GUNR vs NANR: Grades, Fees and Holdings Compared

Northern Trust Morningstar Global Upstream Natural Resources ETF

GUNRBNYSE Arca

State Street SPDR S&P North American Natural Resources ETF

NANRANYSE Arca

Overlap

40.6%by weight

Expense ratio

NANR −0.11pt a year

GUNR0.46%NANR0.35%

Avg volume · 30D

GUNR 17.2×the volume

GUNR492KNANR28.5K

10Y return · a year

NANR +2.5pt

GUNR+10.3%NANR+12.8%

GUNR vs NANR Performance

Nov 2, 2021 – Nov 2, 2026

+63.4%GUNR+120.9%NANR

Expense ratio: GUNR 0.46%; NANR 0.35%, better
Fund size: GUNR $7.01B; NANR $840M
1Y total return: GUNR +25.2%; NANR +38.3%, better
Yield (12M): GUNR 2.32%, better; NANR 1.65%
Holdings: GUNR 160; NANR 204
Avg volume (30D): GUNR 492K sh, better; NANR 28.5K sh
NAV per share: GUNR $53.58; NANR $87.29
52W range

ETF.net Grade

Pillar letters and Scores for GUNR, NANR, with each pillar’s weight
Pillar	GUNR	NANR
Cost30% weight	C50	A99Higher
Mission25% weight	A77Higher	A72
Risk15% weight	B59Higher	B55
Tradability15% weight	A74Higher	B63
Holdings10% weight	A77Higher	C53
Durability5% weight	A85Higher	A81

Rank among Natural Resources funds

How we build Categories ›

Same Category. GUNR and NANR 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 ›

NANR ranks 2nd 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

NANRAState Street SPDR S&P North American 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.

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

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

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

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

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

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

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 GUNR profile⁠

Full NANR profile⁠

GUNR vs NANR Holdings

How GUNR and NANR differ

Overlap by weight

40.6%

Shared holdings make up 61.0% of NANR and 46.1% of GUNR.

Level by level

Holdings41 in both40.6%
Countryby domicile56.2%
Sector8 Sectors77.8%
Asset classEquity100%

Sector

Sector weights in GUNR and NANR, widest gap first
Sector	More in GUNRMore in NANR	GUNR	NANR
Energy	NANR +12.8 points	36.2%	49.0%
Materials	GUNR +9.4 points	45.5%	36.1%
Consumer Staples	GUNR +7.3 points	11.5%	4.2%
Consumer Discretionary	NANR +6.3 points	0.0%	6.3%
Utilities	GUNR +5.5 points	5.5%	0.0%
Financials	NANR +2.6 points	0.3%	2.9%
Industrials	NANR +0.2 points	0.1%	0.3%
Real Estate	NANR +0.2 points	1.0%	1.2%

Country, concentration and asset class

Country by domicile

Country weights in GUNR and NANR, widest gap first
Country	More in GUNRMore in NANR	GUNR	NANR
United States	NANR +36.1 points	35.3%	71.4%
United Kingdom	GUNR +11.9 points	13.2%	1.3%
Australia	GUNR +7.5 points	7.5%	0.0%
Canada	NANR +6.3 points	19.4%	25.7%
Norway	GUNR +4.8 points	4.8%	0.0%
Brazil	GUNR +3.2 points	3.4%	0.2%
France	GUNR +3.2 points	3.2%	0.0%
China	GUNR +1.9 points	1.9%	0.0%
Other countries (18)	GUNR +10.0 points	11.4%	1.4%

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

Concentration

Weight in the 10 largest Holdings

GUNR36.9%
NANR41.2%

Securities held

GUNR128
NANR202

Asset class

GUNR: Equity
NANR: Equity

Holdings

Only in GUNR87
In both41
Only in NANR161

Only in GUNR

87 securities, 52.2% of GUNR by weight

Bhp Group Ltd Common Stock Aud 04.72%
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%
Mowi Asa Common Stock Nok 7.51.73%
Tyson Foods Inc Common Stock USD 0.11.72%
Glencore PLC Common Stock Gbp 0.011.43%
American Water Works Co Inc Common Stock USD 0.011.33%
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%
Yara International Asa Common Stock Nok 1.71.13%
Anglo American PLC Common Stock Gbp 0.62391.11%
Upm-Kymmene Oyj Common Stock Eur 00.99%
Eni Spa0.88%
Vale SA Common Stock Brl 00.88%
Severn Trent PLC Common Stock Gbp 97.890.87%
Grupo Mexico Sab De Cv Common Stock Mxn 00.86%
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%
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%
Repsol SA Common Stock Eur 10.60%
Essential Utilities Inc Common Stock USD 0.50.58%
Northern Star Resources Ltd Common Stock Aud 00.54%
Equinor Asa Common Stock Nok 2.50.52%
Upl Ltd Common Stock Inr 20.52%
Icl Group Ltd Common Stock Ils 10.52%
Petrochina Co Ltd Common Stock Hkd 10.48%
Saudi Arabian Mining Co Common Stock Sar 100.46%
Suzano SA Common Stock Brl 00.44%
Svenska Cellulosa Ab Sca Common Stock Sek 00.43%
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%
Valterra Platinum Ltd Common Stock Zar 100.37%
Evolution Mining Ltd Common Stock Aud 00.37%
Fortescue Ltd Common Stock Aud 00.35%
Mondi PLC Common Stock Gbp 0.20.35%
Orlen SA Common Stock Pln 1.250.34%
United Plantations Bhd Common Stock Myr 00.33%
Antofagasta PLC Common Stock Gbp 50.33%
Oji Holdings Corp Common Stock Jpy0.33%

Only in NANR

161 securities, 39.0% of NANR by weight

Vylor Inc2.97%
Marathon Petroleum Corp2.10%
Nucor Corp1.94%
Valero Energy Corp1.91%
Phillips 661.89%
Slb Ltd1.38%
Packaging Corp of America1.38%
Smurfit Westrock PLC1.36%
Amcor PLC1.33%
International Paper Co1.17%
Anglogold Ashanti PLC1.13%
Steel Dynamics Inc1.06%
Teck Resources Ltd Cls B0.95%
Baker Hughes Co0.94%
Avery Dennison Corp0.84%
Reliance Inc0.70%
Darling Ingredients Inc0.53%
Halliburton Co0.52%
Technipfmc PLC0.45%
Alamos Gold Inc Class A0.37%
Ingredion Inc0.37%
Equinox Gold Corp0.37%
Hudbay Minerals Inc0.32%
Apa Corp0.31%
Sonoco Products Co0.30%
Hecla Mining Co0.30%
Hf Sinclair Corp0.30%
Iamgold Corp0.30%
Whitecap Resources Inc0.29%
Eldorado Gold Corp0.26%
Cleveland Cliffs Inc0.25%
Dpm Metals Inc0.24%
First Majestic Silver Corp0.23%
Commercial Metals Co0.22%
Antero Resources Corp0.22%
Range Resources Corp0.22%
G Mining Venture Corp0.21%
Mp Materials Corp0.19%
Lundin Gold Inc0.19%
Or Royalties Inc0.19%
B2GOLD Corp0.19%
Capstone Copper Corp0.18%
Ssr Mining Inc0.18%
Oceanagold Corp0.17%
Scotts Miracle Gro Co0.17%
Ivanhoe Mines Ltd Class A0.16%
Sm Energy Co0.16%
Graphic Packaging Holding Co0.16%
Viper Energy Inc Class A0.16%
Materion Corp0.15%

Weight gaps

All 41 Holdings in both funds, largest gap first.

Holding weights in GUNR and NANR, widest gap first
Holding	More in GUNRMore in NANR	GUNR	NANR
Exxonmobil Holdings Corp Common Stock USDXOM	NANR +5.21 points	6.32%	11.53%
Chevron Corp Common Stock USD 0.75CVX	NANR +3.55 points	4.36%	7.91%
Nutrien Ltd	GUNR +2.69 points	4.69%	2.00%
Newmont Corp Common Stock USD 1.6NEM	NANR +1.82 points	1.83%	3.65%
Freeport-Mcmoran Inc Common Stock USD 0.1FCX	NANR +1.40 points	1.54%	2.94%
Conocophillips Common Stock USD 0.01COP	NANR +1.29 points	1.83%	3.12%
Archer-Daniels-Midland Co Common Stock USD 0ADM	GUNR +1.10 points	3.35%	2.25%
Agnico Eagle Mines Ltd Common Stock Cad 0	NANR +0.94 points	1.81%	2.76%
Cf Industries Holdings Inc Common Stock USD 0.01CF	GUNR +0.75 points	1.83%	1.09%
Barrick Mining Corp Common Stock Cad	NANR +0.64 points	1.33%	1.97%
Wheaton Precious Metals Corp	NANR +0.61 points	1.12%	1.73%
Eog Resources Inc Common Stock USD 0.01EOG	NANR +0.60 points	0.87%	1.47%
Franco-Nevada Corp Common Stock	NANR +0.45 points	0.94%	1.39%
Devon Energy Corp Common Stock USD 0.1DVN	NANR +0.39 points	0.58%	0.97%
Diamondback Energy Inc Common Stock USD 0.01FANG	NANR +0.35 points	0.38%	0.73%
Bunge Global SA Common Stock USD 0.01BG	GUNR +0.33 points	1.26%	0.93%
Occidental Petroleum Corp Common Stock USD 0.2OXY	NANR +0.33 points	0.47%	0.80%
Royal Gold IncRGLD	NANR +0.30 points	0.32%	0.62%
Kinross Gold Corp Common Stock Cad 0	NANR +0.26 points	0.53%	0.79%
Eqt Corp Common Stock USD 0EQT	NANR +0.25 points	0.34%	0.59%
Corteva Inc Common Stock USD 0.01CTVA	GUNR +0.24 points	0.71%	0.47%
Coeur Mining Inc Common Stock USD 0.01CDE	NANR +0.23 points	0.22%	0.45%
Pan American Silver Corp Common Stock Cad 0	NANR +0.19 points	0.34%	0.53%
Permian ResourcesPR	NANR +0.17 points	0.20%	0.37%
Mosaic Co/The Common Stock USD 0.01MOS	GUNR +0.17 points	0.52%	0.35%
Alcoa Corp Common Stock USD 0.01AA	NANR +0.17 points	0.16%	0.33%
First Quantum Minerals Ltd Common Stock Cad 0	NANR +0.16 points	0.36%	0.52%
Expand Energy Corp Common Stock USD 0.01EXE	NANR +0.15 points	0.21%	0.36%
Lundin Mining Corp Common Stock Cad 0	NANR +0.15 points	0.32%	0.47%
Weyerhaeuser Co Reit USD 1.25WY	NANR +0.15 points	0.72%	0.87%
Ovintiv Inc Common Stock USDOVV	NANR +0.14 points	0.20%	0.34%
Texas Pacific Land Corp Common Stock USD 0.01TPL	NANR +0.13 points	0.20%	0.33%
Canadian Natural Resources Ltd Common Stock Cad 0	NANR +0.14 points	1.83%	1.97%
Suncor Energy Inc Common Stock Cad 0	NANR +0.08 points	1.50%	1.58%
Cameco Corp Common Stock Cad 0	GUNR +0.06 points	0.69%	0.63%
Cenovus Energy Inc Common Stock Cad 0	NANR +0.04 points	0.69%	0.73%
Rayonier Inc Reit USD 0RYN	NANR +0.03 points	0.29%	0.32%
Tourmaline Oil Corp Common Stock Cad	NANR +0.02 points	0.29%	0.31%
West Fraser Timber Co Ltd Common Stock Cad 0	GUNR +0.01 points	0.25%	0.24%
Stella-Jones Inc Common Stock Cad 0	GUNR +0.01 points	0.17%	0.16%
Imperial Oil Ltd Common Stock Cad 0	Same weight	0.34%	0.34%

All 178 GUNR holdings⁠All 202 NANR 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 NANR Cost

Overpaying GUNR vs NANR

$2,104

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

GUNR 0.46%
$9,230
NANR 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

GUNR 0.46%
NANR 0.35%
Overpaying

Year by year

Year	GUNR	NANR	Overpaying
10	$830	$634	$196
20	$3,195	$2,454	$741
30	$9,230	$7,126	$2,104

Expense ratio

0.46%GUNR
0.35%NANR, cheaper

NANR0.35%GUNR0.46%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

NANR cheapest of 14 funds

GUNR 8th cheapest of 14 funds

GUNR vs NANR Dividends

Last 12 months to Nov 2, 2026

Yield (12M): GUNR 2.32%, better; NANR 1.65%
Payout (12M): GUNR $1.23; NANR $1.41
Last payment: GUNR $0.37; NANR $0.71
Ex-dividend: GUNR Sep 18, 2026; NANR Jun 1, 2026
Paid on: GUNR Sep 24, 2026; NANR Jun 3, 2026
Frequency: GUNR Quarterly; NANR Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

GUNRQuarterly · 39 paymentsAll GUNR payments⁠

NANRTwice a year · 19 paymentsAll NANR payments⁠

GUNR vs NANR Risk

Fall from peak · 5 years

GUNR
NANR

Risk facts

VolatilityStd dev, 3 years: GUNR 15.4%, betterNANR 19.1%
Return per unit of riskSharpe ratio, 3 years: GUNR 0.69NANR 0.95, better
Worst fallMax drawdown, 5 years: GUNR −24.0%, betterNANR −26.4%
Market sensitivityBeta, 5 years: GUNR 0.46NANR 0.49; Market = 1

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