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Fidelity Clean Energy (FRNW)Overvalued or undervalued?
Look-through valuation · Sector · Expense ratio 0.39 % · ISIN US3160922536
Price history (since 2021)
Monthly close since 2021. Price shows performance, the valuation verdict is in the look-through above.
Top holdings
| Holding | Weight | vs fair value | Quality |
|---|---|---|---|
| Bloom Energy Corp BE | 5.4 % | n/a | n/a |
| GE Vernova LLC GEV | 5.1 % | −85.8 % | 67 |
| Vestas Wind Systems A/S VWS | 4.1 % | −32.7 % | 61 |
| EDP - Energias de Portugal S.A. EDP | 3.9 % | −22.3 % | 43 |
| First Solar Inc FSLR | 3.9 % | +110.1 % | 66 |
| Nextpower Inc. NXT | 3.7 % | +6.7 % | 66 |
| Orsted A/S ORSTED | 3.0 % | −75.1 % | 33 |
| Enlight Renewable Energy Ltd ENLT | 2.9 % | n/a | n/a |
| VERBUND AG VER | 2.7 % | −14.8 % | 57 |
| Acciona ANA | 2.6 % | +21.7 % | 47 |
| Northland Power Inc. NPI | 2.5 % | +48.5 % | 50 |
| Nordex SE NDX1 | 2.4 % | +11.3 % | 46 |
| Ormat Technologies Inc ORA | 2.4 % | −65.9 % | 38 |
| Enphase Energy Inc ENPH | 2.3 % | +29.3 % | 62 |
| Brookfield Renewable Corp BEPC | 2.2 % | +79.9 % | 24 |
| Clearway Energy Inc Class C CWEN | 2.2 % | +28.8 % | 42 |
| Meridian Energy Ltd MEL | 2.2 % | n/a | n/a |
| CGN Power 1816 | 2.0 % | n/a | n/a |
| E.ON SE EOAN | 1.9 % | −48.2 % | 33 |
| Vinci S.A. DG | 1.9 % | +75.0 % | 55 |
| China Longyuan Power Group Corp Ltd 0916 | 1.9 % | +84.5 % | 44 |
| Shoals Technologies Group Inc SHLS | 1.8 % | −51.6 % | 43 |
| SolarEdge Technologies Inc SEDG | 1.8 % | +28.6 % | 53 |
| EDP Renovaveis EDPR | 1.8 % | −71.8 % | 43 |
| Landis+Gyr Group AG LAND | 1.7 % | −48.9 % | 51 |
Fair value and quality per position come from the same valuation as our stock pages. Showing the 25 largest of 49 disclosed positions. "n/a" means the position is not (yet) in our stock universe and does not enter the average.
The 10 most cheaply valued ETFs
Measured against the look-through fair value of the holdings (sufficiently covered funds only). Green means below fair value, red above. Not financial advice.
- 1 CHIU Global X MSCI China Utilities ETF +76.9 % below FV
- 2 MCHI iShares MSCI China ETF +41.9 % below FV
- 3 ITB iShares U.S. Home Construction ETF +37.1 % below FV
- 4 FCFY First Trust S&P 500 Diversified Free Cash Flow ETF +32.2 % below FV
- 5 VOX Vanguard Communication Services Index Fund ETF Shares +21.5 % below FV
- 6 XLC Communication Services Select Sector SPDR® Fund +20.6 % below FV
- 7 C003 Amundi Index Solutions - Amundi DivDAX I UCITS ETF EUR Distributing +19.1 % below FV
- 8 FDNI First Trust Dow Jones International Internet ETF +15.2 % below FV
- 9 SHRY First Trust Bloomberg Shareholder Yield ETF +14.6 % below FV
- 10 TAN Invesco Solar ETF +14.5 % below FV
Frequently asked about FRNW
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What is the fair value of FRNW?
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How we value this ETF
An ETF has no fair value of its own like a single stock. We build it bottom up: every holding has a fair value and a quality score on our pages. Weighted by portfolio share, that gives Fidelity Covington Trust - Fidelity Clean Energy ETF an average of how cheap or expensive its companies currently sit versus fair value, and how high their average quality is.
As of: Oct 15, 2026
The look-through is a computed summary of public fundamentals and is no substitute for your own research.