Overview
The companies that extract the world's raw inputs — energy, metals, agriculture, timber and water — around 179 upstream producers globally.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| XOM | Exxon Mobil | 4.4% |
| SHEL | Shell plc | 4.1% |
| RIO | Rio Tinto | 3.9% |
| BHP | BHP Group | 3.8% |
| CVX | Chevron Corp. | 3.6% |
| TTE | TotalEnergies | 3.2% |
| GLEN | Glencore plc | 2.8% |
| NTR | Nutrien Ltd. | 2.6% |
| FCX | Freeport-McMoRan | 2.4% |
| ADM | Archer-Daniels-Midland | 2.1% |
Fund Details
Investment Thesis
GUNR owns the upstream — the miners, drillers and growers at the very start of every supply chain — where commodity price moves land first and hardest. Its deliberate spread across energy, metals AND agriculture makes it the broadest equity play on the resource cycle, and the +34% year captured the commodity revival with dividends attached, something futures-based funds like GSG can't pay.
Who It's For
Inflation hedgers who prefer dividend-paying equities to futures roll costs, and allocators wanting one ticket for the whole resource complex rather than sector-by-sector bets.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $21.63 | -- |
| 2017 | $25.96 | +20.0% |
| 2018 | $22.59 | -13.0% |
| 2019 | $25.97 | +15.0% |
| 2020 | $25.72 | -1.0% |
| 2021 | $32.14 | +25.0% |
| 2022 | $35.36 | +10.0% |
| 2023 | $35.36 | +0.0% |
| 2024 | $36.07 | +2.0% |
| 2025 | $44.00 | +22.0% |
| Year | Yield |
|---|---|
| 2016 | 2.50% |
| 2017 | 2.30% |
| 2018 | 2.90% |
| 2019 | 3.00% |
| 2020 | 2.80% |
| 2021 | 3.20% |
| 2022 | 3.60% |
| 2023 | 3.00% |
| 2024 | 2.50% |
| 2025 | 2.30% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $3B | -- |
| 2017 | $4B | +33.3% |
| 2018 | $4B | +0.0% |
| 2019 | $4.5B | +12.5% |
| 2020 | $3.5B | -22.2% |
| 2021 | $5B | +42.9% |
| 2022 | $7B | +40.0% |
| 2023 | $6B | -14.3% |
| 2024 | $5.5B | -8.3% |
| 2025 | $6.5B | +18.2% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of September 2026.
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