Fidelity Launches New Clean Energy and Electric Vehicle-Focused ETFs
Investment management firm Fidelity announced today the launch of a series of new exchange-traded funds today, including the ESG-themed Fidelity Clean Energy ETF (FRNW) and Fidelity Electric Vehicles and Future Transportation ETF (FDRV).
The new clean energy and EV-focused funds were announced as part of an expansion of Fidelity’s thematic product offerings. Fidelity also launched new cloud computing and digital health ETFs.
Greg Friedman, Fidelity’s Head of ETF Management and Strategy, said:
“Thematic investing is a significant growth area as investors increasingly look for opportunities to enhance their portfolios and align their investments with their values and personal passions. We continue to look for ways to leverage our investment expertise and investor insights to offer a wide array of innovative ETFs.”
The new clean energy ETF invests at least 80% of its assets in securities included in the Fidelity Clean Energy Index, which aims to reflect the performance of companies that distribute, produce, or provide technology or equipment to support the production of energy from solar, wind, hydrogen and other renewable sources.
FDRV invests at least 80% of its assets in securities included in the Fidelity Electric Vehicles and Future Transportation Index, which is designed to reflect the performance of companies engaged in the production of electric and/or autonomous vehicles and their components, technology, or energy systems, or engaged in other initiatives that aim to change the future of transportation.
Denise Chisholm, Fidelity’s Director of Quantitative Market Strategy, said:
“In addition to sector and factor investments, thematic investments can serve as another tool for investors that are increasingly looking for differentiated investment options to help meet their distinct financial goals.”