GUNR vs HAP: Grades, Fees and Holdings Compared

Northern Trust Morningstar Global Upstream Natural Resources ETF

GUNRBNYSE Arca

VanEck Natural Resources ETF

HAPBNYSE Arca

Overlap

29.8%by weight

Expense ratio

HAP −0.05pt a year

GUNR0.46%HAP0.41%

Avg volume · 30D

GUNR 17.6×the volume

GUNR492KHAP27.9K

10Y return · a year

HAP +1.6pt

GUNR+10.3%HAP+11.9%

GUNR vs HAP Performance

Nov 2, 2021 – Nov 2, 2026

+63.4%GUNR+77.1%HAP

Expense ratio: GUNR 0.46%; HAP 0.41%, better
Fund size: GUNR $7.01B; HAP $326M
1Y total return: GUNR +25.2%; HAP +31.6%, better
Yield (12M): GUNR 2.32%, better; HAP 1.85%
Holdings: GUNR 160; HAP 130
Avg volume (30D): GUNR 492K sh, better; HAP 27.9K sh
NAV per share: GUNR $53.58; HAP $74.17
52W range

ETF.net Grade

Pillar letters and Scores for GUNR, HAP, with each pillar’s weight
Pillar	GUNR	HAP
Cost30% weight	C50	B68Higher
Mission25% weight	A77	Not scored
Risk15% weight	B59	A75Higher
Tradability15% weight	A74Higher	B64
Holdings10% weight	A77Higher	A73
Durability5% weight	A85Higher	B58

Rank among Natural Resources funds

How we build Categories ›

Same Category. GUNR and HAP 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 ›

HAP ranks 4th and GUNR 5th of 14 funds in the Natural Resources Category.

Rank 1AIGEiShares North American Natural Resources ETFScore 76
Rank 2AGNRState Street SPDR S&P Global Natural Resources ETFScore 75
Rank 2ANANRState Street SPDR S&P North American Natural Resources ETFScore 75
Rank 4BHAPVanEck Natural Resources ETFScore 68
Rank 5BCCNRALPS Funds CoreCommodity Natural Resources ETFScore 62
Rank 5BGUNRNorthern Trust Morningstar Global Upstream Natural Resources ETFScore 62
Rank 7BTURFT. Rowe Price Natural Resources ETFScore 59

Our read on each fund

ETF.net Research

GUNRBNorthern Trust Morningstar Global Upstream Natural Resources ETF

HAPBVanEck Natural Resources ETF

In short

GUNR Most natural resources funds are oil majors and miners with a sprinkle of farmland. GUNR's index targets five upstream industries, timber and water included, and buys the companies that own the resource rather than the ones that ship it.

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

GUNR The fund seeks to track the price and yield performance of the Morningstar Global Upstream Natural Resources Index before fees and expenses.

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

GUNR The index targets all five upstream industries: energy, metals, agriculture, timber and water. Timberland and water businesses get a standing seat instead of crumbs.flexshares.com flexshares.com 2
Upstream means owners and producers: companies with significant operations in owning, managing or producing the raw resource, not the refiners and shippers downstream.sec.gov flexshares.com
0.46% net of a waiver through March 1, 2027 (0.47% gross), near the category median, on a multi-billion-dollar fund that has traded since 2011 and pays quarterly.
Weight caps limit how much can pile into any single resource category, any one stock, the US or emerging markets, so roughly 180 holdings stay spread out.sec.gov

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

GUNR Cheaper rivals exist: GNR charges 0.40% and NANR 0.35%, neither under a waiver. The extra cost here pays for the timber and water sleeves and the global reach.
Global and non-diversified per the prospectus, emerging markets included, so currency moves and commodity cycles both ride along.flexshares.com sec.gov
New nameplate, same fund: FlexShares rebranded it as a Northern Trust ETF in 2026. Ticker and Morningstar index are unchanged.flexshares.com

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 GUNR profile⁠

Full HAP profile⁠

GUNR vs HAP Holdings

How GUNR and HAP differ

Overlap by weight

29.8%

Shared holdings make up 39.3% of GUNR and 31.4% of HAP.

Level by level

Holdings37 in both29.8%
Countryby domicile73.5%
Sector10 Sectors80.0%
Asset classEquity100%

Sector

Sector weights in GUNR and HAP, widest gap first
Sector	More in GUNRMore in HAP	GUNR	HAP
Industrials	HAP +11.5 points	0.1%	11.6%
Materials	GUNR +9.0 points	45.5%	36.5%
Consumer Staples	GUNR +5.3 points	11.5%	6.2%
Energy	GUNR +4.9 points	36.2%	31.3%
Health Care	HAP +3.7 points	0.0%	3.7%
Utilities	HAP +3.6 points	5.5%	9.1%
Technology	HAP +0.8 points	0.0%	0.8%
Real Estate	GUNR +0.5 points	1.0%	0.5%
Consumer Discretionary	HAP +0.3 points	0.0%	0.3%
Financials	GUNR +0.3 points	0.3%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in GUNR and HAP, widest gap first
Country	More in GUNRMore in HAP	GUNR	HAP
United States	HAP +15.1 points	35.3%	50.4%
United Kingdom	GUNR +6.5 points	13.2%	6.7%
Canada	GUNR +5.2 points	19.4%	14.2%
Spain	HAP +4.3 points	0.6%	4.9%
Germany	HAP +3.2 points	0.4%	3.6%
Norway	GUNR +2.9 points	4.8%	1.9%
Australia	GUNR +2.9 points	7.5%	4.6%
China	GUNR +1.6 points	1.9%	0.3%
Other countries (22)	GUNR +3.5 points	16.9%	13.4%

Outside the US: GUNR 83% developed, 17% emerging. HAP 89% developed, 11% emerging.

Concentration

Weight in the 10 largest Holdings

GUNR36.9%
HAP38.6%

Securities held

GUNR128
HAP124

Asset class

GUNR: Equity
HAP: Equity

Holdings

Only in GUNR91
In both37
Only in HAP87

Only in GUNR

91 securities, 58.8% of GUNR by weight

Bhp Group Ltd Common Stock Aud 04.72%
Nutrien Ltd4.69%
Shell PLC4.68%
Totalenergies SE Common Stock Eur 2.53.05%
Bp PLC Common Stock Gbp 0.251.99%
Rio Tinto PLC Common Stock Gbp 101.93%
Canadian Natural Resources Ltd Common Stock Cad 01.83%
Agnico Eagle Mines Ltd Common Stock Cad 01.81%
Suncor Energy Inc Common Stock Cad 01.50%
Glencore PLC Common Stock Gbp 0.011.43%
American Water Works Co Inc Common Stock USD 0.011.33%
Barrick Mining Corp Common Stock Cad1.33%
Sabic Agri-Nutrients Co Common Stock Sar 101.18%
Industries Qatar Qsc Common Stock Qar 11.17%
United Utilities Group PLC Common Stock Gbp 51.13%
Wheaton Precious Metals Corp1.12%
Upm-Kymmene Oyj Common Stock Eur 00.99%
Franco-Nevada Corp Common Stock0.94%
Eni Spa0.88%
Vale SA Common Stock Brl 00.88%
Severn Trent PLC Common Stock Gbp 97.890.87%
Salmar Asa Common Stock Nok 0.250.76%
Woodside Energy Group Ltd Common Stock Aud 00.72%
Cia De Saneamento Basico Do Estado De Sao Paulo0.70%
Cameco Corp Common Stock Cad 00.69%
Cenovus Energy Inc Common Stock Cad 00.69%
Petroleo Brasileiro SA - Petrobras Preference Brl0.68%
Saudi Arabian Oil Co Common Stock Sar0.65%
Gold Fields Ltd Common Stock Zar 500.61%
Teck Resources Ltd Common Stock Cad 00.60%
Essential Utilities Inc Common Stock USD 0.50.58%
Kinross Gold Corp Common Stock Cad 00.53%
Equinor Asa Common Stock Nok 2.50.52%
Upl Ltd Common Stock Inr 20.52%
Icl Group Ltd Common Stock Ils 10.52%
Saudi Arabian Mining Co Common Stock Sar 100.46%
Suzano SA Common Stock Brl 00.44%
K+s AG Common Stock Eur 00.42%
Bakkafrost P/F Common Stock Nok 10.41%
Simpson Manufacturing Co Inc Common Stock USD 0.010.41%
Muyuan Foods Group Co Ltd Common Stock Cny 10.39%
Inpex Corp Common Stock Jpy0.38%
Pi Industries Ltd Common Stock Inr 10.38%
Mondi PLC Common Stock Gbp 0.20.35%
Pan American Silver Corp Common Stock Cad 00.34%
Orlen SA Common Stock Pln 1.250.34%
Imperial Oil Ltd Common Stock Cad 00.34%
United Plantations Bhd Common Stock Myr 00.33%
Santos Ltd Common Stock Aud 00.32%
Cal-Maine Foods Inc Common Stock USD 0.010.29%

Only in HAP

87 securities, 68.1% of HAP by weight

Deere & Co5.28%
Iberdrola Sa4.33%
Bayer Ag3.75%
Nextera Energy Inc3.58%
Bhp Group Ltd2.72%
Shell Plc2.56%
Vylor Inc2.33%
Nutrien Ltd2.16%
Totalenergies Se1.98%
Agnico Eagle Mines Ltd1.53%
Rio Tinto Plc1.47%
Bloom Energy Corp1.35%
Kubota Corp1.23%
Bp Plc1.14%
Barrick Mining Corp1.13%
Enbridge Inc1.00%
Marathon Petroleum Corp0.90%
Suncor Energy Inc0.88%
Canadian Natural Resources Ltd0.86%
Valero Energy Corp0.83%
Phillips 660.83%
Vestas Wind Systems A/S0.78%
Wheaton Precious Metals Corp0.77%
Nucor Corp0.76%
Toro Co/The0.73%
Reliance Industries Ltd0.72%
Franco-Nevada Corp0.69%
Vale Sa0.69%
Williams Cos Inc/The0.68%
Cnh Industrial Nv0.67%
Eni Spa0.65%
Cameco Corp0.64%
Darling Ingredients Inc0.63%
Anglogold Ashanti Plc0.60%
Schlumberger Nv0.59%
Cheniere Energy Inc0.59%
Wilmar International Ltd0.58%
Teck Resources Ltd0.57%
Tc Energy Corp0.54%
Steel Dynamics Inc0.54%
Ingredion Inc0.52%
Arcelormittal Sa0.51%
Rio Tinto Ltd0.51%
Kinder Morgan Inc0.51%
Edp Sa0.50%
Axia Energia Sa0.49%
Targa Resources Corp0.46%
Oneok Inc0.46%
First Solar Inc0.45%
Gold Fields Ltd0.43%

Weight gaps

All 37 Holdings in both funds, largest gap first.

Holding weights in GUNR and HAP, widest gap first
Holding	More in GUNRMore in HAP	GUNR	HAP
Archer-Daniels-Midland Co Common Stock USD 0ADM	GUNR +1.59 points	3.35%	1.76%
Chevron Corp Common Stock USD 0.75CVX	HAP +1.47 points	4.36%	5.83%
Mowi Asa Common Stock Nok 7.5	GUNR +0.86 points	1.73%	0.87%
Tyson Foods Inc Common Stock USD 0.1TSN	GUNR +0.74 points	1.72%	0.98%
Cf Industries Holdings Inc Common Stock USD 0.01CF	GUNR +0.70 points	1.83%	1.14%
Bunge Global SA Common Stock USD 0.01BG	GUNR +0.56 points	1.26%	0.70%
Yara International Asa Common Stock Nok 1.7	GUNR +0.52 points	1.13%	0.61%
Conocophillips Common Stock USD 0.01COP	GUNR +0.43 points	1.83%	1.40%
Weyerhaeuser Co Reit USD 1.25WY	GUNR +0.37 points	0.72%	0.35%
Eog Resources Inc Common Stock USD 0.01EOG	GUNR +0.37 points	0.87%	0.50%
Corteva Inc Common Stock USD 0.01CTVA	GUNR +0.34 points	0.71%	0.37%
Exxonmobil Holdings Corp Common Stock USDXOM	GUNR +0.29 points	6.32%	6.03%
Newmont Corp Common Stock USD 1.6NEM	GUNR +0.25 points	1.83%	1.58%
Repsol SA Common Stock Eur 1	GUNR +0.22 points	0.60%	0.38%
Freeport-Mcmoran Inc Common Stock USD 0.1FCX	GUNR +0.19 points	1.54%	1.35%
Anglo American PLC Common Stock Gbp 0.6239AAL.L	GUNR +0.18 points	1.11%	0.93%
Svenska Cellulosa Ab Sca Common Stock Sek 0	GUNR +0.18 points	0.43%	0.25%
Petrochina Co Ltd Common Stock Hkd 1	GUNR +0.17 points	0.48%	0.31%
Evolution Mining Ltd Common Stock Aud 0	GUNR +0.16 points	0.37%	0.21%
Northern Star Resources Ltd Common Stock Aud 0	GUNR +0.15 points	0.54%	0.39%
Grupo Mexico Sab De Cv Common Stock Mxn 0	GUNR +0.15 points	0.86%	0.71%
First Quantum Minerals Ltd Common Stock Cad 0	GUNR +0.14 points	0.36%	0.22%
Devon Energy Corp Common Stock USD 0.1DVN	GUNR +0.13 points	0.58%	0.45%
Oji Holdings Corp Common Stock Jpy	GUNR +0.13 points	0.33%	0.20%
Valterra Platinum Ltd Common Stock Zar 10	GUNR +0.12 points	0.37%	0.25%
Occidental Petroleum Corp Common Stock USD 0.2OXY	GUNR +0.11 points	0.47%	0.36%
Rayonier Inc Reit USD 0RYN	GUNR +0.10 points	0.29%	0.19%
Mosaic Co/The Common Stock USD 0.01MOS	GUNR +0.09 points	0.52%	0.43%
Lundin Mining Corp Common Stock Cad 0	GUNR +0.08 points	0.32%	0.24%
Eqt Corp Common Stock USD 0EQT	GUNR +0.06 points	0.34%	0.28%
Royal Gold IncRGLD	GUNR +0.05 points	0.32%	0.27%
Ufp Industries Inc Common Stock USD 0UFPI	GUNR +0.05 points	0.23%	0.18%
Southern Copper Corp Common Stock USD 0.01SCCO	HAP +0.04 points	0.31%	0.35%
Fortescue Ltd Common Stock Aud 0	GUNR +0.03 points	0.35%	0.32%
Diamondback Energy Inc Common Stock USD 0.01FANG	Same weight	0.38%	0.38%
Antofagasta PLC Common Stock Gbp 5ANTO.L	HAP +0.01 points	0.33%	0.34%
Coeur Mining Inc Common Stock USD 0.01CDE	Same weight	0.22%	0.22%

All 178 GUNR holdings⁠All 146 HAP 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.

GUNR vs HAP Cost

Overpaying GUNR vs HAP

$949

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

GUNR 0.46%
$9,230
HAP 0.41%
$8,281

Amount$10,000

Years30 years

Cost over time

GUNR 0.46%
HAP 0.41%
Overpaying

Year by year

Year	GUNR	HAP	Overpaying
10	$830	$741	$89
20	$3,195	$2,860	$335
30	$9,230	$8,281	$949

Expense ratio

0.46%GUNR
0.41%HAP, cheaper

HAP0.41%GUNR0.46%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

HAP 5th cheapest of 14 funds

GUNR 8th cheapest of 14 funds

GUNR vs HAP Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GUNR 2.32%, better; HAP 1.85%
Payout (12M): GUNR $1.23; HAP $1.36
Last payment: GUNR $0.37; HAP $1.36
Ex-dividend: GUNR Sep 18, 2026; HAP Dec 22, 2025
Paid on: GUNR Sep 24, 2026; HAP Dec 26, 2025
Frequency: GUNR Quarterly; HAP Annual

Distribution history

Per share, 2017 to 2026, same scale for both

GUNRQuarterly · 39 paymentsAll GUNR payments⁠

HAPAnnual · 9 paymentsAll HAP payments⁠

GUNR vs HAP Risk

Fall from peak · 5 years

GUNR
HAP

Risk facts

VolatilityStd dev, 3 years: GUNR 15.4%HAP 15.1%, better
Return per unit of riskSharpe ratio, 3 years: GUNR 0.69HAP 0.98, better
Worst fallMax drawdown, 5 years: GUNR −24.0%, betterHAP −25.7%
Market sensitivityBeta, 5 years: GUNR 0.46HAP 0.59; Market = 1

Popular comparisons

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