At a glance
HAP charges 0.41% a year, the same as the average of the 5 funds most like it (the 3rd cheapest of 6). It has $298.8M in assets, the 6th largest of that group; it paid 1.84% of its price in distributions over the past 12 months, annual. Over the past year it returned +32.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 6 funds; over three years it returned +19.7% a year. At its worst it fell 40.2% in the 2020 crash (S&P 500: 33.7%) and 25.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 33 months after the lows. Its ten largest positions make up 37.5% of the fund, out of 137 in all.
The short version
VanEck Natural Resources ETF (HAP) is an index fund that tracks the MarketVector Global Natural Resources Index, a worldwide basket of companies in farming, oil and gas, renewable energy, metals and forest products. It mixes farm-supply companies and utilities, such as Deere and NextEra Energy, with oil majors like Exxon Mobil and Chevron. Its 0.41% expense ratio matches the peer average. At about $299 million (June 30, 2026), it is the smallest fund in its peer group.
Price history
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HAP +32.0% 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 | |
|---|---|---|---|---|---|---|
| HAP official prospectus, to Dec 31, 2025 | — | +34.72% | — | +12.19% | +11.36% | — |
| HAP price data to Oct 27, 2026 | +23.2% | +32.0% | +19.7% | +12.2% | +11.8% | +6.2% |
- Over the year to Oct 27, 2026, HAP returned +32.0%, 4th of 6 among similar funds.
- Its 5-year annualized return was +12.2% and its 10-year +11.8%.
- In the 2020 COVID crash it fell 40.2% and regained its old high 7.8 months after the low.
- Its worst full calendar year was 2015 (-19.9%); its best was 2009 (+42.5%).
- The deepest fall in its price history was 50.7% (Sep 23, 2008 to Nov 20, 2008), recovered by Nov 4, 2010.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +23.2% | — |
| 2025 | +34.9% | +34.72% |
| 2024 | -4.1% | -4.00% |
| 2023 | +2.5% | +2.32% |
| 2022 | +7.8% | +7.10% |
| 2021 | +25.1% | +25.38% |
| 2020 | +6.3% | +6.73% |
| 2019 | +18.6% | +18.34% |
| 2018 | -10.7% | -10.69% |
| 2017 | +17.1% | +17.14% |
| 2016 | +25.4% | +24.93% |
| 2015 | -19.9% | — |
| 2014 | -7.3% | — |
| 2013 | +6.8% | — |
| 2012 | +8.8% | — |
| 2011 | -11.7% | — |
| 2010 | +16.5% | — |
| 2009 | +42.5% | — |
| 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 39.4% over that stretch · deepest drop along the way 40.2%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 5.6% over that stretch · deepest drop along the way 25.7%, back to its old high 32.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.3600 | +12.4% |
| 2024 | $1.2100 | -24.4% |
| 2023 | $1.6000 | -0.6% |
| 2022 | $1.6100 | +57.8% |
| 2021 | $1.0200 | +8.5% |
| 2020 | $0.9400 | -9.6% |
| 2019 | $1.0400 | +13.0% |
| 2018 | $0.9200 | +22.7% |
| 2017 | $0.7500 | +13.6% |
| 2016 | $0.6600 | -16.5% |
| 2015 | $0.7900 | -7.1% |
| 2014 | $0.8500 | +2.4% |
| 2013 | $0.8300 | -2.4% |
| 2012 | $0.8500 | +28.8% |
| 2011 | $0.6600 | +112.9% |
| 2010 | $0.3100 | +24.0% |
| 2009 | $0.2500 |
What's inside
As of Jun 30, 2026, the fund held 137 securities; the ten largest made up 37.47% of assets.
| Holding | Weight | |
|---|---|---|
| Deere & Co | 5.69% | |
| Exxon Mobil Corp | 4.56% | |
| Chevron Corp | 4.39% | |
| Iberdrola SA | 4.31% | |
| NextEra Energy Inc | 3.99% | |
| Bayer AG | 3.94% | |
| Corteva Inc | 3.32% | |
| BHP Group Ltd | 3.16% | |
| Nutrien Ltd | 2.19% | |
| Bloom Energy Corp | 1.93% | |
| Shell PLC | 1.87% | |
| Rio Tinto PLC | 1.85% | |
| Archer-Daniels-Midland Co | 1.68% | |
| TotalEnergies SE | 1.64% | |
| Agnico Eagle Mines Ltd | 1.58% |
By country
United States 45.28%Canada 14.43%United Kingdom 7.17%Australia 5.09%Spain 4.59%By asset type
Stocks 99.91%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $12.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.62%, -1.94%, -4.57%.
How it works
HAP is passively managed. It tries to match the MarketVector Global Natural Resources Index before fees, not beat it. It normally keeps at least 80% of its assets in the index's securities. MarketVector Indexes GmbH publishes the index and is indirectly wholly owned by VanEck, the fund's adviser. To get into the index, a company must earn at least 50% of its revenue from natural resources (or have at least half its mineral resources tied to them) and be worth more than $500 million.
Companies are drawn from six sub-themes: agriculture (fertilizers, seeds, farm equipment), energy (oil and gas, from drilling to refining), renewable energy, industrial metals such as copper and uranium, precious metals, and forest and paper products. Holdings are weighted by modified market capitalization. Larger companies get larger weights, but the "modified" approach typically caps the biggest positions. The index is reset twice a year and rebalanced every quarter.
As of June 30, 2026, the fund held 137 holdings, almost all of them stocks. The top 10 made up about 37% of assets. Deere & Co was the largest at about 5.7%, followed by Exxon Mobil, Chevron, Iberdrola and NextEra Energy. About 45% of assets were in US companies and 14% in Canadian ones, so currency moves also affect returns. The fund held no derivatives. Its portfolio turnover (the share of holdings replaced in a year) was 21%.
What it really costs
- HAP charges 0.41% a year, versus an average of 0.41% for the similar funds below (3rd of 6, cheapest first).
- Of that, 0.4% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $42 in the first year and $518 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HAP | $42 | $132 | $230 | $518 |
In a retirement portfolio
HAP is concentrated in commodity-linked sectors and has fallen by 40% to 50% in past crashes, so it fits best as a small add-on rather than a foundation.
HAP adds farming, energy, metals and utility stocks from around the world, but its swings have been large. The fund launched in August 2008. Its deepest drop, 50.7%, came between September and November 2008, and it took about 23.5 months to recover. In the 2020 COVID crash it fell 40.2% and recovered in about 8 months. Across the 2022 bear market as a whole it lost just 5.6%. Even so, it fell 25.7% from April to September 2022 and took about 32.5 months to regain its peak. Its worst calendar year was 2015, at -19.9%. Anyone who has to sell in a slump may lock in losses. The yield was 1.84% as of October 27, 2026, paid once a year. Fees cost about $42 in the first year on $10,000 under the SEC's example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund that spans farming, oil, utilities, miners and timber, with Deere, Exxon Mobil and Chevron as its top holdings (June 30, 2026).
- Those comfortable keeping a small satellite position in a fund that fell 50.7% in 2008 and 40.2% in early 2020 before recovering.
- Investors seeking global resource exposure: about 55% of assets were outside the US, mainly in Canada, the UK and Australia, as of June 30, 2026.
Look elsewhere if
- Retirees who need regular cash: the yield was 1.84% as of October 27, 2026, and it is paid only once a year.
- Investors who prefer a much larger, slightly cheaper peer: SPDR S&P Global Natural Resources ETF (GNR) charges 0.40% and holds about $4.5 billion.
- Anyone who may need to sell within a few years: after its 2022 drop, the fund took about 32.5 months to regain its peak.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| HAP this fund | — | 0.41% | $298.8M | +32.0% | +19.7% |
| GNR SPDR S&P Global Natural Resources ETF | 47% | 0.4% | $4.48B | +31.7% | +16.3% |
| NANR SPDR S&P North American Natural Resources E… | 41% | 0.35% | $735.5M | +40.6% | +22.6% |
| GUNR FlexShares Morningstar Global Upstream Natu… | 40% | 0.46% | $7.24B | +26.3% | +14.9% |
| IGE iShares North American Natural Resources ETF | 32% | 0.41% | $707.9M | +40.9% | +21.2% |
| IXC iShares Global Energy ETF | 23% | 0.41% | $2.00B | +54.8% | +20.9% |
Questions investors ask
Is HAP a good ETF for retirement?
It can play a small supporting role, but it is a poor fit as a core holding. HAP holds only natural resources companies, so it is concentrated and volatile. It fell 40.2% in the 2020 COVID crash and 50.7% in late 2008. Its yield was 1.84% as of October 27, 2026, and it pays once a year. It may suit retirees who want some resource exposure next to broad stock and bond funds.
What's the difference between HAP and GNR?
They are similar global natural resources index funds, and about 47% of their holdings overlap. GNR charges 0.40% against HAP's 0.41%. GNR is also far larger, with about $4.5 billion in assets versus HAP's roughly $299 million (June 30, 2026). As of October 27, 2026, their one-year returns were close: 32% for HAP and 31.7% for GNR. HAP's three-year annualized return was 19.7%, compared with 16.3% for GNR.
Does HAP pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, HAP paid $1.36 per share, a yield of 1.84%. The payouts come from dividends paid by companies such as Exxon Mobil, Chevron, Iberdrola and BHP. These dividends can rise and fall with commodity prices and company profits. Investors who need monthly or quarterly income would have to sell shares between payments.
What is HAP's expense ratio?
HAP's expense ratio is 0.41%, according to its prospectus filed April 29, 2026. That includes a 0.40% management fee. It matches the 0.41% average of similar funds, which range from 0.35% (NANR) to 0.46% (GUNR). Under the SEC's standard example ($10,000 invested and a 5% yearly return), total costs would be about $42 after one year, $132 after three years, $230 after five years and $518 after 10 years.
How has HAP performed over the last 10 years?
HAP returned 11.36% a year on average over the 10 years to December 31, 2025, according to its prospectus. Its five-year return was 12.19% a year, and its one-year return was 34.72%. The ride was uneven. The fund lost 10.69% in 2018 and 4% in 2024. Its worst quarter was a 32.16% drop in early 2020. Based on price, its 10-year annualized return was 11.8% as of October 27, 2026.