GNR vs PWER

GNRAState Street SPDR S&P Global Natural Resources ETF

PWERFNomura Energy Transition ETF

In short

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.

PWER A clean-energy fund that owns the gritty stuff on purpose: Nomura's manager pairs transition enablers with "responsible producers" (traditional energy and materials firms cutting emissions). Active, no index, 0.79% with no fee waiver.

Stated mandate

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.

PWER The Fund seeks long-term capital growth through an actively managed portfolio of companies supporting the transition to cleaner, lower-carbon energy. It emphasizes transition enablers and responsible producers selected through environmental and fundamental analysis.

Why people hold it

• 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.

• PWER Big tent. Alongside electrification and renewables names it can hold traditional energy and materials producers that pure clean-energy screens typically exclude, if they are cutting, displacing or sequestering emissions.sec.gov
• No index to hug. The manager selects across energy, materials, industrials, renewables and utilities using environmental and fundamental analysis, and can reshuffle as the transition story changes.sec.gov
• Global reach with a North American center of gravity, and a prospectus rule that at least 80% of assets meet its stated energy-transition criteria.sec.gov

Worth knowing

• 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.

• PWER Costs 0.79% with no fee waiver, above the category median. Index-built resource funds such as NANR (0.35%) and IGE (0.37%) deliver the broad version far cheaper.
• Small and thinly traded, so spreads can run wider and fills lumpier than in the category's heavyweights.
• Everything rides on one team's judgment of who qualifies as a transition enabler, and the fund has only traded since 2023, a short track record to read.sec.gov

Full GNR profile⁠

Full PWER profile⁠