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
24.2 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) | $24 |
| 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) | $6,553 |
| Large cap (>$10bn) | 23.1% |
| Mid cap ($2-10bn) | 44.0% |
| Small cap (<$2bn) | 20.9% |
| Developed mkts. | 85.2% |
| Emerging mkts. | 14.8% |
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 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -13.2% | -2.7% | -19.1% | -- | -- | -- | -15.1% | Volatility | 24.8% | 26.6% | 26.1% | 29.1% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.15 | 42% |
| MSCI EAFE | 1.34 | 55% |
| MSCI Emg Mkts | 1.15 | 41% |
Liquidity Measures
| Avg. volume (000) | 8 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.48% |
| ADV of underlying (mns) | $2,564 |
Technical Indicators
| Recent close | $13.46 |
| 30d moving avg. | $14.31 |
| Annualized volatility | 31.4% |
| 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)
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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 | 39.7% | +2 bp | +3.6% |
| CTEC | Global X CleanTech ETF | 36.8% | +11 bp | +0.1% |
| RNRG | Global X Renewable Energy Producers ETF | 36.5% | +27 bp | +3.2% |
| FAN | First Trust Global Wind Energy ETF | 35.7% | +21 bp | +3.4% |
| TAN | Invesco Solar ETF | 33.4% | +28 bp | +7.2% |
| PBD | Invesco Global Clean Energy ETF | 31.3% | +36 bp | -6.9% |
| VCLN | Virtus Duff & Phelps Clean Energy ETF | 28.6% | +20 bp | +1.4% |
| CNRG | SPDR S&P Kensho Clean Power ETF | 27.9% | +6 bp | +0.2% |
| ACES | ALPS Clean Energy ETF | 26.5% | +16 bp | -7.0% |
| WNDY | Global X Wind Energy ETF | 24.2% | +11 bp | +3.8% |
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 12/18/2024
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.
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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
2.5%
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
4.8%. 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. | 51.4 | 32.7 | 84.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .