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
39 bp
EXPENSES
$26.3 M
ASSETS UNDER MGMT
Fund Basics
Fund sponsor | Fidelity |
Category | Global |
Asset class | Equity |
Website | link... |
Inception date | Oct 05, 2021 |
Assets (mns) | $26 |
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
FIRST SOLAR INC | 6.3 % |
VESTAS WIND SYSTEMS A/S | 3.8 % |
ENPHASE ENERGY INC | 3.5 % |
DONG ENERGY A/S | 3.0 % |
BLOOM ENERGY CORPORATION CLASS A | 2.8 % |
NEXTRACKER, INC. CLASS A | 2.8 % |
VERBUND AG | 2.8 % |
NEOEN S.A. | 2.7 % |
CHINA LONGYUAN POWER GROUP-H | 2.6 % |
BROOKFIELD RENEWABLE CORPORATION CLASS A | 2.6 % |
Constituent Breakdown
Number of holdings | 65 |
Herfindahl-Hirschman Index | 235 |
Wgt avg mkt cap (mns) | $7,298 |
Large cap (>$10bn) | 24.2% |
Mid cap ($2-10bn) | 50.1% |
Small cap (<$2bn) | 24.5% |
Developed mkts. | 86.7% |
Emerging mkts. | 13.3% |
Country Exposure
UNITED STATES | 35.8 % | |
DENMARK | 8.5 % | |
CHINA | 8.1 % | |
SPAIN | 7.7 % | |
CANADA | 7.2 % | |
GERMANY | 5.3 % | |
BRITAIN | 3.8 % | |
AUSTRIA | 2.8 % | |
FRANCE | 2.7 % | |
SOUTH KOREA | 2.6 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
---|---|---|---|---|---|---|---|
Total Returns | -15.7% | -29.4% | -16.1% | -- | -- | -- | -18.3% | Volatility | 25.6% | 27.2% | 28.4% | -- | -- | -- | -- |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 1.16 | 43% |
MSCI EAFE | 1.34 | 56% |
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) | $4,100 |
Technical Indicators
Recent close | $15.04 |
30d moving avg. | $14.96 |
Annualized volatility | 33.1% |
Relative strength (RSI) | 59 |
Short interest (ETF) | 0.1% |
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 | 41.0% | +2 bp | +1.1% |
TAN | Invesco Solar ETF | 40.9% | +28 bp | -0.5% |
CTEC | Global X CleanTech ETF | 40.2% | +11 bp | -1.2% |
RNRG | Global X Renewable Energy Producers ETF | 39.4% | +27 bp | +0.9% |
FAN | First Trust Global Wind Energy ETF | 32.2% | +21 bp | +1.6% |
PBD | Invesco Global Clean Energy ETF | 31.8% | +36 bp | -10.7% |
ACES | ALPS Clean Energy ETF | 31.2% | +16 bp | -7.0% |
CNRG | SPDR S&P Kensho Clean Power ETF | 28.2% | +6 bp | -1.3% |
VCLN | Virtus Duff & Phelps Clean Energy ETF | 27.7% | +20 bp | -0.3% |
RAYS | Global X Solar ETF | 27.2% | +12 bp | +3.4% |
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
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 7/25/2024
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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 Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
FRNW
3.7%
Cat. Avg
4.0%
Fund Category: Global
Avg. Return on Equity | --% |
Divided by: Fwd. P/BV | --x |
Less: Expenses | -- bp |
Equals: ALTAR Score™ | 3.7% |
Recommendation
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.
Category Overview
There are 352 funds in the Global category, with an average ALTAR Score™
of 4.0% and a standard deviation of
4.8%. FRNW's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places FRNW in the 47th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
FRNW
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
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 | 17 |
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. | 51.3 | 36.4 | 87.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .