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Launched · SEC filings

Fidelity Clean Energy ETF

FRNWCboeFidelityA

$20.24+0.34 (+1.73%)

At close: Nov 2, 2026, 4:00 PM ET

A77/ 100

Rank 2 of 16 in Clean Energy

A77/100Rank 2 of 16inClean Energy
Intraday session: up, 78 prints from 19.89 to 20.24. Range 20.21 to 20.59. Use the arrow keys to read each point.20.0020.4020.6010 AM12 PM2 PM4 PM
Expense ratio
0.39%
Fund size
$91M
1Y total return
−5.9%
Yield · Last 12 months
1.23%
Holdings
66
Avg volume · 30D
72.2K sh
52W range
low $19.24high $27.97
Launched
Filings
SEC EDGAR

The ETF.net FRNW Grade

Based on 5 of 6 pillars

A

Score 77 out of 100

Category
Clean Energy⁠
Rank
2 of 16
Six-pillar profile for FRNW. Scores out of 100: Cost 93, Risk 65, Mission not scored, Tradability 65, Holdings 83, Durability 48. Strongest: Cost (93). Weakest: Durability (48). Based on 5 of 6 pillars.

Score 77 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A93 out of 100
    Rank 2 of 16

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B65 out of 100
    Rank 5 of 16

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B65 out of 100
    Rank 5 of 16

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A83 out of 100
    Rank 2 of 16

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C48 out of 100
    Rank 10 of 16

Our read on FRNW

ETF.net Research

In short

AFidelity wrote its own clean energy index, then priced the fund at 0.39% a year, matching the category's cheapest heavyweights and undercutting most rivals. Roughly 60 global stocks: solar, wind, and the grid gear behind them.

Stated mandate

The fund seeks returns that generally track the Fidelity Clean Energy Index before fees and expenses.

Why people hold it

  • 0.39% a year ties the low-cost leader of the group (ICLN) and comes in under CNRG at 0.45% and FAN at 0.61%. In a theme where fees often run higher, that is real money kept.
  • Global by mandate, not US-only. The index reaches clean energy companies worldwide, so the fund follows the industry rather than one country's subsidy calendar.
  • A plain index fund, not a stock-picking bet: it aims to track the Fidelity Clean Energy Index before fees, so what you own is spelled out in the methodology.
  • One of the stronger builds in a crowded clean energy shelf on our review, with the low fee and a spread-out portfolio doing the heavy lifting. Pays quarterly.

Worth knowing

  • One theme, one industry. Clean energy names swing with interest rates, policy shifts, and equipment prices, so the ride is far choppier than a broad market fund.
  • Roughly 60 stocks. That is focused enough that a handful of names and a couple of countries carry real weight in the outcome.
  • Not one of the giants. A mid-size asset base and moderate trading activity can mean wider bid-ask spreads than the category's most heavily traded funds.

FRNW Holdings

Holdings pillarA83 out of 100Rank 2 of 16 in Clean Energy
Asset class
Stocks
Holdings
66
Top-10 weight
43%
Largest holding
Securities Lending Cf8.9%

Sectors

  • Utilities45.5%
  • Industrials32.6%
  • Technology21.0%
  • Materials1.0%

Geography

  • United States39.01%
  • China10.21%
  • Denmark7.46%
  • Germany7.26%
  • Spain7.19%
  • Portugal4.17%
  • New Zealand3.94%
  • Israel3.18%
  • Other countries (9)17.57%

Developed 72% · Emerging 28% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 5.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSecurities Lending Cf8.92%7,587,189$7.59M49
2GEVGe Vernova Inc4.64%4,449$3.95M485
3BEBloom Energy Corp Class A4.32%16,518$3.67M342
4VWS.COVestas Wind Systems As4.24%125,512$3.61M148
5EDP.LSEdp S.a.4.16%647,677$3.54M101
6FSLRFirst Solar Inc4.04%19,416$3.43M332
7NXTNextpower Inc3.56%37,935$3.03M210
8ORSTED.COOrsted A/S3.21%136,417$2.73M102
9ENLT.TAEnlight Renewable Energy Ltd3.17%38,881$2.7M88
10VER.VIVerbund AG3.10%34,021$2.64M103
11NDX1.DENordex SE2.72%53,656$2.31M77
12ANA.MCAcciona SA2.69%9,909$2.29M86
13ORAOrmat Technologies Inc2.53%23,306$2.15M150
14NPI.TONorthland Power Inc2.51%135,808$2.13M44
15CWENClearway Energy Inc Class C2.46%63,657$2.09M150

Showing 1–15 of 66 holdings

FRNW Performance

Launched Oct 5, 2021

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
FRNW$9,410
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. FRNW $9,410. SPY $11,199. Use the arrow keys to read each point.$10,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FRNW. Periods over one year show the average yearly return.
PeriodFRNW
Year to date−1.2%
1 month−5.6%
3 months−10.5%
1 year−5.9%
3 yearsper year+13.7%
5 yearsper year−6.3%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FRNW
YearReturn barFRNW
2026 YTD−1.2%
2025+53.2%
2024−21.1%
2023−19.6%
2022−11.5%
2021−2.9%

History from Oct 7, 2021

FRNW in the news

FRNW Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
1.23%Last 12 months
Payout per share
$0.24Last 12 months
Last payment
$0.05 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2021–2026

One bar per payment. 20 payments from 2021 to 2026 YTD. Dec 17, 2021 $0.01; Mar 18, 2022 $0.02; Jun 17, 2022 $0.09; Sep 16, 2022 $0.03; Dec 16, 2022 $0.01; Mar 17, 2023 $0.03; Jun 16, 2023 $0.10; Sep 15, 2023 $0.07; Dec 15, 2023 $0.03; Mar 15, 2024 $0.02; Jun 21, 2024 $0.10; Sep 20, 2024 $0.06; Dec 20, 2024 $0.02; Mar 21, 2025 $0.01; Jun 20, 2025 $0.12; Sep 19, 2025 $0.08; Dec 19, 2025 $0.04; Mar 20, 2026 $0.02; Jun 18, 2026 $0.14; Sep 18, 2026 $0.05. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 18, 2026Sep 22, 2026$0.05
Jun 18, 2026Jun 23, 2026$0.14
Mar 20, 2026Mar 24, 2026$0.02
Dec 19, 2025Dec 23, 2025$0.04
Sep 19, 2025Sep 23, 2025$0.08
Jun 20, 2025Jun 24, 2025$0.12
Mar 21, 2025Mar 25, 2025$0.01
Dec 20, 2024Dec 24, 2024$0.02
Sep 20, 2024Sep 24, 2024$0.06
Jun 21, 2024Jun 25, 2024$0.10
Mar 15, 2024Mar 20, 2024$0.02
Dec 15, 2023Dec 20, 2023$0.03

See all 20 payments⁠

$10,000 in FRNW 5 years ago paid $369 in dividends.⁠

FRNW Risk

Risk pillarB65 out of 100Rank 5 of 16 in Clean Energy
How much the fund’s monthly returns vary, scaled to a year.
27.0%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.44
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−59.4%
Trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.53
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

FRNW Cost

Compare FRNW and ICLN

Overpaying vs ICLN, cheapest in Clean Energy

$192

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FRNW 0.39%

    $7,898

  • ICLN 0.38% Cheapest

    $7,706

$10,000
30 years

Cost over time

  • FRNW 0.39%
  • ICLN 0.38%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530FRNW $7,898ICLN $7,706

Year by year

YearFRNWICLNOverpaying
10$705$688$17
20$2,725$2,658$67
30$7,898$7,706$192

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