GUNR
FlexShares Morningstar Global Upstream Natural Resources Index Fund
FlexShares Morningstar Global Upstream Natural Resources Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Morningstar Global Upstream Natural Resources Index.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
5.4 B
ASSETS UNDER MGMT
46 bp
EXPENSES
Fund Basics
| Fund sponsor | Northern Trust Investments Inc |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 16, 2011 |
| Assets (mns) | $5,385 |
| Expense ratio | 46 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| CORTEVA INC | 5.2 % |
| BHP BILLITON LTD | 5.2 % |
| EXXON MOBIL CORP | 5.0 % |
| SHELL PLC | 4.8 % |
| NUTRIEN LTD. | 4.6 % |
| CHEVRON CORP | 3.3 % |
| ARCHER-DANIELS-MIDLAND CO | 3.1 % |
| AGNICO-EAGLE MINES LTD | 2.9 % |
| TOTAL SA | 2.8 % |
| NEWMONT MINING CORP | 2.6 % |
Constituent Breakdown
| Number of holdings | 167 |
| Herfindahl-Hirschman Index | 243 |
| Wgt avg mkt cap (mns) | $102,243 |
| Large cap (>$10bn) | 96.3% |
| Mid cap ($2-10bn) | 12.3% |
| Small cap (<$2bn) | 0.6% |
| Developed mkts. | 91.2% |
| Emerging mkts. | 19.1% |
Country Exposure
 |
UNITED STATES | 37.8 % |
 |
CANADA | 19.8 % |
 |
BRITAIN | 12.8 % |
 |
AUSTRALIA | 8.1 % |
 |
CHINA | 5.3 % |
 |
NORWAY | 3.5 % |
 |
BRAZIL | 3.3 % |
 |
FRANCE | 2.8 % |
 |
SAUDI ARABIA | 2.4 % |
 |
INDIA | 2.3 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 19.5% | 9.2% | 6.1% | 1.6% | 10.2% | 5.5% | -- | 2.0% |
| Dividend Yield | 0.8% | 0.7% | 2.2% | 2.4% | 3.4% | 3.5% | -- | 2.8% |
| Total Returns | 20.3% | 9.9% | 8.3% | 4.0% | 13.6% | 9.0% | -- | 4.8% | Ann. Volatility | 17.3% | 17.3% | 16.2% | 17.0% | 19.4% | 21.0% | -- | 20.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.63 | 27% |
| MSCI EAFE | 0.68 | 42% |
| MSCI Emg Mkts | 0.61 | 39% |
Liquidity Measures
| Avg. volume (000) | 478 |
| ADV traded (mns) | $21 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.02% |
Technical Indicators
| 30d moving avg. (EMA) | $43.70 |
| Relative strength (RSI) | 50 |
| MACD/Signal | 0.02/0.12 |
| Bollinger Bands (Upper/Lower) | $44.92/$42.58 |
| Short interest (% of AUM) | 0.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. GUNR |
Expenses vs. GUNR |
ALTAR Score™ vs. GUNR |
|---|---|---|---|---|
| GNR | SPDR S&P Global Natural Resources ETF | 55.7% | -6 bp | +10.5% |
| NANR | SPDR S&P North American Natural Resources ETF | 36.2% | -11 bp | +8.1% |
| HAP | VanEck Natural Resources ETF | 33.1% | +4 bp | +9.0% |
| FTWO | Strive FAANG 2.0 ETF | 29.1% | +3 bp | +4.4% |
| IXC | iShares Global Energy ETF | 28.5% | -2 bp | +10.0% |
| MXI | iShares Global Materials ETF | 28.1% | -5 bp | +7.3% |
| VEGI | iShares MSCI Agriculture Producers ETF | 24.7% | -7 bp | +9.1% |
| IGE | iShares North American Natural Resources ETF | 21.7% | -5 bp | +7.5% |
| MOO | VanEck Agribusiness ETF | 19.5% | +7 bp | +10.8% |
| PICK | iShares MSCI Global Metals & Mining Producers ETF | 18.6% | -7 bp | +11.1% |
Risk and Returns: GUNR vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/25/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
GUNR
9.6%
Cat. Avg
4.3%
ALTAR Score™ Calculation
Category Overview
There are 377 funds in the Global Equity category, with an average ALTAR Score™
of 4.3% and a standard deviation of
3.2%. GUNR's ALTAR Score™ is approximately
1.7 standard deviations
above
the category average. This places GUNR in the 95th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
GUNRSELL
U/W
HOLD
O/W
BUY