FlexShares Morningstar Global Upstream Natural Resources Index Fund
Global stock index ETF · tracks Morningstar Global Upstream Natural Resources Index
As of its 2026 Q2 report, FlexShares Morningstar Global Upstream Natural Resources Index Fund held 186 positions with $7.49B in net assets. Its ten largest holdings made up 37.0% of the fund. The GUNR share class costs 0.46% a year. Over the 12 months to May 2026, GUNR returned 42.2%, with dividends reinvested. In 2026 Q3 it added 22 new positions and exited 20.
The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar Global Upstream Natural Resources Index SM (the Underlying Index).
The fund tracks the Morningstar Global Upstream Natural Resources Index using representative sampling, holding a selection of global equity securities with significant economic interests in energy, agriculture, metals, timber, or water. Because the fund samples rather than replicates the index, its returns may diverge from the index. The fund concentrates its holdings in the Natural Resources sector to the same degree as the index and may focus more than 15% of assets in particular countries or regions.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
CTVACorteva, Inc. | 5.00% | $374.78M | 4.6M | $81.01 |
4.96% | $371.74M | 2.4M | $154.33 | |
NTRNutrien Ltd. | 4.83% | $362.13M | 4.8M | $75.86 |
BHP Group Ltd. | 4.16% | $311.79M | 8.1M | $38.62 |
Shell plc | 3.89% | $291.29M | 6.4M | $45.20 |
3.78% | $282.97M | 1.5M | $193.31 | |
3.25% | $243.88M | 3.3M | $74.54 | |
TotalEnergies SE | 2.87% | $214.90M | 2.3M | $93.01 |
Rio Tinto plc | 2.24% | $167.70M | 1.7M | $99.85 |
2.05% | $153.51M | 1.4M | $111.09 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
All 186 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 99.20% |
| Cash & short-term | 2.14% |
| Bonds | 0.55% |
| Derivatives | 0.02% |
Derivatives are shown at market value, not notional exposure.
By sector
- International
- 56.2%
- Energy
- 15.0%
- Materials
- 11.7%
- Other
- 7.7%
- 6 other sectors
- 9.3%
- International
- 56.2%
- Energy
- 15.0%
- Materials
- 11.7%
- Other
- 7.7%
- Consumer Staples
- 5.0%
- Utilities
- 1.7%
- Real Estate
- 1.2%
- Industrials
- 0.6%
- Financials
- 0.5%
- Cash
- 0.3%
How it has done
GUNR share class · total returns with dividends reinvested
Volatility over the last 12 months: 13.87%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
FlexShares Morningstar Global Upstream Natural Resources Index Fund is a global equity index ETF that tracks the Morningstar Global Upstream Natural Resources Index.
- Asset class
- Equity
- Region
- Global
- Management
- Index (passive)
- Fund type
- ETF
- Expense ratio, by class
- 0.46%· GUNR 0.46%
- Portfolio turnover
- 28.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
22 new· the largest 8
20 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 90.2% |
| Fixed rate | 9.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Understand how this fund fits with the rest.
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