Pickens Morningstar® Renewable Energy™ Response ETF (Ticker: RENW) seeks to track the performance before fees and expenses of the Morningstar® North America Renewable Energy™ Index (Ticker: MSNAREPU), an index co-developed by Morningstar and TriLine Index Solutions.
- RENW aims to provide exposure to companies in North America that are leaders in the transition to a low-carbon economy.
- The ETF includes companies involved in renewable energy or green transportation as well as companies who are significant users of clean energy sources.
The index is made up of two groups called “sleeves”.
- The first and larger sleeve consists of companies in the renewable energy or green transportation business and represents 75% of overall index weight.
- The second sleeve represents 25% of index weight and consists of companies that meet at least 25% of their primary energy requirement from renewables. Index constituents are equally weighted within their respective sleeve, with sector weights capped at 20% in sleeve two.
The analysis is powered by Sustainalytics data, a global leader in environmental, social and governance (ESG) research and ratings.
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