FREL ETF — Fidelity® MSCI Real Estate Index ETF

Fidelity® MSCI Real Estate Index ETF (FREL)

Updated October 16, 2026.

FREL is a low-cost ETF. its distribution rate is 3.35%, its trailing-12-month yield is 3.49%, its expense ratio is 0.084%. Dividend Vision Distribution Safety Score™ is 93/100 (Safe). Total return is 74.3% over the past 11.7 years, 275.1 points behind SPY at 349.4%.

Fidelity MSCI Real Estate Index ETF is an ETF that tracks the MSCI USA IMI Real Estate 25/25 Index, holding securities that represent the U.S. real estate sector. The fund distributes quarterly with a current distribution rate in the low single digits, and carries a very low expense ratio of 0.08%. It appeals to income investors seeking real estate exposure through a broadly diversified, passively managed portfolio.

FREL performance versus SPY

Price and return data through 2026-10-16.

Total return is 74.3% over the past 11.7 years, 275.1 points behind SPY at 349.4%. Over the past year its total return — price change plus distributions reinvested — is 4.7%. Its deepest 1-year drawdown was 11.6%.

FREL key facts

Distribution Safety Score™

93 · Safe

Safety-Adjusted Yield

3.12%

Issuer

Fidelity Investments

Asset type

ETF

Asset class

Equity

Inception date

02/02/2015

Expense ratio

0.084%

Distribution rate

3.35%

Distribution frequency

Quarterly

Trailing yield

3.49%

Last close

$27.84 (as of 2026-10-16)

AUM

$1,349,016,840

Average volume

282071.0

Dividend

$0.233

Ex-dividend date

09/18/2026

Payment date

09/22/2026

Beta

0.98

How Dividend Vision calculates yield and returns

Distribution rate (3.35%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.49%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. 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.

Yield and safety methodology · 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.

FREL risks and drawbacks

FREL's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 11.6%.

Who may consider FREL — and who may not

FREL may suit someone looking for low-cost broad dividend exposure, a high Distribution Safety Score, moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (FREL 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.

More on FREL

• All tickers starting with F

Tagged: Real Estate.

Frequently asked questions

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