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

27.5 M

ASSETS UNDER MGMT

39 bp

EXPENSES
Fund Basics
Fund sponsorFidelity
CategoryGlobal
Asset classEquity
Websitelink...
Inception dateOct 05, 2021
Assets (mns)$28
Expense ratio39 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsQuarterly
Taxation1099
Stock selectionPrinciples-based
WeightingMarket Cap
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings
GE VERONA 5.2 %
VESTAS WIND SYSTEMS A/S 4.0 %
FIRST SOLAR INC 4.0 %
ENPHASE ENERGY INC 3.6 %
EDP-ENERGIAS DE PORTUGAL SA 3.6 %
DONG ENERGY A/S 3.4 %
VERBUND AG 2.9 %
SUNRUN INC. 2.7 %
ORMAT TECHNOLOGIES INC 2.6 %
MERIDIAN ENERGY LTD 2.5 %
Constituent Breakdown
Number of holdings66
Herfindahl-Hirschman Index 239
Wgt avg mkt cap (mns)$7,669
Large cap (>$10bn)27.3%
Mid cap ($2-10bn)44.4%
Small cap (<$2bn)21.6%
Developed mkts.86.1%
Emerging mkts.13.9%
Country Exposure
UNITED STATES 29.7 %
DENMARK 9.0 %
CHINA 8.9 %
SPAIN 7.6 %
CANADA 7.1 %
GERMANY 4.7 %
NEW ZEALAND 4.6 %
PORTUGAL 3.6 %
AUSTRIA 2.9 %
SOUTH KOREA 2.6 %
Historical Performance


Standardized Performance (as of 09/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns -5.4% 3.5% -11.0% -- -- -- -13.3%
Volatility 25.6% 27.2% 28.4% -- -- -- --
Market Correlations
versus...BetaR-squared
S&P 5001.1643%
MSCI EAFE1.3455%
MSCI Emg Mkts1.1440%
Liquidity Measures
Avg. volume (000)6
Turnover0.3%
Avg. Bid/Ask (% of price)0.48%
ADV of underlying (mns)$1,569
Technical Indicators
Recent close$15.75
30d moving avg.$15.32
Annualized volatility32.3%
Relative strength (RSI)59
Short interest (ETF)0.0%
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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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
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Book value per share -- -- -- -- -- -- --
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Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
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 --%
0.9 16.9 1.5 2.5% --
Based on closing prices from 10/4/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
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

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

2.2%

Cat. Avg

4.0%


ALTAR Score™ Calculation

Category Overview
There are 363 funds in the Global Equity category, with an average ALTAR Score™ of 4.0% and a standard deviation of 4.6%. FRNW's ALTAR Score™ is approximately 0.4 standard deviations below the category average. This places FRNW in the 35th percentile among funds in the category.
Sell Side Consensus Rating

Sell-side recommendations on the ETF's individual constituents

FRNW
Peer Average
SELL
U/W
HOLD
O/W
BUY
Factor Scorecard

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
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 18
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. 51.9 33.4 85.4
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .