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Fidelity Covington Trust - Fidelity Clean Energy ETF (FRNW)
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 |
|---|---|---|---|
| GE Vernova LLC GEV | 5.6 % | −78.8 % | 66 |
| Vestas Wind Systems A/S VWS | 4.8 % | −27.3 % | 60 |
| EDP - Energias de Portugal S.A. EDP | 4.1 % | −13.5 % | 53 |
| Enlight Renewable Energy Ltd ENLT | 3.5 % | n/a | n/a |
| First Solar Inc FSLR | 3.5 % | +38.2 % | 55 |
| Orsted A/S ORSTED | 3.2 % | −80.0 % | 32 |
| Nextracker Inc. Class A Common Stock NXT | 3.0 % | −32.9 % | 59 |
| Bloom Energy Corp BE | 3.0 % | −74.0 % | 31 |
| Acciona ANA | 2.9 % | +9.3 % | 55 |
| VERBUND AG VER | 2.7 % | −2.7 % | 54 |
| Nordex SE NDX1 | 2.7 % | −34.8 % | 51 |
| E.ON SE EOAN | 2.5 % | −38.7 % | 48 |
| Itron Inc ITRI | 2.4 % | +36.2 % | 49 |
| Meridian Energy Ltd MEL | 2.4 % | n/a | n/a |
| Northland Power Inc. NPI | 2.3 % | +52.4 % | 49 |
| Vinci S.A. DG | 2.2 % | +57.4 % | 54 |
| Ormat Technologies Inc ORA | 2.2 % | −67.2 % | 42 |
| EDP Renovaveis EDPR | 2.1 % | n/a | n/a |
| Clearway Energy Inc Class C CWEN | 2.0 % | −26.2 % | 43 |
| Mercury NZ Limited MCY | 2.0 % | n/a | n/a |
| CGN Power 1816 | 2.0 % | n/a | n/a |
| Boralex Inc BLX | 1.9 % | n/a | n/a |
| China Longyuan Power Group Corp Ltd 0916 | 1.9 % | +78.6 % | 45 |
| Enphase Energy Inc ENPH | 1.7 % | −41.6 % | 52 |
| Cadeler As CADLR | 1.6 % | +182.7 % | 46 |
Fair value and quality per position come from the same valuation as our stock pages. Showing the 25 largest of 48 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 C003 Amundi Index Solutions - Amundi DivDAX I UCITS ETF EUR Distributing +22.2 % below FV
- 2 FCFY First Trust S&P 500 Diversified Free Cash Flow ETF +17.9 % below FV
- 3 ITB iShares U.S. Home Construction ETF +9.8 % below FV
- 4 SHRY First Trust Bloomberg Shareholder Yield ETF +2.2 % below FV
- 5 COWZ Pacer US Cash Cows 100 ETF -0.3 % above FV
- 6 C001 Amundi Core DAX UCITS ETF Dist -2.4 % above FV
- 7 XLC Communication Services Select Sector SPDR® Fund -4.2 % above FV
- 8 EWP iShares MSCI Spain ETF -4.8 % above FV
- 9 FTXO First Trust Nasdaq Bank ETF -6.0 % above FV
- 10 KRE SPDR® S&P Regional Banking ETF -8.9 % above FV
How the look-through works
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: Jul 28, 2026
No investment advice, no buy or sell recommendation. The look-through is a computed summary of public fundamentals and is no substitute for your own research.