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
$ 138.8 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 | 4.9 % |
| BLOOM ENERGY CORPORATION CLASS A | 4.9 % |
| VESTAS WIND SYSTEMS A/S | 4.7 % |
| FIRST SOLAR INC | 4.0 % |
| NEXTRACKER, INC. CLASS A | 3.8 % |
| EDP-ENERGIAS DE PORTUGAL SA | 3.5 % |
| ORSTED | 3.3 % |
| ENLIGHT RENEWABLE ENERGY LTD | 3.3 % |
| NORDEX AG | 2.7 % |
| ACCIONA SA | 2.6 % |
Constituent Breakdown
| Number of holdings | 68 |
| Herfindahl-Hirschman Index | 253 |
| 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 | 35.5 % |
 |
DENMARK | 9.5 % |
 |
CHINA | 7.6 % |
 |
SPAIN | 7.6 % |
 |
CANADA | 7.0 % |
 |
GERMANY | 6.1 % |
 |
PORTUGAL | 3.5 % |
 |
ISRAEL | 3.3 % |
 |
SOUTH KOREA | 3.2 % |
 |
NEW ZEALAND | 3.0 % |
Historical Performance
Standardized Performance (as of 04/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 24.7% | 92.3% | 33.8% | 5.8% | -- | -- | -- | -0.1% |
| Dividend Yield | 0.0% | 2.8% | 1.8% | 1.4% | -- | -- | -- | 1.0% |
| Total Returns | 24.7% | 95.1% | 35.6% | 7.2% | -- | -- | -- | 0.9% | Ann. Volatility | 25.9% | 25.3% | 26.2% | 26.3% | -- | -- | -- | 28.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.23 | 37% |
| MSCI EAFE | 0.97 | 31% |
| MSCI Emg Mkts | 0.83 | 37% |
Liquidity Measures
| Avg. volume (000) | 176 |
| ADV traded (mns) | $4 |
| Turnover | 3.2% |
| Avg. Bid/Ask (% of price) | 0.44% |
Technical Indicators
| 30d moving avg. (EMA) | $23.96 |
| Relative strength (RSI) | 62 |
| MACD/Signal | 0.54/0.45 |
| Bollinger Bands (Upper/Lower) | $25.51/$22.83 |
| Short interest (% of AUM) | 1.9% |
Distributions
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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 | 40.1% | +2 bp | 0.0% |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | 37.5% | +20 bp | +0.6% |
| CTEC | Global X CleanTech ETF | 36.1% | +11 bp | -2.3% |
| TAN | Invesco Solar ETF | 34.6% | +28 bp | +1.9% |
| RNRG | Global X Renewable Energy Producers ETF | 33.9% | +27 bp | +1.9% |
| PBD | Invesco Global Clean Energy ETF | 33.1% | +36 bp | -1.7% |
| FAN | First Trust Global Wind Energy ETF | 32.6% | +21 bp | +0.9% |
| CNRG | State Street SPDR S&P Kensho Clean Power ETF | 30.3% | +6 bp | -2.1% |
| ACES | ALPS Clean Energy ETF | 29.1% | +16 bp | -3.9% |
| SMOG | VanEck Low Carbon Energy ETF | 23.9% | +22 bp | -0.6% |
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 5/5/2026
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
2.2%
ALTAR SCORE™
21st
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 586 funds in the Global Equity category with an average
ALTAR Score™ of 4.4% and a standard deviation
of 2.6%. FRNW's ALTAR Score™ is approximately -0.8 standard
deviations above the category average. This places FRNW in the 21st percentile
among funds in the category.
Sell-Side Consensus
$26.62
PRICE TARGET
+5.5%
UPSIDE