FREL vs. DRV ETF Comparison

Comparison of Fidelity MSCI Real Estate Index ETF (FREL) to Drexion Daily Real Estate Bear 3x Shares (DRV)

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

$27.63

Average Daily Volume

178,215

Number of Holdings ^*

140

* may have additional holdings in another (foreign) market

DRV

Drexion Daily Real Estate Bear 3x Shares

DRV Description

The investment seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the performance of the MSCI US REIT IndexSM. The fund, under normal circumstances, creates short positions by investing at least 80% of its assets in financial instruments that provide leveraged and unleveraged exposure to the index. The index is comprised of equity REITs that are included in the MSCI US Investable Market 2500 Index, with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$28.92

Average Daily Volume

135,161

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FREL	DRV
30 Days	9.69%	-23.00%
60 Days	11.25%	-25.46%
90 Days	13.79%	-31.09%
12 Months	12.69%	-32.56%

82 Overlapping Holdings

Symbol	Grade	Weight in FREL	Weight in DRV	Overlap
AAT	B	0.09%	0.18%	0.09%
ADC	A	0.48%	0.23%	0.23%
AIV	A	0.08%	0.61%	0.08%
AKR	B	0.15%	0.17%	0.15%
AMH	C	0.81%	0.56%	0.56%
AMT	A	6.98%	7.96%	6.98%
APLE	C	0.25%	0.26%	0.25%
ARE	D	1.31%	1.42%	1.31%
AVB	A	2.05%	2.32%	2.05%
BDN	B	0.06%	0.21%	0.06%
BRX	B	0.52%	0.48%	0.48%
BXP	B	0.73%	1.66%	0.73%
CBRE	A	2.36%	1.5%	1.5%
CCI	A	3.27%	4.65%	3.27%
COLD	B	0.56%	0.5%	0.5%
CPT	A	0.84%	0.82%	0.82%
CUBE	B	0.75%	0.47%	0.47%
CUZ	A	0.29%	0.47%	0.29%
DEI	B	0.18%	0.54%	0.18%
DLR	B	3.19%	2.0%	2.0%
DOC	A	1.08%	0.27%	0.27%
EGP	A	0.64%	0.39%	0.39%
ELS	A	0.83%	0.94%	0.83%
EPR	B	0.25%	0.43%	0.25%
EQC	A	0.15%	0.31%	0.15%
EQIX	B	5.13%	3.84%	3.84%
EQR	A	1.69%	2.36%	1.69%
ESS	A	1.29%	1.57%	1.29%
EXR	B	2.44%	1.1%	1.1%
FR	A	0.51%	0.42%	0.42%
FRT	A	0.57%	0.75%	0.57%
GLPI	B	0.94%	0.72%	0.72%
HIW	A	0.23%	0.4%	0.23%
HPP	C	0.05%	0.44%	0.05%
HST	F	0.86%	1.01%	0.86%
INVH	B	1.46%	1.26%	1.26%
IRM	A	2.03%	0.69%	0.69%
JBGS	C	0.1%	0.4%	0.1%
JLL	B	0.84%	0.68%	0.68%
KIM	A	1.01%	0.66%	0.66%
KRC	C	0.28%	0.64%	0.28%
KW	C	0.08%	0.23%	0.08%
LAMR	B	0.74%	0.61%	0.61%
LXP	B	0.22%	0.18%	0.18%
MAA	A	1.16%	1.18%	1.16%
MAC	C	0.25%	0.22%	0.22%
MPW	D	0.22%	0.88%	0.22%
NHI	A	0.23%	0.28%	0.23%
NNN	A	0.58%	0.7%	0.58%
O	A	3.51%	1.87%	1.87%
OHI	A	0.62%	0.73%	0.62%
OUT	B	0.15%	0.32%	0.15%
PCH	C	0.24%	0.23%	0.23%
PDM	A	0.07%	0.23%	0.07%
PEB	F	0.12%	0.26%	0.12%
PGRE	C	0.06%	0.2%	0.06%
PK	F	0.23%	0.46%	0.23%
PLD	B	7.95%	4.59%	4.59%
PSA	B	3.32%	2.67%	2.67%
REG	A	0.8%	0.82%	0.8%
REXR	B	0.75%	0.4%	0.4%
RHP	C	0.41%	0.33%	0.33%
RLJ	F	0.1%	0.23%	0.1%
RYN	B	0.29%	0.32%	0.29%
SBAC	B	1.62%	2.2%	1.62%
SBRA	B	0.28%	0.32%	0.28%
SHO	D	0.14%	0.24%	0.14%
SLG	B	0.29%	0.58%	0.29%
SPG	B	3.48%	3.51%	3.48%
STAG	A	0.52%	0.32%	0.32%
SUI	A	1.08%	1.08%	1.08%
SVC	C	0.06%	0.3%	0.06%
TRNO	A	0.47%	0.29%	0.29%
UDR	B	0.9%	1.07%	0.9%
UE	B	0.17%	0.18%	0.17%
VICI	A	2.25%	0.75%	0.75%
VNO	B	0.34%	0.89%	0.34%
VTR	A	1.52%	1.69%	1.52%
WELL	A	4.38%	2.7%	2.7%
WPC	C	0.93%	1.09%	0.93%
WY	B	1.61%	1.78%	1.61%
XHR	D	0.11%	0.18%	0.11%

FREL Overweight 58 Positions Relative to DRV

Symbol	Grade	Weight
CSGP	C	2.25%
Z	D	0.55%
KRG	A	0.38%
EPRT	B	0.36%
IRT	A	0.3%
PECO	B	0.29%
CTRE	A	0.26%
NSA	C	0.23%
BNL	B	0.23%
SKT	A	0.22%
SITC	B	0.21%
FCPT	A	0.18%
HHH	C	0.17%
CWK	C	0.16%
JOE	B	0.16%
DBRG	D	0.16%
NMRK	B	0.14%
DRH	F	0.13%
IVT	A	0.13%
GNL	C	0.13%
LTC	B	0.12%
ROIC	B	0.12%
COMP	C	0.12%
ESRT	B	0.11%
GTY	B	0.11%
ALEX	A	0.1%
OPEN	D	0.1%
DEA	B	0.09%
NTST	D	0.09%
CSR	A	0.08%
MMI	B	0.08%
PLYM	B	0.08%
EXPI	C	0.08%
UMH	A	0.08%
RDFN	C	0.07%
NXRT	A	0.07%
AHH	B	0.06%
UNIT	C	0.06%
INN	B	0.05%
GMRE	C	0.05%
GOOD	A	0.05%
FOR	F	0.05%
WSR	B	0.05%
CHCT	F	0.05%
PKST	D	0.04%
OLP	B	0.04%
DHC	C	0.04%
UHT	B	0.04%
ALX	B	0.04%
TRC	B	0.03%
RMR	C	0.03%
FRPH	D	0.03%
FPI	F	0.03%
CLDT	C	0.03%
BFS	A	0.03%
LAND	C	0.03%
CBL	B	0.02%
SRG	D	0.01%

FREL Underweight 1 Positions Relative to DRV

	Symbol	Grade	Weight
	HASI	B	-0.17%