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% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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