Fidelity MSCI Real Estate Index ETF (FREL) is a real estate and infrastructure ETF. As of October 28, 2026, ETF Copilot scores FREL 3.0 out of 10 — highest on Value (7.1), lowest on Growth (0.5). It trades at 30.1 times earnings, against its own median of 32.1. Its ten largest holdings are 48% of the fund.
What stands out in FREL's data
U.S. real estate investment trusts, tracked through a broad index.
Earns nothing on its equity — a sign the portfolio holds properties that barely break even after depreciation.
Return on equity sits at 0%, behind most peers and below the category median of 2.6%. Its trailing EBITDA multiple of 18.7x is in line with the 18.3x norm.
A real estate core position that adds property income to a broad equity allocation.
How is FREL rated? ETF Copilot scores Fidelity MSCI Real Estate Index ETF (FREL) 3.0 out of 10
As of October 28, 2026, ETF Copilot scores Fidelity MSCI Real Estate Index ETF (FREL) 3.0 out of 10 overall.
ETF Copilot scores (0–10 scale, higher is better):
- Overall: 3.0 / 10
- Growth: 0.5 / 10
- Value: 7.1 / 10
- Risk: 3.8 / 10
- Quality: 4.5 / 10
- Return: 1.3 / 10
Is FREL expensive right now? It trades at 30.1 times earnings, against its own median of 32.1
As of October 28, 2026, FREL is cheaper than 76% of its own last 9 years.
Trailing 12 months, built from FREL's holdings. How we calculate this →
What's inside FREL?
What's inside FREL: Size (Large 55%, Mid 36%, Small 9%); Geography (International 0%, US 100%); Tech 0.4%.
What are FREL's top holdings? The ten largest are 48% of the fund
Welltower, Prologis, Equinix, American Tower, Simon Property, Digital Realty Trust, Public Storage, Realty Income, EQ Resources and Ventas are FREL's largest holdings, in that order.
Less concentrated than 56% of Real Estate & Infra ETFs.
Half of FREL's weight sits in its 11 largest positions, and once those weights are taken into account it behaves like 31 equally weighted holdings.
What is FREL's expense ratio? 0.08% a year
As of October 28, 2026, FREL charges 0.08% a year, yields 3.49% and holds $1.4B in assets across 125 positions.
| Measure | FREL |
|---|---|
| Expense ratio | 0.08% |
| Dividend yield | 3.49% |
| Assets under management | $1.4B |
| Holdings | 125 |
Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.
Cite this
ETF Copilot, “Fidelity MSCI Real Estate Index ETF (FREL) scores and holdings analysis”, as of October 28, 2026.
https://etf-copilot.com/etf/frel
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