FTWO vs GNR: Grades, Fees and Holdings Compared

Strive Natural Resources and Security ETF

FTWODNYSE

State Street SPDR S&P Global Natural Resources ETF

GNRANYSE Arca

Overlap

33.1%by weight

Expense ratio

GNR −0.09pt a year

FTWO0.49%GNR0.40%

Avg volume · 30D

GNR 54.7×the volume

FTWO6.23KGNR340K

3Y return · a year

FTWO +10.1pt

FTWO+24.3%GNR+14.2%

FTWO vs GNR Performance

Nov 3, 2025 – Nov 3, 2026

+13.4%FTWO+29.6%GNR

Expense ratio: FTWO 0.49%; GNR 0.40%, better
Fund size: FTWO $74M; GNR $5.36B
1Y total return: FTWO +13.4%; GNR +29.6%, better
Yield (12M): FTWO 0.94%; GNR 2.47%, better
Holdings: FTWO 52; GNR 112
Avg volume (30D): FTWO 6.23K sh; GNR 340K sh, better
NAV per share: FTWO $44.57; GNR $74.86
52W range

ETF.net Grade

Pillar letters and Scores for FTWO, GNR, with each pillar’s weight
Pillar	FTWO	GNR
Cost30% weight	D35	A80Higher
Mission25% weight	A74	A75Higher
Risk15% weight	C43	B56Higher
Tradability15% weight	C40	A83Higher
Holdings10% weight	D32	A79Higher
Durability5% weight	D29	A89Higher

Rank among Natural Resources funds

How we build Categories ›

Same Category. FTWO and GNR are both graded against the same 14 Natural Resources funds, so their Grades compare head to head.

Natural Resources⁠

Category · 14 funds

See all 14 ›

GNR ranks 1st and FTWO 10th of 14 funds in the Natural Resources Category.

Rank 1AGNRState Street SPDR S&P Global Natural Resources ETFScore 76
Rank 2AIGEiShares North American Natural Resources ETFScore 75
Rank 9DCSNRCohen & Steers Natural Resources Active ETFScore 38
Rank 10DFTWOStrive Natural Resources and Security ETFScore 36
Rank 11DMGNRAmerican Beacon GLG Natural Resources ETFScore 30

Our read on each fund

ETF.net Research

FTWODStrive Natural Resources and Security ETF

GNRAState Street SPDR S&P Global Natural Resources ETF

In short

FTWO An upstream-only take on natural resources: roughly 50 companies that drill, mine and grow the raw material, rather than the pipelines and processors further down the chain. A young fund priced above the category norm.

GNR Most resource ETFs are energy funds in a hard hat. GNR spreads a global, large-cap lineup across agriculture, energy, and metals and mining, roughly 90 names tracking an S&P natural resources index since 2010.

Stated mandate

FTWO The fund invests primarily in upstream natural-resource companies involved in exploring, extracting, or developing resources. It normally commits at least 80% of net assets to companies engaged in extracting energy, minerals, and agricultural products.

GNR The fund seeks to provide investment results corresponding generally to the total return performance of the S&P Global Natural Resources Index. It provides exposure to large-cap companies across agriculture, energy, and metals and mining.

Why people hold it

FTWO The mandate is specific: normally at least 80% of net assets in companies extracting energy, minerals and agricultural products. Upstream, where commodity moves land first.
Roughly 50 holdings, so individual names carry real weight instead of being diluted across a sprawling basket.
Three resource legs in one wrapper: energy, minerals and agriculture, all at the extraction stage.
Distributions are paid on a quarterly schedule.

GNR Three legs, one ticker: crop and fertilizer names, oil and gas, and miners all sit inside the mandate, so no single commodity story runs the whole fund.ssga.com
Genuinely global, not North America with a passport. Cohort neighbors IGE and NANR chase the same theme inside one region.
0.40% a year, right around the middle of its natural resources peer group, for an index fund that has been open since 2010.
A multi-billion-dollar fund with steady day-to-day trading and one of the stronger builds in its natural resources peer group.

Worth knowing

FTWO At 0.49% a year, it costs more than the category median and more than established rivals such as NANR (0.35%), IGE (0.37%) and GNR (0.40%).
It trades thinly next to the category's heavyweights, which makes wider bid-ask spreads more likely.
Launched in 2023 and still modest in size, it has a shorter record and a smaller asset base than the long-running funds it competes against.

GNR Resource equities ride the commodity cycle. When crude and metals roll over, the drillers and miners in here go with them, diversified thirds or not.
Global reach means overseas listings and foreign currency swings layered on top of the commodity moves.
Distributions land on an annual or semiannual schedule rather than monthly, so the cash flow is lumpy.

Full FTWO profile⁠

Full GNR profile⁠

FTWO vs GNR Holdings

How FTWO and GNR differ

Overlap by weight

33.1%

Shared holdings make up 55.2% of FTWO and 35.8% of GNR.

Level by level

Holdings24 in both33.1%
Sector11 Sectors53.8%
Countryby domicile54.4%
Asset classEquity100%

Sector

Sector weights in FTWO and GNR, widest gap first
Sector	Gap	FTWO	GNR
Industrials	FTWO +33.5 points	33.5%	0.0%
Materials	GNR +24.3 points	22.4%	46.7%
Utilities	FTWO +11.6 points	11.6%	0.0%
Energy	GNR +9.8 points	28.1%	37.9%
Consumer Discretionary	GNR +7.8 points	0.0%	7.8%
Consumer Staples	GNR +3.4 points	1.0%	4.4%
Financials	FTWO +1.1 points	3.4%	2.3%
Real Estate	GNR +0.9 points	0.0%	0.9%
Health Care	Same weight	0.0%	0.0%
Communication	Same weight	0.0%	0.0%
Technology	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FTWO and GNR, widest gap first
Country	Gap	FTWO	GNR
United States	FTWO +44.3 points	79.9%	35.6%
United Kingdom	GNR +11.9 points	0.0%	11.9%
Australia	GNR +7.2 points	0.0%	7.2%
Finland	GNR +4.3 points	0.0%	4.3%
France	GNR +3.7 points	0.0%	3.7%
Brazil	GNR +3.0 points	0.0%	3.0%
Switzerland	GNR +2.9 points	0.0%	2.9%
Norway	GNR +2.4 points	0.0%	2.4%
Other countries (13)	GNR +9.1 points	20.1%	29.2%

Outside the US: GNR 91% developed, 9% emerging.

Concentration

Weight in the 10 largest Holdings

FTWO53.6%
GNR36.4%

Securities held

FTWO51
GNR97

Asset class

FTWO: Equity
GNR: Equity

Holdings

Only in FTWO27
In both24
Only in GNR73

Only in FTWO

27 securities, 44.8% of FTWO by weight

Constellation Energy Corp10.84%
Ge Aerospace5.46%
RTX Corp4.50%
Lockheed Martin Corp2.41%
Boeing Co/The2.24%
Talen Energy Corp2.05%
General Dynamics Corp1.55%
BWX Technologies Inc1.46%
Howmet Aerospace Inc1.44%
Enbridge Inc1.31%
Northrop Grumman Corp1.27%
Teck Resources Ltd1.09%
TransDigm Group Inc1.09%
Williams Cos Inc/The1.08%
L3Harris Technologies Inc0.84%
Honeywell Aerospace Inc0.81%
CNH Industrial NV0.80%
Toro Co/The0.80%
NexGen Energy Ltd0.61%
Pan American Silver Corp0.59%
Mirion Technologies Inc0.53%
AGCO Corp0.52%
Uranium Energy Corp0.44%
Oklo Inc0.42%
First American Government Obligations Fund 12/01/20310.23%
Centrus Energy Corp0.21%
Energy Fuels Inc/Canada0.21%

Only in GNR

73 securities, 63.8% of GNR by weight

Shell PLC5.49%
Bhp Group Ltd4.41%
Totalenergies SE3.66%
Upm Kymmene Oyj2.83%
Bp PLC2.35%
Archer Daniels Midland Co1.71%
Suncor Energy Inc1.67%
Svenska Cellulosa Ab Sca B1.55%
Glencore PLC1.54%
Yara International Asa1.48%
Nucor Corp1.47%
Anglo American PLC1.40%
Stora Enso Oyj R Shs1.38%
Suzano SA Spon Adr1.33%
Sig Group AG1.32%
Wilmar International Ltd1.29%
Eni Spa1.11%
Packaging Corp of America1.08%
Smurfit Westrock PLC1.07%
Amcor PLC1.07%
Oji Holdings Corp1.00%
Mondi PLC0.98%
Vale SA Sp Adr0.92%
International Paper Co0.91%
Rio Tinto Ltd0.88%
Woodside Energy Group Ltd0.83%
Anglogold Ashanti PLC0.81%
West Fraser Timber Co Ltd0.80%
Steel Dynamics Inc0.79%
Cenovus Energy Inc0.77%
Petroleo Brasileiro Spon Adr0.73%
Equinor Asa0.73%
Gold Fields Ltd Spons Adr0.72%
Weyerhaeuser Co0.72%
Icl Group Ltd0.72%
Repsol SA0.69%
Avery Dennison Corp0.67%
Teck Resources Ltd Cls B0.66%
Arcelormittal0.62%
Bunge Global SA0.60%
Nutrien Ltd0.56%
Northern Star Resources Ltd0.56%
Slb Ltd0.55%
Reliance Inc0.53%
Nippon Steel Corp0.52%
Zijin Mining Group Co Ltd H0.48%
Inpex Corp0.44%
Devon Energy Corp0.39%
Fortescue Ltd0.39%
Imperial Oil Ltd0.37%

Weight gaps

All 24 Holdings in both funds, largest gap first.

Holding weights in FTWO and GNR, widest gap first
Holding	Gap	FTWO	GNR
ExxonMobil Holdings CorpXOM	FTWO +3.88 points	9.10%	5.22%
Cameco Corp	FTWO +3.28 points	3.87%	0.59%
Chevron CorpCVX	FTWO +2.31 points	5.30%	2.99%
Nutrien Ltd	GNR +1.78 points	2.64%	4.42%
Newmont CorpNEM	FTWO +1.52 points	4.23%	2.71%
Vylor IncVYLR	FTWO +1.51 points	3.82%	2.31%
Freeport-McMoRan IncFCX	FTWO +1.19 points	3.29%	2.10%
Agnico Eagle Mines Ltd	FTWO +1.14 points	3.16%	2.02%
ConocoPhillipsCOP	FTWO +0.91 points	2.17%	1.26%
Barrick Mining Corp	FTWO +0.81 points	2.29%	1.48%
Canadian Nat Res Ltd	GNR +0.75 points	1.34%	2.09%
Wheaton Precious Metals Corp	FTWO +0.73 points	1.99%	1.26%
Marathon Petroleum CorpMPC	FTWO +0.65 points	1.53%	0.88%
Valero Energy CorpVLO	FTWO +0.62 points	1.41%	0.79%
Franco-Nevada Corp	FTWO +0.58 points	1.61%	1.03%
Phillips 66PSX	FTWO +0.57 points	1.34%	0.77%
CF Industries Holdings IncCF	FTWO +0.54 points	1.41%	0.87%
EOG Resources IncEOG	FTWO +0.42 points	1.01%	0.59%
Kinross Gold Corp	FTWO +0.30 points	0.87%	0.57%
Darling Ingredients IncDAR	FTWO +0.26 points	0.66%	0.40%
Corteva IncCTVA	FTWO +0.26 points	0.63%	0.37%
First Quantum Minerals Ltd	FTWO +0.21 points	0.57%	0.36%
Ingredion IncINGR	FTWO +0.18 points	0.47%	0.29%
Mosaic Co/TheMOS	FTWO +0.18 points	0.46%	0.28%

All 52 FTWO holdings⁠All 96 GNR holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FTWO vs GNR Cost

Overpaying FTWO vs GNR

$1,702

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FTWO 0.49%
$9,792
GNR 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

FTWO 0.49%
GNR 0.40%
Overpaying

Year by year

Year	FTWO	GNR	Overpaying
10	$883	$723	$160
20	$3,394	$2,793	$601
30	$9,792	$8,090	$1,702

Expense ratio

0.49%FTWO
0.40%GNR, cheaper

GNR0.40%FTWO0.49%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

GNR 4th cheapest of 14 funds

FTWO 9th cheapest of 14 funds

FTWO vs GNR Dividends

Last 12 months to Nov 3, 2026

Yield (12M): FTWO 0.94%; GNR 2.47%, better
Payout (12M): FTWO $0.42; GNR $1.82
Last payment: FTWO $0.13; GNR $0.86
Ex-dividend: FTWO Sep 28, 2026; GNR Jun 1, 2026
Paid on: FTWO Sep 30, 2026; GNR Jun 3, 2026
Frequency: FTWO Quarterly; GNR Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FTWOQuarterly · 13 paymentsAll FTWO payments⁠

GNRTwice a year · 19 paymentsAll GNR payments⁠

FTWO vs GNR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FTWO 17.0%GNR 15.9%, better
Return per unit of riskSharpe ratio, 3 years: FTWO 1.17, betterGNR 0.75
Worst fallMax drawdown, 5 years: FTWO −18.2%since Aug 2023GNR −25.7%
Market sensitivityBeta, 5 years: FTWO 0.65GNR 0.49; Market = 1

FTWO and GNR in the news

All news⁠

Filings Digest
11 Strive funds will move to NYSE Arca on Dec. 15
Oct 29, 2026FTWO

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