At a glance
GUNR charges 0.46% a year, above the 0.4% average of the 5 funds most like it (the most expensive of 6). It has $7.24B in assets, the largest of that group; it paid 2.3% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +26.3% with distributions reinvested (S&P 500: +11.5%), 5th of those 6 funds; over three years it returned +14.9% a year. At its worst it fell 39.9% in the 2020 crash (S&P 500: 33.7%) and 24.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 38 months after the lows. Its ten largest positions make up 36.6% of the fund, out of 151 in all.
The short version
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) is a Northern Trust index ETF that owns companies producing energy, farm goods, metals, timber and water worldwide. Caps on each resource category spread it beyond oil, so farm suppliers Corteva and Nutrien rank alongside ExxonMobil and BHP among its largest holdings. It is the largest of six similar funds, at $7.2 billion as of July 31, 2026, but also the costliest, at 0.46% a year.
Price history
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GUNR +26.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GUNR official prospectus, to Dec 31, 2025 | — | +29.94% | — | +10.98% | +10.92% | — |
| MSCIACWI Index index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| Sand P Global Natural Resources Index index, same period | — | +28.86% | — | +10.61% | +10.38% | — |
| Morningstar Global Upstream Natural Resources Index index, same period | — | +30.78% | — | +11.52% | +11.45% | — |
| GUNR price data to Oct 27, 2026 | +19.4% | +26.3% | +14.9% | +10.3% | +10.5% | +6.4% |
- Over the year to Oct 27, 2026, GUNR returned +26.3%, 5th of 6 among similar funds.
- Its 5-year annualized return was +10.3% and its 10-year +10.5%.
- In the 2020 COVID crash it fell 39.9% and regained its old high 8.2 months after the low.
- Its worst full calendar year was 2015 (-24.2%); its best was 2016 (+31.3%).
- The deepest fall in its price history was 45.7% (Jul 24, 2014 to Jan 20, 2016), recovered by Jan 3, 2018.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.4% | — |
| 2025 | +30.0% | +29.94% |
| 2024 | -8.4% | -8.53% |
| 2023 | -2.4% | -1.72% |
| 2022 | +14.9% | +14.65% |
| 2021 | +26.1% | +25.72% |
| 2020 | +0.5% | +0.73% |
| 2019 | +18.4% | +18.08% |
| 2018 | -9.4% | -9.22% |
| 2017 | +18.7% | +18.43% |
| 2016 | +31.3% | +30.91% |
| 2015 | -24.2% | — |
| 2014 | -8.3% | — |
| 2013 | -1.7% | — |
| 2012 | +9.1% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.1% over that stretch · deepest drop along the way 39.9%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 1.4% over that stretch · deepest drop along the way 24%, back to its old high 37.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9200 | |
| 2025 | $1.2900 | +4.9% |
| 2024 | $1.2300 | -15.8% |
| 2023 | $1.4600 | -18.0% |
| 2022 | $1.7800 | +25.4% |
| 2021 | $1.4200 | +57.8% |
| 2020 | $0.9000 | -17.4% |
| 2019 | $1.0900 | +14.7% |
| 2018 | $0.9500 | +43.9% |
| 2017 | $0.6600 | +32.0% |
| 2016 | $0.5000 | -50.0% |
| 2015 | $1.0000 | +16.3% |
| 2014 | $0.8600 | +22.9% |
| 2013 | $0.7000 | +89.2% |
| 2012 | $0.3700 |
What's inside
As of Jul 31, 2026, the fund held 151 securities; the ten largest made up 36.56% of assets.
| Holding | Weight | |
|---|---|---|
| ExxonMobil Holdings Corp. | 5.08% | |
| Corteva, Inc. | 4.93% | |
| BHP Group Ltd. | 4.61% | |
| Nutrien Ltd. | 4.32% | |
| Shell plc | 3.76% | |
| Chevron Corp. | 3.72% | |
| Archer-Daniels-Midland Co. | 3.23% | |
| TotalEnergies SE | 2.78% | |
| Rio Tinto plc | 2.26% | |
| Newmont Corp. | 1.85% | |
| CF Industries Holdings, Inc. | 1.77% | |
| Agnico Eagle Mines Ltd. | 1.71% | |
| BP plc | 1.68% | |
| Tyson Foods, Inc. | 1.57% | |
| Freeport-McMoRan, Inc. | 1.55% |
By country
United States 42.18%Canada 15.47%Australia 10.44%Brazil 5.85%China 4.87%By asset type
Stocks 99.47%RA 1.82%Bonds and notes 0.4%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $103.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.60%, -8.21%, +6.13%.
How it works
GUNR tracks the Morningstar Global Upstream Natural Resources Index. Morningstar builds the index and is independent of the fund. To qualify, a company in a developed or emerging market, including the US, must have significant economic interests in energy, agriculture, precious or industrial metals, timber or water. A stock is dropped if it trades less than $1 million a day on average over three months. It is also dropped if its float market value (the value of shares available to the public) is under $1 billion, or under $500 million for timber and water. The index aims to include the largest stocks in each category.
Within each category, stocks are weighted by float market value. Caps then limit how much any one category, any single company, the US or emerging markets can make up. As of December 31, 2025, the index held 120 issues, with market values from $1.8 billion to $1.5 trillion. The index is reconstituted twice a year and rebalanced quarterly.
Northern Trust Investments uses representative sampling. That means the fund may hold a sample of stocks with similar traits instead of every stock in the index. At least 80% of assets go into index stocks or depositary receipts (certificates for foreign shares traded on another exchange). Up to 20% can go into cash, futures or currency contracts. The fund can lend out up to one-third of its assets. It does not turn defensive when markets fall.
What it really costs
- GUNR charges 0.46% a year, versus an average of 0.4% for the similar funds below (6th of 6, cheapest first).
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $47 in the first year and $590 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GUNR | $47 | $150 | $262 | $590 |
In a retirement portfolio
GUNR adds a stake in raw-material producers that have moved loosely with the broad market, and it gained ground in 2022 while stocks fell.
GUNR's one-year beta (a measure of how closely it follows the market) was 0.44 as of October 27, 2026. The fund launched in 2011, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 39.9% and recovered in about eight months. It gained 14.65% in 2022, but a 24% slide that spring and summer took about 38 months to recover. Its worst calendar year was 2015, at -24.2%. Its deepest drop, 45.7% from 2014 to 2016, was not recovered until January 2018. Someone forced to sell in slumps like these would lock in losses.
The trailing 12-month yield was 2.3% as of October 27, 2026, paid quarterly. The fund costs 0.46% a year, the most among similar funds. Under the SEC's standard example, that is about $47 in the first year on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund covering energy, farming, metals, timber and water producers, not just oil companies, across 151 holdings as of July 31, 2026.
- Those looking for a sleeve that has diverged from the broad market. It gained 14.65% in 2022, during that year's bear market.
- Holders comfortable with modest income: a 2.3% trailing yield paid quarterly, as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: 0.46% a year is the highest of six similar funds. GNR charges 0.40% and NANR charges 0.35%.
- Anyone who can't tolerate steep drops. It fell 45.7% from 2014 to 2016 and 39.9% in early 2020.
- Investors who want mainly North American exposure. Only about 42% is in the US. NANR and IGE focus on North America.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GUNR this fund | — | 0.46% | $7.24B | +26.3% | +14.9% |
| GNR SPDR S&P Global Natural Resources ETF | 52% | 0.4% | $4.48B | +31.7% | +16.3% |
| HAP VanEck Natural Resources ETF | 40% | 0.43% | $298.8M | +32.0% | +19.7% |
| NANR SPDR S&P North American Natural Resources E… | 37% | 0.35% | $735.5M | +40.6% | +22.6% |
| IGE iShares North American Natural Resources ETF | 24% | 0.41% | $707.9M | +40.9% | +21.2% |
| CCNR ALPS | CoreCommodity Natural Resources ETF | 20% | 0.39% | $427.5M | +25.9% | — |
Questions investors ask
What does GUNR invest in?
GUNR invests in natural resource stocks across energy, agriculture, metals, timber and water. It held 151 of them as of July 31, 2026. The largest holdings were ExxonMobil (5.1%), Corteva (4.9%), BHP Group (4.6%), Nutrien (4.3%), Shell (3.8%) and Chevron (3.7%). The top 10 made up about 37% of assets. About 42% was in US companies, 15% in Canada and 10% in Australia, with smaller stakes in Brazil and China.
Does GUNR pay dividends?
Yes. GUNR pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $1.24 per share, a trailing yield of 2.3%. The payouts come from the dividends of the companies it owns, such as oil majors, miners and fertilizer makers. They can rise or fall with commodity prices and company profits. The fund is built to track natural resource stocks, not to maximize income.
GUNR vs GNR: what's the difference?
Both are global natural resource stock ETFs, and 52% of their holdings overlapped in the latest SEC holdings reports. GUNR follows a Morningstar index that caps each resource category. GNR, from SPDR, is cheaper, at 0.40% a year versus 0.46%. As of October 27, 2026, GNR returned 31.7% over one year and 16.3% a year over three years. GUNR returned 26.3% and 14.9%. GUNR is larger: about $7.2 billion versus $4.5 billion in mid-2026 filings.
How has GUNR performed over 10 years?
GUNR returned 10.92% a year over the 10 years to December 31, 2025, according to its prospectus. That trailed its own index, which returned 11.45%, partly because of fees. It also trailed the MSCI ACWI global stock index, at 11.72%. It beat the S&P Global Natural Resources Index, at 10.38%. Returns were uneven from year to year. They ranged from 30.91% in 2016 to -9.22% in 2018. The fund lost 8.53% in 2024, then gained 29.94% in 2025.
Is GUNR a risky ETF?
It can be quite volatile. GUNR fell 45.7% from July 2014 to January 2016 and did not recover until January 2018. In the 2020 COVID crash it dropped 39.9% in under a month, and its worst quarter was a 31% loss in early 2020. Because it holds a single sector, it tends to swing with oil, metal and crop prices. Its three-year volatility (a measure of how much returns swing) was 16.3% as of October 27, 2026.