HAP vs MGNR: Grades, Fees and Holdings Compared

VanEck Natural Resources ETF

HAPBNYSE Arca

American Beacon GLG Natural Resources ETF

MGNRDNYSE Arca

Overlap

13.1%by weight

Expense ratio

HAP −0.34pt a year

HAP0.41%MGNR0.75%

Avg volume · 30D

MGNR 6.6×the volume

HAP27.8KMGNR184K

HAP vs MGNR Performance

Nov 3, 2025 – Nov 3, 2026

+31.2%HAP+16.3%MGNR

Expense ratio: HAP 0.41%, better; MGNR 0.75%
Fund size: HAP $321M; MGNR $1.23B
1Y total return: HAP +31.2%, better; MGNR +16.3%
Yield (12M): HAP 1.86%, better; MGNR 0.85%
Holdings: HAP 130; MGNR 52
Avg volume (30D): HAP 27.8K sh; MGNR 184K sh, better
NAV per share: HAP $73.06; MGNR $47.04
52W range

ETF.net Grade

Pillar letters and Scores for HAP, MGNR, with each pillar’s weight
Pillar	HAP	MGNR
Cost30% weight	B68Higher	F8
Mission25% weight	Not scored	Not scored
Risk15% weight	A76Higher	D29
Tradability15% weight	B64Higher	C51
Holdings10% weight	A74Higher	B58
Durability5% weight	B60Higher	C52

Rank among Natural Resources funds

How we build Categories ›

Same Category. HAP and MGNR 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 MGNR 11th 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 2ANANRState Street SPDR S&P North American Natural Resources ETFScore 75
Rank 4BHAPVanEck Natural Resources ETFScore 69
Rank 5BCCNRALPS Funds CoreCommodity Natural Resources ETFScore 63
Rank 10DFTWOStrive Natural Resources and Security ETFScore 36
Rank 11DMGNRAmerican Beacon GLG Natural Resources ETFScore 30
Rank 12DFTRIFirst Trust Indxx Global Natural Resources Income ETFScore 29

Our read on each fund

ETF.net Research

HAPBVanEck Natural Resources ETF

MGNRDAmerican Beacon GLG Natural Resources ETF

In short

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.

MGNR An actively run slice of the companies that dig, drill and grow the world's raw materials, launched in 2024. Its peer group is stuffed with cheap broad-market core funds; this one is the specialist picking resource stocks by hand.

Stated mandate

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.

MGNR The Fund seeks long-term capital appreciation and invests primarily in equity securities of companies engaged in natural resources and related businesses.

Why people hold it

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.

MGNR Stock picking, not index following: the managers hunt for long-term capital appreciation in natural-resources equities and can lean wherever they see value in the complex.
A rule keeps it honest: at least 80% of net assets must sit in natural-resources and resources-related equities, so the theme can't quietly drift into something else.yahoo.com
Real traction for a niche 2024 launch: assets in the hundreds of millions and moderate daily volume, not one of those thinly traded oddities.
Pays quarterly, and among active US equity ETFs it lands in the upper half of the pack on our review.

Worth knowing

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.

MGNR Specialist pricing: 0.75% a year is above the typical active US equity ETF and several times what core peers such as DFAU (0.12%) or AVLC (0.15%) charge.
One theme, one cycle. Resource equities track commodity prices, which move in bigger swings than a diversified core portfolio.
Young fund: it opened in 2024, so its risk record covers a short stretch rather than a full commodity cycle.

Full HAP profile⁠

Full MGNR profile⁠

HAP vs MGNR Holdings

How HAP and MGNR differ

Overlap by weight

13.1%

Shared holdings make up 43.4% of MGNR and 15.9% of HAP.

Level by level

Holdings22 in both13.1%
Sector10 Sectors70.8%
Countryby domicile71.2%
Asset classEquity100%

Sector

Sector weights in HAP and MGNR, widest gap first
Sector	Gap	HAP	MGNR
Materials	MGNR +16.5 points	32.1%	48.6%
Utilities	HAP +9.1 points	9.1%	0.0%
Energy	HAP +7.7 points	34.5%	26.8%
Industrials	HAP +7.5 points	10.8%	3.3%
Consumer Staples	MGNR +6.1 points	6.0%	12.1%
Consumer Discretionary	MGNR +6.0 points	0.2%	6.2%
Health Care	HAP +3.6 points	3.6%	0.0%
Financials	HAP +0.8 points	2.4%	1.6%
Technology	MGNR +0.7 points	0.8%	1.5%
Real Estate	HAP +0.5 points	0.5%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in HAP and MGNR, widest gap first
Country	Gap	HAP	MGNR
Canada	MGNR +11.5 points	14.2%	25.7%
United Kingdom	HAP +6.7 points	6.7%	0.0%
United States	MGNR +6.1 points	50.4%	56.5%
Spain	HAP +4.9 points	4.9%	0.0%
Ireland	MGNR +4.4 points	0.0%	4.4%
Germany	HAP +3.6 points	3.6%	0.0%
Australia	HAP +3.3 points	4.6%	1.3%
Mexico	MGNR +3.1 points	1.1%	4.2%
Other countries (16)	HAP +6.5 points	14.4%	7.9%

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

Concentration

Weight in the 10 largest Holdings

HAP38.4%
MGNR39.9%

Securities held

HAP124
MGNR50

Asset class

HAP: Equity
MGNR: Equity

Holdings

Only in HAP102
In both22
Only in MGNR28

Only in HAP

102 securities, 83.9% of HAP by weight

Exxon Mobil Corp5.83%
Chevron Corp5.67%
Deere & Co5.25%
Iberdrola Sa4.39%
Bayer Ag3.76%
Nextera Energy Inc3.66%
Bhp Group Ltd2.77%
Shell Plc2.49%
Totalenergies Se1.94%
Archer-Daniels-Midland Co1.74%
Newmont Corp1.63%
Agnico Eagle Mines Ltd1.59%
Rio Tinto Plc1.49%
Conocophillips1.34%
Kubota Corp1.26%
Barrick Mining Corp1.17%
Bp Plc1.09%
Enbridge Inc1.00%
Anglo American Plc0.96%
Marathon Petroleum Corp0.88%
Mowi Asa0.87%
Suncor Energy Inc0.84%
Canadian Natural Resources Ltd0.83%
Phillips 660.81%
Valero Energy Corp0.80%
Vestas Wind Systems A/S0.79%
Reliance Industries Ltd0.79%
Wheaton Precious Metals Corp0.79%
Nucor Corp0.78%
Toro Co/The0.74%
Grupo Mexico Sab De Cv0.73%
Franco-Nevada Corp0.71%
Vale Sa0.69%
Cnh Industrial Nv0.68%
Williams Cos Inc/The0.66%
Eni Spa0.63%
Cameco Corp0.62%
Yara International Asa0.61%
Wilmar International Ltd0.58%
Schlumberger Nv0.58%
Cheniere Energy Inc0.56%
Steel Dynamics Inc0.55%
Tc Energy Corp0.54%
Ingredion Inc0.54%
Rio Tinto Ltd0.51%
Edp Sa0.51%
Kinder Morgan Inc0.50%
Axia Energia Sa0.49%
Eog Resources Inc0.48%
First Solar Inc0.47%

Only in MGNR

28 securities, 54.7% of MGNR by weight

Range Resources Corp Common Stock USD.015.91%
Smurfit Westrock PLC Common Stock4.33%
Antero Resources Corp Common Stock USD.014.30%
Vista Energy Sab De Cv Adr3.77%
Methanex Corp Common Stock3.52%
Hudbay Minerals Inc Common Stock3.35%
Venture Global Inc Class A Common Stock USD.012.83%
Permian Resources Corp Class A Common Stock USD.00012.62%
Alcoa Corp Common Stock USD.012.21%
Contemporary Amperex Techn H Common Stock CNY1.02.16%
Neste Oyj Common Stock2.00%
Capstone Copper Corp Common Stock1.83%
First Quantum Minerals Ltd Common Stock1.79%
International Paper Co Common Stock USD1.01.68%
Dpm Metals Inc Common Stock1.60%
Eldorado Gold Corp Common Stock1.53%
Andersons Inc/The Common Stock1.37%
Mowi Asa Common Stock NOK7.51.23%
Northern Star Resources Ltd Common Stock1.20%
Solaris Energy Infrastructur Common Stock USD.010.91%
Zijin Mining Group Co Ltd H Common Stock CNY.10.88%
Hormel Foods Corp Common Stock USD.014650.81%
Norsk Hydro Asa Common Stock NOK1.0980.64%
Neo Performance Materials In Common Stock0.59%
Lg Energy Solution Common Stock KRW500.00.56%
Jbs NV A Common Stock EUR.010.49%
Doosan Enerbility Co Ltd Common Stock KRW5000.00.43%
Asp Isotopes Inc Common Stock USD.010.20%

Weight gaps

All 22 Holdings in both funds, largest gap first.

Holding weights in HAP and MGNR, widest gap first
Holding	Gap	HAP	MGNR
Arcelormittal SaMT	MGNR +3.74 points	0.53%	4.27%
Equinox Gold CorpEQX	MGNR +3.10 points	0.24%	3.34%
Teck Resources LtdTECK	MGNR +3.04 points	0.60%	3.64%
Anglogold Ashanti PlcAU	MGNR +2.81 points	0.62%	3.43%
Darling Ingredients IncDAR	MGNR +2.71 points	0.62%	3.33%
Bunge Global SaBG	MGNR +2.23 points	0.69%	2.92%
Freeport-Mcmoran IncFCX	MGNR +2.06 points	1.37%	3.43%
Diamondback Energy IncFANG	MGNR +2.02 points	0.36%	2.38%
Gold Fields LtdGFI	MGNR +1.30 points	0.46%	1.76%
Nextpower IncNXT	MGNR +1.27 points	0.35%	1.62%
Hecla Mining CoHL	MGNR +1.25 points	0.16%	1.41%
Nutrien LtdNTR	HAP +1.17 points	2.20%	1.03%
Kinross Gold CorpKGC	MGNR +1.17 points	0.41%	1.58%
Pan American Silver CorpPAAS	MGNR +0.90 points	0.31%	1.21%
Coeur Mining IncCDE	MGNR +0.85 points	0.22%	1.07%
Vylor IncVYLR	HAP +0.82 points	2.38%	1.56%
First Majestic Silver CorpAG	MGNR +0.58 points	0.16%	0.74%
Bloom Energy CorpBE	MGNR +0.56 points	1.31%	1.87%
Mosaic Co/TheMOS	HAP +0.45 points	0.45%	<0.01%
Tyson Foods IncTSN	MGNR +0.44 points	0.98%	1.42%
Corteva IncCTVA	HAP +0.39 points	0.39%	<0.01%
Cf Industries Holdings IncCF	MGNR +0.24 points	1.12%	1.36%

All 146 HAP holdings⁠All MGNR 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.

HAP vs MGNR Cost

Overpaying MGNR vs HAP

$6,201

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

HAP 0.41%
$8,281
MGNR 0.75%
$14,482

Amount$10,000

Years30 years

Cost over time

HAP 0.41%
MGNR 0.75%
Overpaying

Year by year

Year	HAP	MGNR	Overpaying
10	$741	$1,336	$595
20	$2,860	$5,078	$2,218
30	$8,281	$14,482	$6,201

Expense ratio

0.41%HAP, cheaper
0.75%MGNR

HAP0.41%MGNR0.75%

0.35%0.79%

Middle half of Natural Resources funds
Median 0.46%

HAP 5th cheapest of 14 funds

MGNR 13th cheapest of 14 funds

HAP vs MGNR Dividends

Last 12 months to Nov 3, 2026

Yield (12M): HAP 1.86%, better; MGNR 0.85%
Payout (12M): HAP $1.36; MGNR $0.40
Last payment: HAP $1.36; MGNR $0.05
Ex-dividend: HAP Dec 22, 2025; MGNR Oct 2, 2026
Paid on: HAP Dec 26, 2025; MGNR Oct 6, 2026
Frequency: HAP Annual; MGNR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

HAPAnnual · 9 paymentsAll HAP payments⁠

MGNRQuarterly · 11 paymentsAll MGNR payments⁠

HAP vs MGNR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HAP 15.1%MGNR 23.0%since Mar 2024
Return per unit of riskSharpe ratio, 3 years: HAP 0.98MGNR 0.98since Mar 2024
Worst fallMax drawdown, 5 years: HAP −25.7%MGNR −22.1%since Feb 2024
Market sensitivityBeta, 5 years: HAP 0.60MGNR 0.74; Market = 1

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