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 sponsor | Fidelity |
Category | Global |
Asset class | Equity |
Website | link... |
Inception date | Oct 05, 2021 |
Assets (mns) | $28 |
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 | 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 holdings | 66 |
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)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
---|---|---|---|---|---|---|---|
Total Returns | -5.4% | 3.5% | -11.0% | -- | -- | -- | -13.3% | Volatility | 25.6% | 27.2% | 28.4% | -- | -- | -- | -- |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 1.16 | 43% |
MSCI EAFE | 1.34 | 55% |
MSCI Emg Mkts | 1.14 | 40% |
Liquidity Measures
Avg. volume (000) | 6 |
Turnover | 0.3% |
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 volatility | 32.3% |
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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Comparable ETFs Based on Overlap
Ticker | Fund Name | Overlap vs. FRNW |
Expenses vs. FRNW |
ALTAR Score™ vs. FRNW |
---|---|---|---|---|
ICLN | iShares Global Clean Energy ETF | 41.3% | +2 bp | +2.6% |
RNRG | Global X Renewable Energy Producers ETF | 38.2% | +27 bp | +2.8% |
CTEC | Global X CleanTech ETF | 36.6% | +11 bp | +0.4% |
TAN | Invesco Solar ETF | 34.8% | +28 bp | +6.3% |
FAN | First Trust Global Wind Energy ETF | 33.8% | +21 bp | +3.0% |
PBD | Invesco Global Clean Energy ETF | 33.1% | +36 bp | -5.5% |
CNRG | SPDR S&P Kensho Clean Power ETF | 31.6% | +6 bp | +0.5% |
VCLN | Virtus Duff & Phelps Clean Energy ETF | 28.6% | +20 bp | +1.4% |
ACES | ALPS Clean Energy ETF | 27.9% | +16 bp | -5.6% |
RAYS | Global X Solar ETF | 25.8% | +12 bp | +3.9% |
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 | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- |
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 | --% |
Based on closing prices from 10/4/2024
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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
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
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 | 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 .