Fidelity MSCI Real Estate Index ETF
ALTAR
Score™
6.9% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
19.9x P/Sales
ratio
5.4x
P/BV
ratio
2.2x Div.
yield
3.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Fidelity MSCI Real Estate ETF tracks a cap-weighted index of US REIT and real estate companies across the entire market-cap spectrum.

FUND BASICS
Category US Equities
Fund Sponsor Fidelity
Website screener.fidelity.com
Inception date Feb 02, 2015
Assets (mns) $1,045
Currency USD
Expense ratio 8 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 168
Wgt avg mkt cap (mns) $31,834
Large cap (>$10bn) 66.7%
Mid cap ($2-10bn) 26.6%
Small cap (<$2bn) 6.7%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
AMERICAN TOWER CORP-CL A 9.5 %
PROLOGIS INC 6.7 %
EQUINIX INC 6.3 %
CROWN CASTLE INTL CORP 4.8 %
DIGITAL REALTY TRUST INC 3.8 %
PUBLIC STORAGE 3.4 %
SBA COMMUNICATIONS CORP. CLASS A 3.1 %
WELLTOWER, INC. 2.0 %
WEYERHAEUSER CO 1.9 %
REALTY INCOME CORP 1.9 %
Total 43.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.6 %
BRITAIN 0.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-13.2% -12.7% 5.6% -- 3.5%

Market Correlations
versus... Beta R-squared
S&P500 0.75 56%
MSCI EAFE 0.78 50%
MSCI Emg. Mkts. 0.57 42%

Technical Indicators
Recent close $22.95
30d moving avg. $23.77
Annualized volatility 17.8%
Short interest (ETF) 0.3%
Relative strength (RSI) 42

Liquidity measures
Avg. volume (thou.) 400
Turnover 0.9%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $7,568

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Fidelity MSCI Real Estate Index ETF ETF based on the alternatives' overlap in portfolio holdings with FREL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FREL Expense: 8 bp ALTAR Score™: 6.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FREL
Ticker Fund
Name
Overlap1
vs FREL
(%)
Expense
ratio
(bp)
Savings
vs FREL
(bp)
ALTAR
Score™
(%)
ALTAR
vs FREL
(%)
SCHH Schwab U.S. REIT ETF 94.0 7 1 6.9 +0.0
IYR iShares U.S. Real Estate ETF 87.8 42 -34 6.4 -0.5
PSR Invesco Active U.S. Real Estate Fund 85.3 35 -27 6.4 -0.5
VNQ Vanguard REIT Index Fund 83.5 12 -4 6.8 -0.1
BBRE JPMorgan BetaBuilders MSCI U.S. REIT ETF 75.3 11 -3 7.6 +0.7
USRT iShares Core U.S. REIT ETF 75.2 8 0 7.6 +0.7
FRI First Trust S&P REIT Index Fund 74.7 50 -42 7.2 +0.3
XLRE The Real Estate Select Sector SPDR Fund 65.5 13 -5 5.9 -1.0
REET iShares Global REIT ETF 64.9 14 -6 7.8 +0.9
RWR SPDR Dow Jones REIT ETF 62.4 25 -17 7.8 +0.9
RWO SPDR Dow Jones Global Real Estate ETF 59.2 50 -42 7.5 +0.6
ICF iShares Cohen & Steers REIT ETF 57.0 34 -26 6.4 -0.5
FFR First Trust FTSE EPRA/NAREIT Developed Markets Real Estate 53.1 60 -52 7.6 +0.7
EWRE Invesco S&P 500 Equal Weight Real Estate ETF 51.4 40 -32 7.7 +0.8
PPTY PPTY-U.S. Diversified Real Estate ETF 48.0 49 -41 7.6 +0.7
GQRE FlexShares Global Quality Real Estate Index Fund 42.1 45 -37 6.9 -0.0
SRVR Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF 30.7 60 -52 3.4 -3.5
VPN Global X Data Center REITs & Digital Infrastructure ETF 29.3 50 -42 4.9 -2.0
REZ iShares Residential Real Estate Capped ETF 27.9 48 -40 6.5 -0.4
GRI ALPS REIT Dividend Dogs ETF 24.2 35 -27 22.9 +16.0
NURE Nuveen Short-Term REIT ETF 21.3 35 -27 7.3 +0.4
IYF iShares U.S. Financials ETF 21.0 42 -34 7.2 +0.3
HOMZ Hoya Capital Housing ETF 21.0 30 -22 7.6 +0.7
GLIF AGFiQ Global Infrastructure ETF 18.3 45 -37 5.6 -1.3
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 17.2 47 -39 5.6 -1.3
LVHD Legg Mason Low Volatility High Dividend ETF 14.3 27 -19 8.3 +1.4
JKG iShares Morningstar Mid-Cap ETF 14.1 25 -17 5.4 -1.5
DON WisdomTree U.S. MidCap Dividend Fund 13.9 38 -30 7.7 +0.8
SPYD SPDR S&P 500 High Dividend ETF 13.4 7 1 11.4 +4.5
PFI Invesco DWA Financial Momentum ETF 13.3 60 -52 6.0 -0.9
INDS Pacer Benchmark Industrial Real Estate SCTR ETF 12.5 60 -52 3.9 -3.0
VRAI Virtus Real Asset Income ETF 12.4 55 -47 12.5 +5.6
IJK iShares S&P Mid-Cap 400 Growth ETF 12.2 24 -16 5.0 -1.9
LGLV SPDR Russell 1000 Low Volatility ETF 12.0 12 -4 5.7 -1.2
IJJ iShares S&P Mid-Cap 400 Value ETF 11.8 25 -17 8.4 +1.5
QDIV Global X S&P 500 Quality Dividend ETF 11.7 20 -12 7.8 +0.9
BIBL Inspire ETF 11.5 35 -27 4.9 -2.0
DHS WisdomTree U.S. High Dividend Fund 10.7 38 -30 9.1 +2.2
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 10.5 35 -27 5.5 -1.4
VSL Volshares Large Capital ETF 10.3 65 -57 7.2 +0.3
NUMV Nuveen ESG Mid-Cap Value ETF 10.1 40 -32 7.2 +0.3
IWS iShares Russell Mid-Cap Value ETF 9.9 24 -16 7.1 +0.2
ONEY SPDR Russell 1000 Yield Focus ETF 9.7 20 -12 9.1 +2.2
NETL NETLease Corporate Real Estate ETF 9.2 60 -52 8.5 +1.6
FIVG Defiance Next Gen Connectivity ETF 9.1 30 -22 4.9 -2.0
JKJ iShares Morningstar Small-Cap ETF 9.0 25 -17 6.4 -0.5
JHSC John Hancock Multifactor Small Cap ETF 8.8 42 -34 5.6 -1.3
MDY SPDR S&P Midcap 400 ETF Trust 8.8 23 -15 6.4 -0.5
SPMD SPDR Portfolio Mid Cap ETF 8.8 5 3 6.6 -0.3
IJH iShares Core S&P Mid-Cap ETF 8.8 5 3 6.6 -0.3
FDVV Fidelity Core Dividend ETF 8.6 29 -21 7.2 +0.3
MDYV SPDR S&P 400 Mid Cap Value ETF 8.5 15 -7 8.6 +1.7
JKE iShares Morningstar Large-Cap Growth ETF 8.5 25 -17 3.0 -3.9
IVOO Vanguard S&P Mid-Cap 400 ETF 8.4 10 -2 6.4 -0.5
FNDA Schwab Fundamental U.S. Small Co. Index ETF 8.3 25 -17 7.4 +0.5
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 8.2 60 -52 8.5 +1.6
MDYG SPDR S&P 400 Mid Cap Growth ETF 8.1 15 -7 5.1 -1.8
VBR Vanguard Small Cap Value Index Fund 8.1 7 1 8.2 +1.3
AUSF Global X Adaptive U.S. Factor ETF 8.1 27 -19 9.4 +2.5
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 8.1 7 1 5.2 -1.7
NXTG First Trust Indxx NextG ETF 8.0 70 -62 6.1 -0.8
DTN WisdomTree U.S. Dividend ex-Financials Fund 8.0 38 -30 8.2 +1.4
IWN iShares Russell 2000 Value ETF 8.0 24 -16 6.9 -0.0
EQAL Invesco Russell 1000 Equal Weight ETF 7.9 20 -12 6.0 -0.9
EWMC Invesco S&P MidCap 400 Equal Weight ETF 7.9 40 -32 7.4 +0.5
SCHM Schwab U.S. Mid-Cap ETF 7.9 4 4 6.0 -0.9
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 7.9 15 -7 5.0 -1.9
VOE Vanguard Mid-Cap Value Index Fund 7.9 7 1 7.8 +0.9
IVOV Vanguard S&P Mid-Cap 400 Value ETF 7.8 15 -7 8.4 +1.6
PBSM Invesco PureBeta MSCI USA Small Cap ETF 7.8 6 2 5.2 -1.7
CZA Invesco Zacks Mid-Cap ETF 7.8 69 -61 6.1 -0.8
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 7.7 15 -7 6.9 -0.0
ROOF IQ US Real Estate Small Cap ETF 7.7 70 -62 12.1 +5.2
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 7.6 29 -21 6.9 +0.0
BKSE BNY Mellon US Small Cap Core Equity ETF 7.5 4 4 5.7 -1.2
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 7.4 17 -9 4.9 -2.0
RNMC Mid Cap US Equity Select ETF 7.4 60 -52 7.7 +0.8
VO Vanguard Mid-Cap Index Fund 7.4 4 4 5.2 -1.7
VB Vanguard Small-Cap ETF 7.3 5 3 5.3 -1.6
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 7.3 20 -12 7.7 +0.8
NUSC Nuveen ESG Small-Cap ETF 7.2 40 -32 4.8 -2.1
UTRN Vesper U.S. Large Cap Short-Term Reversal Strategy ETF 7.1 75 -67 6.6 -0.3
SFYX Sofi Next 500 ETF 7.1 0 8 5.9 -1.0
VFLQ Vanguard U.S. Liquidity Factor ETF 7.0 14 -6 4.2 -2.7
VBK Vanguard Small-Cap Growth Index Fund 6.9 7 1 2.3 -4.6
FSMD Fidelity Small-Mid Factor ETF 6.9 29 -21 6.3 -0.6
BOSS Global X Founder-Run Companies ETF 6.8 45 -37 3.3 -3.6
SCHA Schwab U.S. Small-Cap ETF 6.8 4 4 4.8 -2.1
JDIV JPMorgan U.S. Dividend ETF 6.8 12 -4 8.0 +1.1
DTD WisdomTree U.S.Total Dividend Fund 6.8 28 -20 6.9 -0.0
VOT Vanguard Mid-Cap Growth Index Fund 6.8 7 1 3.2 -3.7
IWR iShares Russell Midcap ETF 6.7 19 -11 5.5 -1.4
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 6.7 20 -12 4.7 -2.2
MIDF iShares Edge MSCI Multifactor USA Mid-Cap ETF 6.6 25 -17 7.7 +0.8
RVRS Reverse Cap Weighted U.S. Large Cap ETF 6.5 29 -21 7.7 +0.8
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 6.4 9 -1 6.0 -0.9
VTWV Vanguard Russell 2000 Value Index Fund 6.3 15 -7 7.1 +0.2
BKMC BNY Mellon US Mid Cap Core Equity ETF 6.2 4 4 5.3 -1.6
OLD The Long-Term Care ETF 6.2 30 -22 6.6 -0.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Fidelity MSCI Real Estate Index ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.7 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 8 bp
Equals: ALTAR Score 6.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.52 CATEGORY
AVERAGE
1.51
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.