FREI ETF — Fidelity Real Estate Income ETF

Fidelity Real Estate Income ETF (FREI)

FREI is an ETF. its trailing-12-month yield is 0.73%, its expense ratio is 0.57%. Dividend Vision Distribution Safety Score™ is 50/100 (Unproven). Total return is -1.2% over the past 0.3 years, 4.8 points behind SPY at 3.6%.

Fidelity Real Estate Income ETF is an exchange-traded fund that invests at least 80% of its assets in debt and income-producing equity securities of real estate companies and real estate-related investments, including corporate bonds, mortgage-backed securities, and hybrid instruments. The fund carries a modest expense ratio of 0.57% and distributes quarterly; note that the latest distribution was special and may not recur regularly. The fund appeals to income-focused investors seeking exposure to the real estate sector with a current distribution rate in the low single digits.

FREI performance versus SPY

Price and return data through 2026-09-21.

Total return is -1.2% over the past 0.3 years, 4.8 points behind SPY at 3.6%.

FREI key facts

Distribution Safety Score™

50 · Unproven

Issuer

Fidelity Investments

Asset type

ETF

Asset class

Equity

Inception date

06/16/2026

Expense ratio

0.57%

Distribution frequency

Quarterly

Trailing yield

0.73%

Last close

$24.52 (as of 2026-09-21)

NAV

$24.40

Premium / discount

0.49% premium

AUM

$4,382,543,872

Average volume

9665.0

Last dividend

$0.178

Last ex-dividend date

07/10/2026 (as of 2026-07-10)

Last payment date

07/14/2026 (as of 2026-07-14)

Beta

0.65

P/E ratio

26.2375

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (0.73%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Fidelity Investments; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

FREI risks and drawbacks

Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window.

Who may consider FREI — and who may not

It is a weaker fit for investors who need monthly cash flow (FREI pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from Fidelity Investments.