American Beacon GLG Natural Resources ETF

American Beacon GLG Natural Resources ETF (MGNR) is an actively managed fund that holds 30 to 60 stocks of companies in metals, energy, farm products, paper and chemicals. The stocks are picked by sub-advisor GLG LLC, part of Man Group plc. It does not track an index. It is more concentrated and more expensive than similar funds: its 0.75% expense ratio is the highest of seven similar funds, which average 0.41%.

• Over the year to Oct 27, 2026, MGNR returned +20.5%, 7th of 7 among similar funds.
• Its worst full calendar year was 2025 (+50.6%); its best was 2025 (+50.6%).
• The deepest fall in its price history was 22.1% (Feb 10, 2025 to Apr 8, 2025), recovered by Jun 11, 2025.

As of Jul 31, 2026, the fund held 40 securities; the ten largest made up 41.34% of assets.

• Over the three months to Jul 31, 2026, investors added a net $129.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.80%, -11.55%, +0.48%.

MGNR does not follow an index. Its sub-advisor, GLG LLC, an indirect wholly owned subsidiary of Man Group plc, picks stocks using two kinds of analysis. Top-down analysis means big-picture views on economies and commodities. Bottom-up analysis means studying individual companies. At least 80% of net assets goes to companies that get most of their assets, revenue or earnings from natural resources. The prospectus defines these broadly: metals, energy (fossil fuel and renewable), timber, water, farm products and chemicals. It also counts businesses that support them, such as food producers, utilities and makers of fertilizer, glass, paper and plastic.

The portfolio is focused, usually 30 to 60 stocks. As of July 31, 2026, it held 40, and the top 10 made up 41.3% of assets. The largest were ArcelorMittal (4.7%), Hudbay Minerals (4.7%), Teck Resources (4.4%), Smurfit Westrock (4.4%) and Range Resources (4.4%). The fund can invest without limit in US, foreign developed and emerging markets. On that date, 42.8% was in US companies and 27.9% in Canadian ones.

There is no set rebalancing schedule. The managers sell when their reason for buying no longer holds, when a company's fundamentals weaken, or when a stock looks fully valued. They may also buy ahead of expected events such as mergers. Portfolio turnover was 80%, and frequent trading can raise costs. The fund held no derivatives as of July 31, 2026, and it does not use leverage.

• MGNR charges 0.75% a year, versus an average of 0.41% for the similar funds below (7th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).

A focused, actively managed stake in 40 natural resources stocks with volatility near 25% a year fits better as a small side position than as a core holding.

MGNR could add a concentrated stake in companies tied to metals, energy, paper and food, but its track record is short. It launched on February 6, 2024, so it has no history through the 2008, 2020 or 2022 sell-offs. Its deepest drop was 22.1%, from February 10 to April 8, 2025. It recovered by June 11, 2025, about two months later. Its only full calendar year, 2025, returned 50.2%, so there is no losing year yet to study. Volatility near 25% a year means someone forced to sell in a bad stretch could lock in a large loss. Income is small: a 0.83% trailing yield as of October 27, 2026, paid quarterly. The 0.75% expense ratio is well above the 0.41% average for similar funds. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).