Fidelity MSCI Real Estate Index ETF

FREL • ARCA

Fidelity MSCI Real Estate Index ETF is an exchange-traded fund on ARCA. As of Q3 2025, 208 institutional investors hold shares in this ETF, with total holdings valued at $487.4M. Lido Advisors, LLC is the largest holder with a position valued at $37.1M.

Overview

Overview of institutional ownership in FREL as of Q3 2025

All Institutions

Institutions: 208
Value Held: $487.4M
Shares Held: 17.5M
Avg Position: $2.3M
Median Position: $379.0K

Hedge Funds

Hedge Funds: 2
Value Held: $229.1K
Shares Held: 8.2K
Avg Position: $114.6K
Median Position: $114.6K

Biggest Investors

Institutions with the largest positions in FREL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Lido Advisors, LLC RIA/Wealth	Jason Jay Ozur CEO	$37.1M 0.15% of portfolio	1.3M shares	Q1 2017 Held for 8y 8m	$24.2B
AE Wealth Management LLC RIA/Wealth	David James Callanan CEO	$34.3M 0.23% of portfolio	1.2M shares	Q3 2021 Held for 4y 2m	$15.2B
PNC FINANCIAL SERVICES GROUP, INC. Institution	William S. Demchak CEO	$28.6M 0.02% of portfolio	1.0M shares	Q2 2020 Held for 5y 5m	$164.83B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$26.9M 0.01% of portfolio	966.9K shares	Q3 2018 Held for 7y 2m	$341.99B
CITIZENS & NORTHERN CORP Institution	J. Bradley Scovill CEO	$22.9M 5.67% of portfolio	822.3K shares	Q2 2020 Held for 5y 5m	$403.5M
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$21.2M 0.01% of portfolio	761.5K shares	Q3 2017 Held for 8y 2m	$149.83B
Black Diamond Financial, LLC RIA/Wealth	Matthew Paul Goette Member	$18.9M 2.11% of portfolio	678.8K shares	Q4 2020 Held for 4y 11m	$892.5M
TRUEFG, LLC RIA/Wealth	Marie Elizabeth Freemyer Managing Partner	$17.8M 4.93% of portfolio	641.4K shares	Q2 2021 Held for 4y 5m	$362.0M
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	Wayne Michael Bloom CEO	$14.1M 0.02% of portfolio	508.2K shares	Q4 2017 Held for 7y 11m	$71.1B
Riverpoint Wealth Management Holdings, LLC RIA/Wealth	Timothy Patrick Mcgrath Managing Partner	$13.8M 3.04% of portfolio	497.9K shares	Q4 2018 Held for 6y 11m	$455.0M

Net Capital Flow

Institutional buying and selling activity for FREL in Q3 2025

Traded: +$57.5M
Buyers: 118
Sellers: 70
Total Bought: +$72.2M
Total Sold: −$14.7M
Avg Position: $2.2M

Biggest Buyers

Institution	Net Bought	Current Position
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$12.1M +434.3K shares	$26.9M 966.9K shares
Cetera Investment Advisers RIA/Wealth	+$10.2M +367.0K shares	$11.4M 409.4K shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$9.6M +344.6K shares	$21.2M 761.5K shares
AE Wealth Management LLC RIA/Wealth	+$5.5M +196.4K shares	$34.3M 1.2M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$4.2M +150.0K shares	$4.2M 150.0K shares
Lido Advisors, LLC RIA/Wealth	+$3.2M +113.4K shares	$37.1M 1.3M shares
Black Diamond Financial, LLC RIA/Wealth	+$3.1M +111.8K shares	$18.9M 678.8K shares
PARK AVENUE SECURITIES LLC RIA/Wealth	+$2.5M +90.7K shares	$2.7M 98.8K shares
A Advisor Group Holdings, Inc. Institution	+$2.3M +82.7K shares	$8.1M 290.8K shares
R Rede Wealth, LLC RIA/Wealth	+$1.4M +51.8K shares	$1.4M 51.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
PNC FINANCIAL SERVICES GROUP, INC. Institution	−$2.6M −94.6K shares	$28.6M 1.0M shares
Soundwatch Capital LLC ETF Provider	−$2.2M −4.9K shares	Sold Off 0 shares
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	−$1.2M −45.4K shares	Sold Off 0 shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$894.7K −33.1K shares	Sold Off 0 shares
T Tower Research Capital LLC Institution	−$805.7K −29.8K shares	Sold Off 0 shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$644.9K −23.2K shares	$755.3K 27.2K shares
JPMORGAN CHASE & CO Institution	−$644.4K −23.2K shares	$940.1K 33.8K shares
R ROYAL BANK OF CANADA Institution	−$563.2K −20.3K shares	$2.1M 74.9K shares
CALIBER WEALTH MANAGEMENT, LLC / KS RIA/Wealth	−$457.1K −16.4K shares	$879.6K 31.6K shares
J JANE STREET GROUP, LLC Institution	−$429.2K −15.9K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FREL in Q3 2025

New Positions: 11
New Value: $3.7M
Exited Positions: 16
Exited Value: $6.5M

New Positions

Institution	Position Value
R Rede Wealth, LLC RIA/Wealth	$1.4M 51.8K shares
INTEGRATED CAPITAL MANAGEMENT, INC. RIA/Wealth	$887.7K 31.9K shares
N New England Private Wealth Advisors LLC RIA/Wealth	$684.2K 24.6K shares
Gladstone Institutional Advisory LLC RIA/Wealth	$297.4K 10.7K shares
Cornerstone Financial Group, LLC /NE/ RIA/Wealth	$204.4K 7.3K shares
Centennial Wealth Advisory LLC RIA/Wealth	$202.7K 7.3K shares
Measured Wealth Private Client Group, LLC RIA/Wealth	$5.9K 212.0 shares
K Kozak & Associates, Inc. Institution	$5.4K 199.0 shares
Sontag Advisory, LLC RIA/Wealth	$2.9K 105.0 shares
V Vermillion Wealth Management, Inc. RIA/Wealth	$1.7K 62.0 shares

Exited Positions

Institution	Previous Position
Soundwatch Capital LLC ETF Provider	$2.2M 4.9K shares
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	$1.2M 45.4K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$894.7K 33.1K shares
T Tower Research Capital LLC Institution	$805.7K 29.8K shares
J JANE STREET GROUP, LLC Institution	$429.2K 15.9K shares
Venturi Wealth Management, LLC RIA/Wealth	$353.3K 13.1K shares
TOUNJIAN ADVISORY PARTNERS, LLC Family Office	$329.3K 12.0K shares
Summit Financial, LLC RIA/Wealth	$217.5K 8.0K shares
Briaud Financial Planning, Inc RIA/Wealth	$11.9K 439.0 shares
C Coston, McIsaac & Partners Institution	$11.2K 413.0 shares

Options Activity

Institutions with the largest Call and Put options positions in FREL as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with FREL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
CITIZENS & NORTHERN CORP Institution	J. Bradley Scovill CEO	5.67% $22.9M	822.3K shares	Q2 2020 Held for 5y 5m	$403.5M
TRUEFG, LLC RIA/Wealth	Marie Elizabeth Freemyer Managing Partner	4.93% $17.8M	641.4K shares	Q2 2021 Held for 4y 5m	$362.0M
Riverpoint Wealth Management Holdings, LLC RIA/Wealth	Timothy Patrick Mcgrath Managing Partner	3.04% $13.8M	497.9K shares	Q4 2018 Held for 6y 11m	$455.0M
Prospect Financial Group LLC RIA/Wealth	Gillian Edgar Curran President	2.91% $3.0M	107.3K shares	Q4 2024 Held for 11 months	$102.4M
A AMERICAN FINANCIAL & TAX STRATEGIES INC RIA/Wealth	Robert James Braglia President	2.77% $5.5M	199.0K shares	Q4 2023 Held for 1y 11m	$200.0M
Black Diamond Financial, LLC RIA/Wealth	Matthew Paul Goette Member	2.11% $18.9M	678.8K shares	Q4 2020 Held for 4y 11m	$892.5M
Blue Barn Wealth, LLC RIA/Wealth	Hyrum Legrand Smith Managing Partner	1.59% $3.6M	130.3K shares	Q2 2021 Held for 4y 5m	$227.6M
E Essential Planning, LLC. RIA/Wealth	Andrew Charles Lord Member	1.26% $3.7M	132.0K shares	Q3 2022 Held for 3y 2m	$290.5M
R Rede Wealth, LLC RIA/Wealth	Stephen James Mcnaughton CEO	1.16% $1.4M	51.8K shares	Q3 2025 Held for 2 months	$124.1M
Eagle Bay Advisors LLC Family Office	Michael David Nelson CEO	1.16% $1.4M	51.8K shares	Q2 2021 Held for 4y 5m	$124.1M

Hedge Fund Spotlight

Discover hedge funds investing in FREL

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Fidelity MSCI Real Estate Index ETF

Market Value: $225.0K
Shares Held: 8.1K
Portfolio Weight: 0.00%
Owned Since: 2023-Q4

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$4.1B	2.62%
2 Microsoft MSFT	Software - Infrastructure Technology	$3.2B	2.05%
3 Apple AAPL	Consumer Electronics Technology	$2.8B	1.76%