At a glance
FRNW charges 0.39% a year, below the 0.56% average of the 8 funds most like it (the cheapest of 9). It has $153.8M in assets, the 5th largest of that group; it paid 1.24% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −3.2% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +14.9% a year. At its worst it fell 26.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 43 months after the low. Its ten largest positions make up 37.8% of the fund, out of 50 in all.
The short version
Fidelity Clean Energy ETF (FRNW) is an index fund that tracks the Fidelity Clean Energy Index. The index holds about 50 companies worldwide in solar, wind, hydrogen and other renewable energy. Its 0.39% expense ratio is the lowest of nine comparable clean energy funds, which average 0.56%. It is also more global than many US funds: only 36% of its assets were in US companies as of June 30, 2026.
Price history
The interactive chart needs JavaScript.
FRNW -3.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FRNW official prospectus, to Oct 30, 2026 | — | +52.58% | — | -3.86% | — | — |
| IXV7K index, same period | — | +52.65% | — | -3.36% | — | — |
| MS159 index, same period | — | +22.71% | — | +10.87% | — | — |
| FRNW price data to Oct 27, 2026 | +0.5% | -3.2% | +14.9% | -5.5% | — | -3.1% |
- Over the year to Oct 27, 2026, FRNW returned -3.2%, 3rd of 9 among similar funds.
- Its 5-year annualized return was -5.5%.
- Its worst full calendar year was 2024 (-21.1%); its best was 2025 (+53.2%).
- The deepest fall in its price history was 59.3% (Nov 1, 2021 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.5% | — |
| 2025 | +53.2% | +52.58% |
| 2024 | -21.1% | -20.78% |
| 2023 | -19.6% | -19.61% |
| 2022 | -11.5% | -11.58% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22% over that stretch · deepest drop along the way 26.2%, back to its old high 42.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2100 | |
| 2025 | $0.2500 | +25.0% |
| 2024 | $0.2000 | -13.0% |
| 2023 | $0.2300 | +53.3% |
| 2022 | $0.1500 |
What's inside
As of Jun 30, 2026, the fund held 50 securities; the ten largest made up 37.77% of assets. It also reported 5.75% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| GE VERNOVA INC | 5.99% | |
| VESTAS WIND SYSTEMS AS | 4.73% | |
| BLOOM ENERGY CORP | 4.51% | |
| EDP S.A. | 3.72% | |
| FIRST SOLAR INC | 3.68% | |
| NEXTPOWER INC | 3.31% | |
| ENLIGHT RENEWABLE ENERGY LTD | 3.15% | |
| ACCIONA SA | 2.96% | |
| ORSTED A/S | 2.92% | |
| NORDEX SE | 2.81% | |
| VERBUND AG | 2.32% | |
| BROOKFIELD RENEWABLE CORP | 2.31% | |
| ITRON INC | 2.27% | |
| ORMAT TECHNOLOGIES INC | 2.23% | |
| VINCI SA | 2.22% |
By country
United States 36.4%Denmark 9.04%Spain 7.78%Canada 7.24%Germany 7.21%By asset type
Stocks 99.63%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $84.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.45%, +9.95%, -11.20%.
How it works
The fund aims to match the Fidelity Clean Energy Index, before fees. Fidelity builds this index with its own rules. It searches worldwide, among large and small companies, for businesses that produce or distribute renewable energy, or make the technology and equipment behind it. The fund normally keeps at least 80% of its assets in index stocks and in depositary receipts, which are certificates that represent shares of foreign companies.
Stocks are ranked by their dollar revenue and market share in clean energy work, plus a "thematic relevancy" score. Part of that score comes from natural language processing, which is software that scans company documents for relevant keywords. Companies that earn more than half their revenue from clean energy, or hold at least 5% market share, make up 85% or more of the index. Other companies can be included, but usually at lower weights. Each stock is weighted by adjusted market value and capped under the index rules.
Fidelity mostly copies the index directly, but the fund may not hold every stock. As of June 30, 2026, it held 50 stocks, and the top 10 made up 37.8% of assets. GE Vernova (6.0%), Vestas Wind Systems (4.7%) and Bloom Energy (4.5%) led the list. The fund can use derivatives, and it held one tiny S&P 500 futures position. Its 5.75% cash figure likely reflects collateral from lending securities. Portfolio turnover was 41%.
What it really costs
- FRNW charges 0.39% a year, versus an average of 0.56% for the similar funds below (1st of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FRNW | $40 | $125 | $219 | $493 |
In a retirement portfolio
FRNW is a narrow, single-theme stock fund with large swings, so it fits better as a small add-on than as a foundation.
FRNW adds focused exposure to renewable energy, with big ups and downs. It launched in October 2021, so it has no record from 2008 or 2020. In the 2022 bear market it fell 26.2% and took about 43 months to recover, until April 2026. Its deepest drop was 59.3%, from November 2021 to April 2025. It had not regained that peak as of October 27, 2026. It lost money in 2022, 2023 and 2024, with the worst a 20.8% loss in 2024, before gaining 52.6% in 2025. Anyone forced to sell in a slump could lock in steep losses.
Income is modest. The yield was 1.24% as of October 27, 2026, paid quarterly. Costs are low: $40 in year one and $493 over 10 years on $10,000, under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, low-cost clean energy slice. Its 0.39% expense ratio is the lowest of nine comparable funds.
- People who want global reach. As of June 30, 2026, Denmark, Spain, Canada, Germany and China sat alongside a 36% US share.
- Long-term holders who can sit through deep drops, like its 59.3% fall from November 2021 to April 2025.
Look elsewhere if
- Retirees who need steady income. The trailing yield was just 1.24% as of October 27, 2026.
- Anyone who may need to sell within a few years. Volatility was 26.9%, and it lost money three years running, 2022 to 2024.
- Investors who want broad diversification. It holds about 50 stocks in one theme that depends heavily on government subsidies and policy.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FRNW this fund | — | 0.39% | $153.8M | -3.2% | +14.9% |
| ICLN iShares Global Clean Energy ETF | 43% | 0.41% | $2.31B | -4.3% | +8.8% |
| VCLN Virtus Duff & Phelps Clean Energy ETF | 36% | 0.59% | $5.5M | +1.8% | +19.9% |
| RNRG Global X Renewable Energy Producers ETF | 34% | 0.65% | $26.0M | -5.1% | +5.4% |
| CTEC Global X CleanTech ETF | 34% | 0.5% | $25.2M | -10.0% | +6.1% |
| FAN First Trust Global Wind Energy ETF | 33% | 0.6% | $304.4M | +10.3% | +19.1% |
| TAN Invesco Solar ETF | 32% | 0.71% | $1.05B | -14.1% | +1.1% |
| CNRG SPDR S&P Kensho Clean Power ETF | 32% | 0.45% | $249.7M | -18.9% | +11.7% |
Questions investors ask
Is FRNW good for retirement?
It works better as a small, higher-risk add-on than as a core retirement holding. FRNW fell 59.3% from November 2021 to April 2025 and had not regained that peak as of October 27, 2026. It lost money in 2022, 2023 and 2024, then gained 52.6% in 2025. Its one-year beta of 1.51 means it has moved about one and a half times as much as the broad market. Its 1.24% yield is modest.
What's the difference between FRNW and ICLN?
Both are index funds of global clean energy stocks, and 43% of their holdings overlap. FRNW costs a little less: 0.39% a year, versus 0.41% for the iShares Global Clean Energy ETF (ICLN). ICLN is much larger, with about $2.3 billion in net assets as of July 31, 2026. FRNW had about $154 million as of June 30, 2026. As of October 27, 2026, FRNW returned -3.2% over one year and 14.9% a year over three years. ICLN returned -4.3% and 8.8%.
Does FRNW pay dividends?
Yes. FRNW pays dividends every quarter. In the 12 months to October 27, 2026, it paid about $0.25 per share, a trailing yield of 1.24%. The money comes from dividends paid by the stocks it holds, including utilities and renewable power producers. The payout is small and can change, so the fund suits growth-minded clean energy investors more than people who need steady retirement income.
What are FRNW's top holdings?
As of June 30, 2026, FRNW's largest holdings were GE Vernova (6.0%), Vestas Wind Systems (4.7%), Bloom Energy (4.5%), EDP (3.7%) and First Solar (3.7%). Nextpower, Enlight Renewable Energy, Acciona, Orsted and Nordex completed the top 10, which made up 37.8% of the fund. It held 50 stocks in all. US companies made up 36.4%, with sizable stakes in Denmark, Spain, Canada, Germany and China.
What is the FRNW expense ratio?
FRNW's expense ratio is 0.39%, according to the prospectus filed October 27, 2026. That is the lowest of nine comparable clean energy funds, which average 0.56%. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, total costs would be about $40 after one year, $125 after three, $219 after five and $493 after 10. There is no fee waiver, so the fee is not a temporary discount.