%
TRNO	B	0.44%	0.46%	0.44%
UDR	B	0.91%	1.27%	0.91%
UE	B	0.17%	0.22%	0.17%
UHT	A	0.04%	0.06%	0.04%
UMH	A	0.09%	0.1%	0.09%
VICI	A	2.29%	2.82%	2.29%
VNO	B	0.37%	0.5%	0.37%
VTR	A	1.63%	2.18%	1.63%
WELL	A	4.57%	5.25%	4.57%
WPC	A	0.86%	1.1%	0.86%
WSR	D	0.05%	0.06%	0.05%
XHR	D	0.1%	0.15%	0.1%

FREL Overweight 29 Positions Relative to BBRE

Symbol	Grade	Weight
AMT	A	6.97%
CCI	A	3.27%
CBRE	B	2.34%
CSGP	C	2.08%
SBAC	A	1.63%
WY	C	1.48%
JLL	B	0.8%
LAMR	B	0.72%
Z	B	0.59%
RYN	B	0.28%
PCH	C	0.22%
HHH	B	0.16%
CWK	B	0.15%
OUT	B	0.15%
DBRG	F	0.14%
NMRK	A	0.14%
COMP	B	0.14%
JOE	C	0.14%
KW	B	0.08%
OPEN	D	0.08%
RDFN	B	0.08%
EXPI	F	0.07%
UNIT	A	0.07%
MMI	B	0.07%
FOR	D	0.05%
RMR	B	0.03%
FRPH	D	0.03%
TRC	D	0.02%
SRG	F	0.01%

FREL Underweight 1 Positions Relative to BBRE

	Symbol	Grade	Weight
	IIPR	B	-0.31%