FRNW
Fidelity Clean Energy ETF
FRNW tracks a market-cap-weighted index of global clean energy companies screened for environmental, social, and governance factors.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 60.8 M
ASSETS UNDER MGMT
39 bp
EXPENSES
Fund Basics
| Inception date | Oct 05, 2021 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Quarterly |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| GE VERONA | 4.7 % |
| VESTAS WIND SYSTEMS A/S | 4.6 % |
| FIRST SOLAR INC | 4.4 % |
| EDP-ENERGIAS DE PORTUGAL SA | 3.5 % |
| NEXTRACKER, INC. CLASS A | 3.3 % |
| BLOOM ENERGY CORPORATION CLASS A | 3.1 % |
| ENLIGHT RENEWABLE ENERGY LTD | 2.7 % |
| DONG ENERGY A/S | 2.7 % |
| ORMAT TECHNOLOGIES INC | 2.6 % |
| ACCIONA SA | 2.5 % |
Constituent Breakdown
| Number of holdings | 68 |
| Herfindahl-Hirschman Index | 239 |
| Wgt avg mkt cap (mns) | $15,741 |
| Large cap (>$10bn) | 30.9% |
| Mid cap ($2-10bn) | 37.2% |
| Small cap (<$2bn) | 27.4% |
| Developed mkts. | 81.2% |
| Emerging mkts. | 14.3% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 34.7 % |
 |
CHINA | 10.8 % |
 |
DENMARK | 8.8 % |
 |
SPAIN | 8.1 % |
 |
CANADA | 7.6 % |
 |
GERMANY | 3.6 % |
 |
PORTUGAL | 3.5 % |
 |
NEW ZEALAND | 3.3 % |
 |
ISRAEL | 2.7 % |
 |
AUSTRIA | 2.5 % |
Historical Performance
Standardized Performance (as of 02/28/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 12.2% | 72.1% | 25.4% | 1.7% | -- | -- | -- | -2.5% |
| Dividend Yield | 0.0% | 2.3% | 1.6% | 1.3% | -- | -- | -- | 1.0% |
| Total Returns | 12.2% | 74.3% | 27.0% | 2.9% | -- | -- | -- | -1.5% | Ann. Volatility | 25.8% | 26.6% | 25.9% | 26.2% | -- | -- | -- | 28.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.84 | 36% |
| MSCI EAFE | 1.01 | 38% |
| MSCI Emg Mkts | 1.02 | 47% |
Liquidity Measures
| Avg. volume (000) | 54 |
| ADV traded (mns) | $1 |
| Turnover | 2.0% |
| Avg. Bid/Ask (% of price) | 0.54% |
Technical Indicators
| 30d moving avg. (EMA) | $22.70 |
| Relative strength (RSI) | 54 |
| MACD/Signal | 0.32/0.38 |
| Bollinger Bands (Upper/Lower) | $23.75/$22.23 |
| Short interest (% of AUM) | 1.9% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FRNW |
Expenses vs. FRNW |
ALTAR Score™ vs. FRNW |
|---|---|---|---|---|
| ICLN | iShares Global Clean Energy ETF | 41.4% | +2 bp | +0.0% |
| CTEC | Global X CleanTech ETF | 37.6% | +11 bp | -2.6% |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | 37.5% | +20 bp | +0.7% |
| TAN | Invesco Solar ETF | 34.6% | +28 bp | +1.8% |
| RNRG | Global X Renewable Energy Producers ETF | 33.9% | +27 bp | +1.9% |
| PBD | Invesco Global Clean Energy ETF | 33.1% | +36 bp | -1.8% |
| FAN | First Trust Global Wind Energy ETF | 32.9% | +21 bp | +0.9% |
| CNRG | State Street SPDR S&P Kensho Clean Power ETF | 30.0% | +6 bp | -2.4% |
| ACES | ALPS Clean Energy ETF | 28.2% | +16 bp | -4.3% |
| SMOG | VanEck Low Carbon Energy ETF | 23.9% | +22 bp | -0.7% |
Risk and Returns: FRNW vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 3/5/2026
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
2.6%
ALTAR SCORE™
23rd
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 568 funds in the Global Equity category with an average
ALTAR Score™ of 4.5% and a standard deviation
of 2.6%. FRNW's ALTAR Score™ is approximately -0.7 standard
deviations above the category average. This places FRNW in the 23rd percentile
among funds in the category.
Sell-Side Consensus
$25.69
PRICE TARGET
+16.1%
UPSIDE