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
23.5 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) | $24 |
| 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
| VESTAS WIND SYSTEMS A/S | 4.7 % |
| GE VERONA | 4.2 % |
| EDP-ENERGIAS DE PORTUGAL SA | 3.7 % |
| FIRST SOLAR INC | 3.5 % |
| DONG ENERGY A/S | 3.4 % |
| NEXTRACKER, INC. CLASS A | 3.4 % |
| ENPHASE ENERGY INC | 3.2 % |
| VERBUND AG | 3.1 % |
| NORDEX AG | 2.7 % |
| ITRON INC | 2.7 % |
Constituent Breakdown
| Number of holdings | 52 |
| Herfindahl-Hirschman Index | 257 |
| Wgt avg mkt cap (mns) | $8,489 |
| Large cap (>$10bn) | 22.9% |
| Mid cap ($2-10bn) | 46.3% |
| Small cap (<$2bn) | 22.7% |
| Developed mkts. | 85.1% |
| Emerging mkts. | 14.9% |
Country Exposure
 |
UNITED STATES | 28.5 % |
 |
CANADA | 10.6 % |
 |
CHINA | 10.4 % |
 |
DENMARK | 8.1 % |
 |
GERMANY | 6.7 % |
 |
SPAIN | 5.9 % |
 |
FRANCE | 5.2 % |
 |
NEW ZEALAND | 4.5 % |
 |
PORTUGAL | 3.7 % |
 |
ISRAEL | 3.5 % |
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -2.2% | -6.9% | -21.5% | -14.5% | -- | -- | -- | -16.9% |
| Dividend Yield | 0.0% | 1.0% | 0.9% | 0.8% | -- | -- | -- | 0.7% |
| Total Returns | -2.2% | -5.9% | -20.7% | -13.7% | -- | -- | -- | -16.2% | Ann. Volatility | 29.9% | 27.2% | 26.8% | 28.6% | -- | -- | -- | 29.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.12 | 40% |
| MSCI EAFE | 1.25 | 53% |
| MSCI Emg Mkts | 1.16 | 46% |
Liquidity Measures
| Avg. volume (000) | 8 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.48% |
| ADV of underlying (mns) | $5,178 |
Technical Indicators
| Recent close | $13.17 |
| 30d moving avg. | $12.91 |
| Annualized volatility | 29.2% |
| Relative strength (RSI) | 50 |
| Short interest (ETF) | 0.3% |
| Short interest (underlying) | 0.0% |
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 | 39.6% | +2 bp | +1.9% |
| CTEC | Global X CleanTech ETF | 38.0% | +11 bp | -1.2% |
| RNRG | Global X Renewable Energy Producers ETF | 37.1% | +27 bp | +1.4% |
| TAN | Invesco Solar ETF | 33.9% | +28 bp | +4.9% |
| PBD | Invesco Global Clean Energy ETF | 32.5% | +36 bp | -4.0% |
| FAN | First Trust Global Wind Energy ETF | 32.0% | +21 bp | +0.3% |
| ACES | ALPS Clean Energy ETF | 30.4% | +16 bp | -8.4% |
| CNRG | SPDR S&P Kensho Clean Power ETF | 30.2% | +6 bp | -4.1% |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | 28.7% | +20 bp | +1.5% |
| WNDY | Global X Wind Energy ETF | 25.2% | +11 bp | +0.4% |
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
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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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 4/30/2025
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
FRNW
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
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
FRNW
4.8%
Cat. Avg
5.2%
ALTAR Score™ Calculation
Category Overview
There are 360 funds in the Global Equity category, with an average ALTAR Score™
of 5.2% and a standard deviation of
3.5%. FRNW's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places FRNW in the 46th 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 |
| FRNW (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 | 47.6 | 86.6 |
| Peer Avg. | 55.2 | 32.9 | 88.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .