NANR vs PWER

NANRAState Street SPDR S&P North American Natural Resources ETF

PWERFNomura Energy Transition ETF

In short

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.

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

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.

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

• 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.

• 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

• 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.

• 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 NANR profile⁠

Full PWER profile⁠