FREL vs. SRS ETF Comparison

Comparison of Fidelity MSCI Real Estate Index ETF (FREL) to ProShares UltraShort Real Estate (SRS)

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

$28.20

Average Daily Volume

167,125

Number of Holdings ^*

140

* may have additional holdings in another (foreign) market

SRS

ProShares UltraShort Real Estate

SRS Description

The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Real EstateSM Index. The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times the inverse (-2x) of the daily return of the index. The index measures the performance of the real estate sector of the U.S. equity market. Component companies include, among others, real estate holding and development and real estate services companies and real estate investment trusts ("REITs"). The fund is non-diversified.

Grade (RS Rating)

Last Trade

$12.19

Average Daily Volume

50,907

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	FREL	SRS
30 Days	-3.29%	7.97%
60 Days	-1.14%	3.93%
90 Days	2.94%	-3.28%
12 Months	28.06%	-36.15%

77 Overlapping Holdings

Symbol	Grade	Weight in FREL	Weight in SRS	Overlap
AIV	D	0.07%	0.61%	0.07%
AMH	F	0.81%	0.54%	0.54%
AMT	D	6.76%	8.05%	6.76%
APLE	C	0.23%	0.26%	0.23%
ARE	F	1.23%	1.46%	1.23%
AVB	C	2.07%	2.35%	2.07%
BDN	C	0.07%	0.22%	0.07%
BRX	C	0.55%	0.48%	0.48%
BXP	C	0.86%	1.56%	0.86%
CBRE	A	2.48%	1.59%	1.59%
CCI	D	3.14%	4.7%	3.14%
COLD	F	0.48%	0.53%	0.48%
CPT	D	0.82%	0.83%	0.82%
CSGP	F	2.07%	1.85%	1.85%
CUBE	D	0.72%	0.47%	0.47%
CUZ	B	0.32%	0.48%	0.32%
DEI	B	0.2%	0.54%	0.2%
DLR	A	3.35%	2.02%	2.02%
DOC	C	1.02%	1.4%	1.02%
EGP	D	0.57%	0.41%	0.41%
ELS	D	0.8%	1.0%	0.8%
EPR	D	0.24%	0.44%	0.24%
EQC	C	0.13%	0.31%	0.13%
EQIX	B	5.45%	3.91%	3.91%
EQR	D	1.65%	2.24%	1.65%
ESS	D	1.22%	1.59%	1.22%
EXR	D	2.33%	1.13%	1.13%
FR	D	0.48%	0.42%	0.42%
FRT	D	0.55%	0.71%	0.55%
GLPI	D	0.9%	0.72%	0.72%
HHH	C	0.16%	0.42%	0.16%
HIW	C	0.25%	0.41%	0.25%
HPP	F	0.04%	0.45%	0.04%
HST	D	0.82%	1.0%	0.82%
INVH	F	1.35%	1.28%	1.28%
IRM	B	2.37%	0.7%	0.7%
JBGS	C	0.1%	0.37%	0.1%
JLL	B	0.82%	0.69%	0.69%
KIM	B	1.07%	0.67%	0.67%
KRC	B	0.31%	0.63%	0.31%
LAMR	B	0.78%	0.62%	0.62%
LXP	D	0.19%	0.21%	0.19%
MAA	D	1.15%	1.19%	1.15%
MAC	B	0.27%	0.22%	0.22%
MPW	D	0.18%	0.9%	0.18%
NHI	C	0.22%	0.29%	0.22%
NNN	D	0.57%	0.74%	0.57%
O	D	3.57%	1.94%	1.94%
OHI	B	0.65%	0.74%	0.65%
OUT	C	0.17%	0.32%	0.17%
PCH	F	0.22%	0.23%	0.22%
PDM	C	0.09%	0.23%	0.09%
PEB	F	0.1%	0.26%	0.1%
PGRE	C	0.06%	0.22%	0.06%
PK	F	0.2%	0.46%	0.2%
PLD	F	7.34%	4.64%	4.64%
PSA	D	3.53%	2.58%	2.58%
REG	D	0.81%	0.82%	0.81%
REXR	F	0.64%	0.41%	0.41%
RHP	B	0.41%	0.37%	0.37%
RLJ	F	0.09%	0.23%	0.09%
RYN	C	0.29%	0.32%	0.29%
SBAC	D	1.72%	2.21%	1.72%
SBRA	B	0.28%	0.33%	0.28%
SHO	D	0.13%	0.24%	0.13%
SLG	B	0.32%	0.58%	0.32%
SPG	C	3.68%	3.53%	3.53%
SUI	D	1.1%	1.12%	1.1%
SVC	F	0.04%	0.31%	0.04%
UDR	D	0.89%	1.08%	0.89%
VICI	D	2.22%	0.76%	0.76%
VNO	B	0.45%	0.83%	0.45%
VTR	B	1.68%	1.71%	1.68%
WELL	A	4.78%	2.73%	2.73%
WPC	F	0.84%	1.12%	0.84%
WY	D	1.54%	1.8%	1.54%
XHR	C	0.1%	0.18%	0.1%

FREL Overweight 63 Positions Relative to SRS

Symbol	Grade	Weight
Z	D	0.64%
ADC	C	0.49%
STAG	D	0.46%
TRNO	F	0.41%
EPRT	C	0.37%
KRG	D	0.37%
PECO	B	0.29%
IRT	D	0.29%
CTRE	A	0.27%
SKT	B	0.25%
CDP	B	0.23%
NSA	D	0.22%
BNL	D	0.22%
FCPT	D	0.18%
AKR	B	0.17%
UE	B	0.17%
CWK	C	0.15%
IVT	A	0.15%
NMRK	C	0.15%
JOE	F	0.14%
COMP	B	0.14%
DRH	D	0.13%
ROIC	B	0.13%
GTY	C	0.11%
GNL	D	0.11%
ESRT	C	0.1%
LTC	A	0.1%
ALEX	C	0.09%
UMH	D	0.09%
DEA	C	0.09%
UNIT	C	0.09%
AAT	C	0.09%
ELME	D	0.09%
KW	C	0.08%
NTST	F	0.08%
VRE	D	0.08%
RDFN	C	0.08%
PLYM	F	0.07%
MMI	D	0.07%
CSR	D	0.07%
EXPI	B	0.07%
NXRT	D	0.07%
OPEN	F	0.07%
AHH	D	0.06%
INN	F	0.05%
GOOD	C	0.05%
WSR	B	0.05%
FOR	F	0.05%
ALX	D	0.04%
OLP	C	0.04%
GMRE	D	0.04%
DHC	D	0.04%
LAND	F	0.03%
FRPH	D	0.03%
CLDT	F	0.03%
FPI	A	0.03%
CHCT	B	0.03%
BFS	D	0.03%
PKST	F	0.03%
UHT	D	0.03%
TRC	F	0.02%
CBL	B	0.02%
RMR	D	0.02%

FREL Underweight 10 Positions Relative to SRS

Symbol	Grade	Weight
NLY	D	-1.08%
AGNC	D	-0.77%
STWD	D	-0.56%
BXMT	C	-0.39%
HR	D	-0.36%
TWO	F	-0.32%
CIM	D	-0.31%
DSS	D	-0.28%
MFA	D	-0.28%
IVR	F	-0.19%