FREL vs. HDLB ETF Comparison

Comparison of Fidelity MSCI Real Estate Index ETF (FREL) to ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044 (HDLB)

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

$29.13

Average Daily Volume

168,084

Number of Holdings ^*

140

* may have additional holdings in another (foreign) market

HDLB

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B due September 30, 2044

HDLB Description

The investment seeks to provide two times leveraged long exposure to the compounded monthly performance of the Solactive US High Dividend Low Volatility Index. The index is designed to measure the performance of 40 dividend yielding, relatively lower volatility Index Constituent Securities from the universe of the largest 1,000 U.S. listed stocks by market capitalization, as described herein. The Securities seek to approximate the monthly returns that might be available to investors through a leveraged “long” investment in the index constituent securities.

Grade (RS Rating)

Last Trade

$15.47

Average Daily Volume

2,751

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FREL	HDLB
30 Days	-0.24%	4.78%
60 Days	-1.75%	9.79%
90 Days	2.47%	17.43%
12 Months	26.25%	63.28%

6 Overlapping Holdings

Symbol	Grade	Weight in FREL	Weight in HDLB	Overlap
GLPI	C	0.89%	0.44%	0.44%
MPW	F	0.17%	1.04%	0.17%
O	D	3.23%	2.51%	2.51%
STAG	F	0.45%	0.4%	0.4%
VICI	C	2.18%	1.93%	1.93%
WPC	D	0.8%	0.76%	0.76%

FREL Overweight 134 Positions Relative to HDLB

Symbol	Grade	Weight
PLD	D	7.1%
AMT	D	6.08%
EQIX	A	5.7%
WELL	A	5.08%
SPG	B	3.89%
DLR	B	3.77%
PSA	D	3.51%
CCI	D	2.99%
CBRE	B	2.71%
EXR	D	2.32%
IRM	D	2.22%
AVB	B	2.16%
CSGP	D	2.05%
VTR	C	1.72%
EQR	B	1.66%
SBAC	D	1.58%
WY	D	1.5%
INVH	D	1.37%
ESS	B	1.3%
MAA	B	1.23%
ARE	D	1.14%
KIM	A	1.12%
SUI	D	1.03%
DOC	D	1.01%
UDR	B	0.93%
CPT	B	0.86%
REG	B	0.86%
ELS	C	0.85%
JLL	D	0.84%
HST	C	0.82%
AMH	D	0.82%
Z	A	0.79%
BXP	D	0.79%
LAMR	D	0.75%
CUBE	D	0.72%
OHI	C	0.65%
REXR	F	0.61%
BRX	A	0.58%
EGP	F	0.56%
FRT	B	0.56%
NNN	D	0.51%
ADC	B	0.51%
FR	C	0.47%
VNO	B	0.46%
RHP	B	0.43%
TRNO	F	0.4%
COLD	D	0.4%
KRG	B	0.4%
EPRT	B	0.37%
SLG	B	0.34%
CUZ	B	0.32%
IRT	A	0.32%
PECO	A	0.31%
SBRA	C	0.29%
KRC	C	0.29%
CTRE	D	0.28%
RYN	D	0.28%
MAC	B	0.28%
SKT	B	0.26%
APLE	B	0.24%
EPR	D	0.23%
HIW	D	0.23%
NHI	D	0.23%
PK	B	0.22%
NSA	D	0.22%
PCH	D	0.22%
CDP	C	0.22%
BNL	D	0.21%
DEI	B	0.2%
UE	C	0.19%
LXP	D	0.19%
AKR	B	0.18%
HHH	B	0.18%
FCPT	C	0.18%
OUT	A	0.17%
COMP	B	0.17%
CWK	B	0.16%
ROIC	A	0.15%
IVT	B	0.15%
NMRK	B	0.15%
EQC	B	0.14%
SHO	C	0.13%
DRH	B	0.13%
JOE	F	0.12%
XHR	B	0.11%
GTY	B	0.11%
LTC	B	0.11%
ELME	D	0.1%
ESRT	C	0.1%
PEB	D	0.1%
RLJ	C	0.1%
GNL	F	0.1%
PDM	D	0.09%
UNIT	B	0.09%
VRE	B	0.09%
JBGS	D	0.09%
ALEX	C	0.09%
UMH	C	0.09%
AAT	B	0.09%
NTST	D	0.08%
KW	B	0.08%
DEA	D	0.08%
OPEN	D	0.07%
AIV	C	0.07%
NXRT	B	0.07%
CSR	B	0.07%
RDFN	D	0.07%
MMI	B	0.07%
EXPI	C	0.07%
AHH	D	0.06%
PGRE	F	0.06%
PLYM	F	0.06%
BDN	C	0.06%
INN	D	0.05%
FOR	F	0.05%
WSR	A	0.05%
GOOD	B	0.05%
FPI	B	0.04%
ALX	D	0.04%
UHT	D	0.04%
GMRE	F	0.04%
OLP	B	0.04%
LAND	F	0.03%
FRPH	A	0.03%
DHC	F	0.03%
SVC	F	0.03%
CLDT	B	0.03%
PKST	D	0.03%
BFS	C	0.03%
HPP	F	0.03%
CHCT	C	0.03%
TRC	F	0.02%
RMR	F	0.02%
CBL	A	0.02%

FREL Underweight 31 Positions Relative to HDLB

Symbol	Grade	Weight
PFE	D	-13.4%
ABBV	D	-9.8%
VZ	C	-9.25%
T	A	-8.79%
GILD	C	-5.14%
IBM	C	-5.12%
PM	B	-3.83%
DUK	C	-3.27%
MO	A	-3.18%
SO	D	-2.94%
D	C	-2.76%
AEP	D	-2.58%
KHC	F	-1.93%
ED	D	-1.85%
ETR	B	-1.73%
SRE	A	-1.71%
PPL	B	-1.48%
K	A	-1.47%
NLY	C	-1.43%
FE	C	-1.42%
EIX	B	-1.34%
IP	B	-1.22%
AGNC	D	-1.03%
NI	A	-0.91%
PNW	B	-0.78%
WU	D	-0.73%
ARCC	A	-0.46%
OGE	B	-0.43%
FSK	A	-0.25%
KD	B	-0.14%
ONL	C	-0.07%