CSNR vs NANR

CSNRDCohen & Steers Natural Resources Active ETF

NANRAState Street SPDR S&P North American 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.

NANR Natural resources without the passport: roughly 200 large and mid cap US and Canadian energy, mining and agriculture names in one basket, for 0.35% a year.

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.

NANR The fund seeks to track, before fees and expenses, the total return of the S&P BMI North American Natural Resources Index. It targets large- and mid-cap publicly traded U.S. and Canadian companies in energy, metals and mining, and agriculture-related natural-resources businesses.

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.

• NANR At 0.35% a year, it undercuts its natural-resources peers, including IGE at 0.37% and State Street's own global version, GNR, at 0.40%.
• Three commodity engines, not one. Energy, metals and mining, and agriculture-linked businesses sit in the same basket, so it isn't a pure oil bet.
• North America only: large and mid cap US and Canadian producers, no emerging-market miners or state-linked oil majors.
• Index-tracking since 2015, and one of the stronger builds in its natural-resources cohort.

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.

• NANR Thinly traded next to the category's giants, so spreads can be wider and big orders can move the price.
• Commodity cycles drive it. A basket parked in energy and materials swings harder than a broad market index.
• Cash comes once or twice a year, not quarterly, and the Canadian sleeve adds a currency layer.

Full CSNR profile⁠

Full NANR profile⁠