NANR vs TURF

NANRAState Street SPDR S&P North American Natural Resources ETF

TURFBT. Rowe Price Natural Resources 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.

TURF An active bet on the companies that dig, drill and develop. TURF keeps at least 80% of net assets in upstream natural-resource names, holds roughly 80 of them, and charges less than the typical global thematic fund.

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.

TURF The fund seeks long-term capital appreciation. It normally invests at least 80% of net assets in upstream natural-resource companies engaged in exploration, extraction, or development.

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.

• TURF Active management at 0.44%, below the 0.56% median expense ratio for its global thematic peer group.
• The mandate is specific: at least 80% of net assets in upstream companies doing exploration, extraction or development, not the refiners and shippers further down the chain.
• Concentrated by design at roughly 80 holdings, with managers free to mix growth and value picks rather than mirror a commodity index.
• Rates as one of the stronger implementations in its global thematic cohort, helped by tight, orderly trading.

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.

• TURF Launched in 2025, so the record is short and the risk read on it is still thin.
• Upstream resource stocks track commodity cycles closely, so the ride can be far bumpier than a broad equity fund.
• Income is not the point: capital appreciation is the stated goal, distributions are annual, and part of a payout can be return of capital.

Full NANR profile⁠

Full TURF profile⁠