CSNR vs HAP

CSNRDCohen & Steers Natural Resources Active ETF

HAPAVanEck Natural Resources ETF

In short

CSNR A stock-picker's route into commodities: roughly 60 global natural resource companies, chosen by an active manager using top-down and bottom-up work rather than index weight, for 0.50% a year.

HAP Metals, energy and farm goods in one global basket. HAP has held hard-asset producers since 2008, spreading across roughly 150 companies worldwide rather than betting on one commodity or one continent.

Stated mandate

CSNR The Fund seeks total return by investing in securities of natural resource companies. Its adviser actively selects investments using top-down and bottom-up analysis.

HAP The fund seeks to track, before fees and expenses, the price and yield performance of the Market Vector Global Natural Resources Index, which covers global natural-resources companies involved in metals, energy sources, and agricultural products.

Why people hold it

• CSNR Costs 0.50% a year, which undercuts the typical actively managed US equity ETF fee. Cheap is not usually how active resource funds introduce themselves.
• Roughly 60 names, picked globally. The manager can lean into an oil major or a copper miner instead of taking whatever weight an index hands out.
• Owns shares of resource companies, not futures, inside a plain 1940 Act ETF wrapper. Ordinary brokerage tax reporting, with cash paid out quarterly.
• Scores in the upper half of its active-equity peer group on our review, helped by the fee and the clarity of its mandate.

• HAP Global by mandate, not North America only like IGE or NANR: it holds producers of metals, energy sources and agricultural products around the world.
• Launched in 2008, so the fund has run through a full commodity boom and bust, not just the last good stretch.
• About 150 holdings across three resource groups, so no single miner, driller or grain house runs the show.

Worth knowing

• CSNR Launched in 2025 with a modest asset base and light trading. Spreads can widen, so the price you see is not always the price you get.
• One slice of the market. Energy, metals and agriculture stocks move with commodity cycles, and those cycles can be brutal on the way down.
• No index to fall back on. Returns hinge on the adviser's calls, and the track record is too short to judge those calls yet.

• HAP No price edge: the 0.41% fee lands exactly at the category median, and peers such as NANR (0.35%) and IGE (0.37%) charge less.
• Thinly traded for its size, so spreads can run wider than in the category's busiest names.
• Cash arrives once or twice a year, not quarterly or monthly.

Full CSNR profile⁠

Full HAP profile⁠