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
25.1 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) | $25 |
| 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) | $6,931 |
| Large cap (>$10bn) | 24.8% |
| Mid cap ($2-10bn) | 41.8% |
| Small cap (<$2bn) | 22.5% |
| Developed mkts. | 84.0% |
| Emerging mkts. | 16.0% |
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 10/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -13.1% | 7.0% | -14.0% | -- | -- | -- | -15.5% | Volatility | 24.8% | 26.6% | 26.1% | 29.1% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.18 | 43% |
| MSCI EAFE | 1.34 | 55% |
| MSCI Emg Mkts | 1.16 | 42% |
Liquidity Measures
| Avg. volume (000) | 11 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.48% |
| ADV of underlying (mns) | $3,162 |
Technical Indicators
| Recent close | $13.95 |
| 30d moving avg. | $15.27 |
| Annualized volatility | 31.9% |
| Relative strength (RSI) | 47 |
| 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)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. FRNW |
Expenses vs. FRNW |
ALTAR Score™ vs. FRNW |
|---|---|---|---|---|
| ICLN | iShares Global Clean Energy ETF | 40.0% | +2 bp | +3.4% |
| RNRG | Global X Renewable Energy Producers ETF | 38.2% | +27 bp | +2.8% |
| CTEC | Global X CleanTech ETF | 36.8% | +11 bp | +0.4% |
| TAN | Invesco Solar ETF | 35.0% | +28 bp | +8.0% |
| FAN | First Trust Global Wind Energy ETF | 35.0% | +21 bp | +2.9% |
| PBD | Invesco Global Clean Energy ETF | 32.0% | +36 bp | -7.9% |
| CNRG | SPDR S&P Kensho Clean Power ETF | 30.0% | +6 bp | +0.3% |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | 28.6% | +20 bp | +1.3% |
| ACES | ALPS Clean Energy ETF | 26.5% | +16 bp | -7.0% |
| RAYS | Global X Solar ETF | 24.4% | +12 bp | +4.4% |
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.
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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 11/15/2024
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.
Some content on this tab for Individual & Professional subscribers only. Start your FREE trial
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
2.6%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 375 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% 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 36th 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. | 51.8 | 32.7 | 84.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .