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
31.3 M
ASSETS UNDER MGMT
39 bp
EXPENSES
Fund Basics
| Fund sponsor | Fidelity |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 05, 2021 |
| Assets (mns) | $31 |
| Expense ratio | 39 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Principles-based |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| GE VERONA | 8.4 % |
| BLOOM ENERGY CORPORATION CLASS A | 6.5 % |
| VESTAS WIND SYSTEMS A/S | 6.1 % |
| NEXTRACKER, INC. CLASS A | 5.7 % |
| FIRST SOLAR INC | 5.1 % |
| EDP-ENERGIAS DE PORTUGAL SA | 4.8 % |
| SOLAREDGE TECHNOLOGIES, INC. | 4.0 % |
| NORDEX AG | 4.0 % |
| ACCIONA SA | 3.9 % |
| SUNRUN INC. | 3.9 % |
Constituent Breakdown
| Number of holdings | 52 |
| Herfindahl-Hirschman Index | 499 |
| Wgt avg mkt cap (mns) | $26,907 |
| Large cap (>$10bn) | 29.6% |
| Mid cap ($2-10bn) | 46.5% |
| Small cap (<$2bn) | 26.8% |
| Developed mkts. | 84.7% |
| Emerging mkts. | 14.0% |
Country Exposure
 |
UNITED STATES | 51.7 % |
 |
CHINA | 12.4 % |
 |
CANADA | 11.8 % |
 |
SPAIN | 9.0 % |
 |
GERMANY | 8.7 % |
 |
DENMARK | 8.4 % |
 |
FRANCE | 5.6 % |
 |
ISRAEL | 5.4 % |
 |
NEW ZEALAND | 5.1 % |
 |
PORTUGAL | 4.8 % |
Historical Performance
Standardized Performance (as of 08/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 32.8% | 17.2% | 0.2% | -10.2% | -- | -- | -- | -8.7% |
| Dividend Yield | 1.2% | 1.7% | 1.4% | 1.1% | -- | -- | -- | 1.0% |
| Total Returns | 34.0% | 18.9% | 1.6% | -9.1% | -- | -- | -- | -7.7% | Ann. Volatility | 26.8% | 26.7% | 27.1% | 27.0% | -- | -- | -- | 28.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.23 | 42% |
| MSCI EAFE | 1.14 | 41% |
| MSCI Emg Mkts | 1.06 | 38% |
Liquidity Measures
| Avg. volume (000) | 13 |
| ADV traded (mns) | $0 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.48% |
Technical Indicators
| Recent close | $18.97 |
| 30d moving avg. | $17.52 |
| Annualized volatility | 28.9% |
| Relative strength (RSI) | 61 |
| Short interest | 0.6% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| CTEC | Global X CleanTech ETF | 51.7% | +11 bp | +0.7% |
| ICLN | iShares Global Clean Energy ETF | 49.0% | +2 bp | +4.7% |
| TAN | Invesco Solar ETF | 46.0% | +28 bp | +6.0% |
| RNRG | Global X Renewable Energy Producers ETF | 40.7% | +27 bp | +5.7% |
| FAN | First Trust Global Wind Energy ETF | 38.9% | +21 bp | +4.5% |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | 38.6% | +20 bp | +4.9% |
| ACES | ALPS Clean Energy ETF | 36.3% | +16 bp | -3.7% |
| CNRG | SPDR S&P Kensho Clean Power ETF | 36.2% | +6 bp | +0.5% |
| PBD | Invesco Global Clean Energy ETF | 31.4% | +36 bp | -0.4% |
| QCLN | First Trust Nasdaq Clean Edge Green Energy Index Fund | 31.1% | +19 bp | -2.4% |
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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| 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 | 2024 | 2025 | 2026 | |
| 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 9/18/2025
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
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
FRNW
2.6%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 368 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
3.2%. FRNW's ALTAR Score™ is approximately
0.5 standard deviations
below
the category average. This places FRNW in the 31st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
FRNWSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Global Equity ETFs |
| # of ETFs | 191 |
| Avg. Expense Ratio | 55.4 bp |
| Std. Deviation | 17.5 bp |
| (39 bp) Percentile rank | 19 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| FRNW | 39.0 | 0.0 | 39 |
| Peer Avg. | 56.7 | 41.9 | 98.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .